India added 1.1 GW of rooftop solar capacity from January to June: Report

The report titled - 'India Rooftop Solar Market' - noted that in the second quarter of 2024, 731 MW of rooftop solar was installed, an 89 per cent jump year-on-year

India added 1.1 GW of rooftop solar capacity from January to June 2024, marking a 26 per cent increase from the 873 MW added in the same period last year, US-based research firm Mercom Capital said in a report on Thursday.

The report titled – ‘India Rooftop Solar Market’ - noted that in the second quarter of 2024, 731 MW of rooftop solar was installed. This is an 89 per cent jump from 388 MW Year-on-Year.

Till June, the country’s total rooftop solar capacity touched 11.6 GW. The industrial sector contributed over 23 per cent of the new installations. The commercial sector added 4 per cent, and the government sector contributed 0.7 per cent, it said.

 

The Narendra Modi government has been pushing to increase India’s renewable energy capacity amid threats from challenges such as climate change.

PM Surya Ghar Muft Bijlee Yojana initiative

Accordingly, Prime Minister Modi has advocated for climate-centric initiatives: global solar alliance (launched in 2015) and Global Biofuels Alliance, announced during India’s G20 presidency.

On the domestic level, the Centre has been working to step up the adoption of renewable sources of energy by the people. One of the latest central schemes - ‘PM Surya Ghar Muft Bijlee Yojana’ is also a key driving factor behind the growth of rooftop solar sector, the report said.

The initiative offers subsidies to encourage the installation of rooftop solar systems and is aimed at providing free electricity to 10 million households across India. It was approved by the Union Cabinet in February with a budget of Rs 75,021 crore and entitles households to 300 units of free electricity each month if they install rooftop solar panels.

However, to push this scheme further challenges such as module availability, component shortages, and escalating costs have to be addressed, Raj Prabhu, CEO of Mercom Capital Group said.

(With PTI inputs)