Source: Pexels
Residential roof solar in India is expected to rise by around 60% in 2023, driven by cost saving efforts of households and central government initiatives.
In a report, the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics projected the market will reach 3.2 gigawatts by 2023.
“India has more than 300 million households and is endowed with abundant sunshine almost throughout the year, with an annual average of 300 sunny days. This shows that the potential for rooftop solar installations in residential spaces is huge in India,” Vibhuti Garg, Director – South Asia, IEEFA, said.
“We expect the growth of residential rooftop solar installations to accelerate in the near term across India because of the strong policy push and resurgent market demand.”
In 2020, the average cost of residential rooftop solar systems stood at $658 per kilowatt (kW), dropping by 73% from 2013 level.
Cost in other leading residential markets, such as Japan, the UK, and the US, is 3.3 times to 6.4 times more.
