16 C

India’s solar installations dip 44% in 2023, Mercom reports

India experienced a significant 44% decline in solar installations in 2023, according to the latest report from Mercom India Research.

In 2023, India added 7.5 GW of solar capacity, a sharp drop from the 13.4 GW installed in 2022. Large-scale solar installations took the biggest hit, decreasing by 50.8% to 5.8 GW from the previous year’s 11.7 GW.

Large-scale projects made up 77.2% of the annual additions, with rooftop solar contributing 22.8%.

Q4 2023 saw an addition of 1.8 GW of solar systems, a 6.6% drop from Q3 2023 and a significant 41.3% decline from Q4 2022.

As of December 2023, India’s total installed solar capacity reached 72 GW. Delayed large-scale projects granted extensions between December 2022 and June 2023 are expected to boost installations in 2024.

Despite the overall decrease, there’s a positive note on costs. Q4 2023 recorded the lowest-ever quarterly average project cost, down 14.3% from the previous quarter and an impressive 26.6% from the same period in 2022.

Rajasthan, Karnataka, and Gujarat lead in cumulative large-scale solar capacity, accounting for 54.8% of installations by December 2023.

Despite the challenging year, India’s large-scale solar project pipeline stands at 105.3 GW, with an additional 70.6 GW tendered and awaiting auction, said Mercom.

Solar contributed 48.5% to new power capacity in 2023, aligning with the broader trend of renewable energy sources making up 68.2% of new power capacity during the year.


You Might Also Like


Please enter your comment!
Please enter your name here


Follow Solarbe Global on Google News
Join Our Newsletter

Industry Prices

Latest Article