10 Dec 2024
The recently released Q3 2024 India Rooftop Solar Market Report states that rooftop solar installations in the first nine months of 2024 have exceeded the total installations of all previous years. Gujarat spearheaded the country's rooftop solar capacity growth, contributing nearly 42% of the installations for the quarter. Maharashtra and Uttar Pradesh followed in second and third place, with 18% and 9% of the total installed capacity, respectively.
It said that installations raised by almost 45% year-on-year (YoY) compared to the 1.3 GW installed during the first nine months of 2023. In the third quarter (Q3) of 2024, a record 791.1 MW of rooftop solar capacity was installed, marking the highest quarterly increase to date. This reflects a more than 8% quarter-on-quarter (QoQ) growth and an impressive 84% year-on-year (YoY) rise.
The “PM Surya Ghar: Free Electricity Scheme” initiative was the main driver of installations in Q3 and Q9 2024. This program played a key role in expanding capacity in the residential sector, accounting for nearly 85% of the installations during the quarter. The industrial segment represented 12% of the quarter’s installations. Meanwhile, the commercial and government segments contributed over 2% and nearly 1% to the capacity additions in Q3 2024, respectively.
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