By Lou Del Bello
India is seeing document demand for rooftop photo voltaic as firms search so as to add clear power to satisfy local weather targets amid falling panel costs.
Firms are on tempo to put in 4 gigawatts of panels on high of buildings on this monetary yr ending March 31, almost doubling the earlier document, in accordance with a brand new report from the Institute for Power Economics and Monetary Evaluation and JMK Analysis and Analytics.
Companies are driving the uptake as they signal company energy buy agreements to satisfy commitments for internet zero emissions, the researchers mentioned. They’re additionally benefiting from falling prices, as photo voltaic module costs have hit a document low this yr amid a glut of producing capability.
The surge represents a pointy turnaround for a sector that had underperformed due to coverage uncertainty and financing points, the researchers mentioned. India had a complete of 8.1 gigawatts of rooftop photo voltaic on the finish of 2022, far wanting a objective of 40 gigawatts by then that the federal government had set in 2018.
New insurance policies reminiscent of simplified installations and prolonged monetary subsidies will assist smaller enterprises enter the market, analysts together with JMK founder Jyoti Gulia mentioned within the report. India’s small companies have the potential to develop as a lot as 15 gigawatts of rooftop photo voltaic, they mentioned.
First Printed: Sep 01 2023 | 11:50 AM IST