The Indian solar sector is on the rise and it is showing in the way that the solar rooftop installation has risen by a whopping 78% in the last one year! This level of growth has resulted in the overall rooftop solar capacity touching a new record to achieve a cumulative of more than 12 GW as by April 2024. Although the month of April 2024 has installed capacity by less than half of the usual monthly 400MW mark with 144MW, the Y-o-Y growth indeed looks very positive. It may therefore be partly due to the general heightened interest in learning a bit more about these fascinating creatures or a combination of several good forces. 

Focusing on the increasing interest of the constantly developing people towards understanding the use of rooftop solar panel in India and its positive impact on the environment and the economy, one cannot avoid turning to sunshine. More so policy incentives that governments are adopting to encourage rooftop solar systems are fuelling this shift toward clean energy. Now that more and more people are signing up to use this site, what are the factors that can be attributed to this increase in participation? Hence, there is a need to go further and analyse the key drivers supporting the growth of the solar rooftop installation market in India, ranging from the awareness of ecological problems to the stimulus of financial benefits and innovative achievements.

Here’s a closer look at this exciting trend of solar rooftop installation:

Surging solar rooftop installation

The 78% growth in solar rooftop installation is a clear indicator of increasing awareness and adoption of solar energy in India. This is highly beneficial not only for the ecological aspect but for the consumer who is looking forward to paying less for his electricity bills. Taking the responsibility of producing power in their own homes and companies can reduce dependency on the grid and this will be of immense savings in terms of electricity costs. Also, grid-connected rooftop solar panel installation in India systems can act as insurance as they offer energy security and even energy sovereignty to homes and businesses that experience regular power blackouts.

Economic Advantages

Another reason for this growth is the impact of the economic advantages of installing solar photovoltaic systems on the rooftops. Through the efficient use of solar power, people, who are homeowners and business people, will obtain cheap bills on electricity. They harness solar energy hence minimising the dependence on electricity from the power company and in the process its cheaper. It does not only help consumers-in-need secure energy to power their lives and businesses but also assist in regulating the usage of electricity from the main supply.

State Spotlight

It may be a useful exercise to find out which states are actively participating in the solar rooftop installation programme. Unfortunately, the data for this particular period is not reported but there are some states that have progressive policies and actions that rooftop solar has thrived in, among them is Tamil Nadu and Kerala. Similarly, Tamil Nadu and other states have aimed at achieving target rooftop solar panel in India and provide suitable incentives for consumers for changing their rooftops into solar sources. Kerala has also had similar policies and other measures in place to popularize the use of solar rooftop installation, which is why the state is often considered as a leader in this field.

The Potential for Further Growth in Rooftop Solar Panel Installation in India 

Although the situation now seems to be rather promising, the observed tendency shows that there is much more growth potential in solar rooftop installation in India.  Here are some factors that can contribute to this:

Government Incentives

Which can be sustained through new repeated appeals for subsidies and sustaining the policy of net-metering to put pressure on homeowners and businesses to opt for solar rooftop installation. Net metering involves purchasing of electricity from the residential power producers and this has further reduced electric bills to the homeowners with peacocks of solar panel.

Technological Advancements

This is from the development of new material and technology we forecast to have efficient and cheaper solar panels. This will reduce the entry barrier of solar rooftop installation in the mass market and bring down the cost of a typical rooftop solar panel project for the common consumer. Besides, innovation in the charging battery storage systems will allow homeowners to store surplus solar electricity to be used at night-time or when there are many clouds and little sunshine during the day thus enhancing the value of solar rooftop installation.

Education is Key

Education on the benefits of solar energy harnessing, for example, low electricity costs through solar rooftop installation is one of the key factors that will promote the uptake of such systems. It is also with community support and the help of government and industry associations that individuals can be reached through dedicated campaigns and workshops. There is always room for differentiation in any area of business so showcasing the success stories of people or companies who have adopted rooftop solar panel in India can also encourage others to do the same.

Increased Awareness

Sharing knowledge and information on the utility of solar rooftop installation, the potential of cutting back on electricity expenses and contributing to the preservation of the environment are critical in influencing the populace.  Communities can be educated effectively on the different opportunities that solar energy offers through airing proper campaigns as well as circulating workshops by Government and industries. Moreover, the positive social impacts of individuals and business entities who have had their rooftops covered with solar equipment can also be highlighted before others.

Financing Options

Easy and affordable financing options can further accelerate the growth of solar rooftop installation.  The provision of affordable loans with reasonable interest rates supported by long repayment periods may help in making roof-mounted solar power systems financially feasible to home and business owners. However, new structures that may contain the ever-evolving financing mechanisms including power purchase agreements where a third-party investor bears the costs of the rooftop solar panel installation in India and maintenance while receiving the tariff on the electricity generated and delivered from the consumer’s premises may be considered.

Conclusion:

The significant growth in rooftop solar panel installation in India is a testament to the increasing viability and attractiveness of this clean energy source. With continued government support, technological advancements, and rising awareness, solar rooftop installation has the potential to revolutionize the Indian energy landscape.