India increased its rooftop solar power capacity in 2017 by more than the previous four years combined, adding 715 megawatts in rooftop photo-voltaic power and recording a compound annual growth rate of 117% since 2013. That makes solar the fastest-growing area of the country’s clean energy market, and solar rooftop panels are the fastest growing sub-sector of the renewables market in India.
The major boost can be attributed to the lowering cost of rooftop solar units in India, which has dropped by 50 percent in the last five years, making it cheaper than commercial and industrial power in the country. Now, setting up a rooftop solar system is cheaper in India than the global average by 39 to 50 percent.
Rural electrification is a key part of the Indian government’s plan to boost the economy, and Prime Minister Narendra Modi has promised to meet electrification goals by installing record amounts of renewable energy.
