Solar Market growth report

Indian solar market is growing with a tremendous pace. According to the report – India Solar Handbook 2017 by bridge to India, 76% capacity addition growth has been registered from 2016 to 2017. While total solar PV installed capacity in the world reached more than 300 GW, India installed around 12.2 GW of solar PV. Fall in the solar module prices was the major factor behind this. Module prices in India fell by more than 29% during last year alone. Indian government’s various policy interventions have also stimulated this growth. For 4835 GW of power was allocated through VGF route by SECI. Accelerated depreciation and ten year tax holiday were also key incentives which helped the market. Rooftop solar market has also grown along with utility scale power. This was between 10%-12% of total solar capacity addition. Policy incentives such as net metering, rooftop system subsidy, and building by-laws were key benefits which gave further push to the sector.