The Rooftop Solar Commercial & Industrial Market in India

The Rooftop Solar Commercial & Industrial Market in India

Report by IEEFA and JMK Research

India’s rooftop solar market is bubbling with new energy, even though there are major roadblocks. The country is likely to add a record-high 4 gigawatts (GW) of rooftop solar power capacity in fiscal year (FY) 2024, half of which has already been installed in the first four months, according to industry estimates. While the market for large creditworthy commercial & industrial (C&I) customers for rooftop solar is saturated, micro, small and medium enterprises (MSMEs) offer a large untapped potential. We believe the next phase of growth in the rooftop solar market will come from the MSMEs. Financers have only now started to develop products to cater to the segment. But, they continue to see rooftop solar as a risky investment. We also see the need for state-level policies to support rooftop solar. Although Gujarat, Andhra Pradesh, Telangana and the union territory of Delhi are leading the way, many others need to a create environment that supports rooftop solar through policies as well as approvals by electricity distribution companies (DISCOMs). 

We note that some regulators have started exploring new and innovative business models like virtual net metering and peer-to-peer trading to spur activity in the rooftop solar market, as these business models are beneficial to both consumers and DISCOMs.

Table of Contents

  1. Key Findings
  2. Executive Summary
  3. Introduction
  4. Policy Updates
  5. State Attractiveness Index for Rooftop Solar C&I Market in India
  6. Emerging Trends in the Rooftop Solar C&I Sector
  7. Financing Trends in the Indian Rooftop Solar C&I Sector
  8. Policy Recommendations
  9. Conclusion
  10. Annexure 1: Financing Schemes Available to the MSME Segment
  11. About JMK Research & Analytics
  12. About IEEFA
  13. About the Authors

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