As per the new report ‘Emerging technology trends in the C&I rooftop solar market in India’ published recently, the C&I market is anticipated to add on 1,875 megawatt (MW) of additional capacity which is 47% increase from the last year, in 2021. While the size of the market of the rooftop solar in 2020 was 7,920 megawatts (MW) and C&I segment accounted more than 75% of the market.
Report also stated that rooftop solar capacity rate is anticipated to accelerate in 2021. This is because new business opportunities are provided with solutions on saving cost of electricity and achieve business renewable energy targets.
This report was jointly published by JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA).
Vibhuti Garg, energy economist and lead India at IEEFA, said, “Adoption of onsite solar solutions is the low-hanging fruit for consumers that want to optimise their electricity costs or increase their procurement of renewable power.”
“Solar module and battery prices have already fallen, and with the government’s new Production-Linked Incentive (PLI) scheme to boost domestic solar manufacturing, solar technology prices are expected to drop even further,” she further added.
The C&I customers were already paying high tariffs to residential consumers and cross-subsidise agricultural, and hence electricity cost saving, was extremely critical. With the advent of COVID-19 pandemic, this price sensitivity was increased further.
Rooftop solar is expected to boost because of more affordable and accessible financing options and the fact that corporates have to achieve their RE100 goals and are wanting to transition to 100% renewable energy.