Bloomberg New Energy Finance (BNEF) in a new report said that India’s 40-GW target for rooftop solar PV by 2022 represents a $23 billion investment opportunity.
According to the report, rooftop solar is the fastest-growing renewable energy sub-sector in the country, achieving a cumulative capacity of 1.3 GW through March. BNEF added that growth for the sector will not pick up until after 2021.
BENF estimated that India will reach 9.5 GW of rooftop PV capacity by 2022.
The high cost of grid power has pushed commercial and industrial consumers to be early adopters of rooftop solar, according to the report.
The average installation size for this sector is steadily increasing, “made possible by better utilization of rooftop space and the willingness of consumers to meet a higher share of demand through on-site sources,” BNEF said.
While India has made significant progress in rooftop solar deployments, BNEF predicts that the country will not meet its 40-GW target. The report noted that India could accelerate growth in the sub-sector by simplifying its net-metering scheme for residential solar and improving access to debt for developers or customers.
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