According to a recently published report by TechSci Research (New York, NY, United States) the solar rooftop PV market in India is projected to grow at a CAGR of over 60% during 2016 – 2021, predominantly on account of rising government focus on increasing the share of solar power in the country’s energy mix.
In India, the solar PV rooftop market is still in its nascent phase, and the market is expected to grow at a robust pace over the next five years backed by favorable government measures and abundant solar resources, finds the report “India Solar rooftop Market By State, By Connectivity, By End User, Competition Forecast & Opportunities, 2011-2021”.
In 2015, Government of India had set a target of 100 GW of solar power generation in the country by 2022, which is five times more than the target set in 2009.
In order to boost solar power generation in the country, the Government of India has announced various policies and regulations such as Accelerated Depreciation, Capital Subsidies, Renewable Energy Certificates (RECs), Net Metering Incentives, Assured Power Purchase Agreement, etc.
These schemes have been introduced by the government to reduce the capital expenditure in building a solar power plant, and subsidize solar power generation in order to make it economically viable for the stakeholders involved in the solar power business.
By Baishakhi Dutta
