Emerging trends in India's solar sector: Paving the way for a sustainable energy future

In 2023, India’s solar sector is undergoing a transformative phase, marked by a substantial surge in photovoltaic (PV) technology adoption, with solar PV installations surpassing the 72 GW milestone. This progression spans various sectors, from commercial and industrial installations to residential setups and large-scale utility projects, indicating a comprehensive approach toward harnessing solar power for a sustainable energy future.

The commercial sector is witnessing a noteworthy revolution in solar power adoption. Businesses are recognizing the dual advantages of reducing carbon footprints and achieving significant cost savings. Rooftop solar installations on commercial buildings are becoming commonplace, driven by declining solar panel prices and government incentives. The Maharashtra Electricity Regulatory Commission (MERC) has amended regulations, raising the net-metering cap for rooftop solar projects to 5 MW. Innovative financing models and third-party power purchase agreements (PPAs) are further accelerating the integration of solar energy into business operations.

Industrial Shift Towards Sustainability:

The industrial sector, known for its substantial energy consumption, is making significant strides in embracing solar solutions. In 2023, industrial units are increasingly turning to solar power to achieve sustainability goals and counteract the volatility of conventional energy costs. Cutting-edge technologies, including solar trackers and efficient inverters, are enhancing the efficiency and reliability of industrial solar installations. Additionally, Green Hydrogen is gaining traction as a power source in the industrial sector, with several companies submitting bids for incentives under India’s Green Hydrogen Mission.