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Decline in Solar Project Costs Boosts Installations in India

-The average cost of large-scale solar projects in India dropped by 26.6% year-over-year in Q4 2023 due to lower module prices.

-Q4 2023 saw the lowest-ever quarterly average project cost since the inception of large-scale solar capacity additions in India.

The lowest recorded module prices in Oct-Dec 2023 led to a significant fall in project costs, enabling developers to reduce investments and increase returns.

-India imported 9.5 GW of solar modules in Q4 2023, totaling $5 billion for the year, up 89.3% year-over-year.

-Reimposition of the Approved List of Models and Manufacturers (ALMM) regulation in Feb 2024 raised concerns among stakeholders regarding its impact on project costs.

Originally published on Mercom India

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