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Significant Drop in Large-Scale Solar Project Costs in India

-The average cost of large-scale solar projects in India fell by 28.2% YoY in Q1 2024, with consecutive drops over five quarters, driven mainly by declining module prices.

-India added over 10 GW of solar capacity in Q1 2024, marking the highest quarterly installation to date, attributed to lower system costs and higher internal rate of returns.

-The average selling price of Chinese and Indian mono PERC modules dropped significantly, with Chinese modules down 12.4% QoQ and 48.3% YoY, and Indian modules down 13.6% QoQ and 41.7% YoY.

-India’s solar imports were valued at over $2 billion in Q1 2024, up 147.5% YoY. The reimplementation of the Approved List of Models and Manufacturers (ALMM) from April 1, 2024, may increase project costs by restricting cheaper module imports.

Read the full article on Mercom India

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