According to consultancy services provider Bridge to India (Delhi), India starts the year 2017 with a pipeline of around 14 GW of utility-scale solar PV projects, out of which 7.7 GW is expected to be commissioned in the year (growth of around 90% over 2016).
Combined with 1.1 GW of expected rooftop solar capacity, India should add a total of 8.8 GW in 2017, ranking it amongst the top three global markets after China and the USA, Bridge to India expects.
As the Indian PV market ramps up, it will become a key pillar for demand growth when demand in other leading countries including China, Japan and even possibly the USA is expected to slow down, Bridge to India notes.
According to the consultancy services provider, solar tariffs are expected to fall below the critical INR 4.00 (USD 0.06)/kWh mark making solar power the cheapest new source of power.
Rooftop solar will also continue its spectacular growth trajectory in 2017. Bridge to India expects around 1.1 GW of rooftop solar capacity to be added in 2017, up 75% from 2016, driven by capital subsidies and substantial demand from public sector.