China energy storage network: India will need to invest $23 billion over the next five years to achieve the goal of deploying 40 gigawatts of rooftop solar energy.
According to bloomberg new energy finance (BNEF), although the government intends to invest 175 gigawatts of non-hydroelectric renewable energy by 2022, the current capacity is only 60 gigawatts.
It is estimated that India will need to invest $83 billion to build 175 gigawatts of renewable energy capacity.
Rooftop solar capacity may even exceed 40 gigawatts.Electricity costs for rooftop solar have halved in the past five years as competition and equipment prices have fallen.At the same time, the average retail price of electricity has risen by a fifth, making rooftop solar prices cheaper than commercial and industrial electricity prices.
BNEF expected, due to previous spending continues to decline, using devices such as solar lamp off-grid power users to form larger power, therefore rooftop solar growth will rebound quickly after 2021.
"Rooftop solar will undoubtedly grow in India, whether or not there are distribution companies supporting it," said Shantanu Jaiswal, head of research at BNEF India.