Residential PV

Bringing together private and public capital in a risk-adjusted return structure, is key to scaling up financing for renewable energy assets such as solar mini-grids, says a new report.

The Philippines’ Department of Energy (DOE) is moving ahead with plans to require solar system installers to officially register with it. The DOE says that only registered installers will be recommended to government entities seeking PV installation services.

According to new figures from the Africa Solar Industry Association (AFSIA), the continent’s cumulative installed PV capacity reached 16 GW at the end of December, based on 3.7 GW of new annual installations.

Tata Power Solar ties up with 20+ leading financial institutions, financing up to 85% of the addressable order book. It has facilitated solar financing for over 2,200 commercial and industrial customers till date.

New research from Germany’s Fraunhofer Institute for Solar Energy Systems (Fraunhofer ISE) has shown that combining rooftop PV systems with battery storage and heat pumps can improve heat pump efficiency while reducing reliance on grid electricity.

Finance minister Nirmala Sitharaman today tabled the interim budget for FY 2024-25 in the parliament. Budget highlights include announcements about the residential rooftop solarization scheme, viability gap funding for offshore wind, and government support for EV manufacturing and charging infrastructure.

Dedicated funds for residential rooftop solar under ‘Pradhan Mantri Suryodaya Yojana’ and increased incentives for solar manufacturing MSMEs are on the wishlist of the Indian solar sector. In battery storage, players expect the inclusion of battery recycling within the PLI Scheme and continued investments in developing battery storage solutions.

Wood Mackenzie says the solar industry has reached a new stage in its evolution and is predicting around 350 GW of global solar installations annually for the next eight years. The research firm is also forecasting challenges for the solar manufacturing sector and long-awaited benefits from the Inflation Reduction Act in the United States.

Under the Pradhan Mantri Suryodaya Yojana for residential rooftop solar, the Indian government is considering an increase in the subsidy for grid-connected residential rooftop solar systems with capacities between 1-3 kW. This category of systems were offered a 40% subsidy in the previously launched scheme.

Prime minister Narendra Modi announced this week the government will launch Pradhanmantri Suryodaya Yojana with the target of installing rooftop solar on one crore (10 million) houses.