Humans have long used the Sun as the most efficient way of free and clean energy.
In fact, the practice of harnessing solar power dates back to the 7th century B.C.E., or maybe even earlier. That is when our ancestors first found a way to create fire using nothing but sunlight and a few pieces of magnifying glass or shiny rocks. (Just like we used to play with when we were kids!).
Later, Romans and Greeks learned to use sunlight to heat or burn things up through mirrors. It didn’t take long enough for them to popularize and celebrate these “magic tricks” either.
By lighting the torches in rituals and magic ceremonies, they normalized and fashioned them as “burning mirrors”. The same was observed in invocations performed by Chinese civilizations.
You must have also heard about the famous and luxurious “sunrooms” or “bathhouses” that prevailed during the Roman Empire but were only afforded by the royalties!
Well, excellent examples of how our ancestors put this free energy to good use nonetheless.
The Origin of the Solar Industry
Toward the Industrial Revolution, scientists and technocrats were quick to find various ways of using this massive source of energy, inspired by their predecessors.
By the end of the 19th century, we had already come up with a number of solar-powered products including, lights, ovens, steamboats, photovoltaic panels, and so on.
Fast forward to today, solar panels have become a household name for those who want a cost-effective way of generating electricity and fuelling other heating equipment.
On a broader scale, the potential applications of solar energy as a renewable source are far from being over.
From residential spaces to communication to transportation to exploration of outer space, solar power is being utilized everywhere.
Modern tech has made it possible for all kinds of appliances and devices to be powered by sunlight, either directly or indirectly through solar panels.
And for all the good reasons!
To begin with, it is free, renewable, clean, green, and thus not harmful to nature.
Secondly, it is low-maintenance and reduces bills.
No wonder the demand for solar panels is at an all-time high.
Even if you look at the stats, you will find a continuous rise in the use and adoption of rooftop solar technology.
What do the stats say about the Rooftop Solar Industry?
In the United States alone, the annual growth rate of the solar market is an impressive 24%. Thanks to innovative business models and reduction in the cost of equipment and installation.
To be specific, it only takes 1 USD per watt to install a rooftop solar system in your household, which is quite competitive.
With more than 149 gigawatts of solar capacity across the nation, we already have enough power to fuel 26 million homes.
Quite a staggering feat if you look at the challenges of solar PV installation.
Yet, the number of available rooftops in the U.S. where solar panels could be installed safely is well over 8 billion square meters.
To cover that much area would require a monumental 1 terra-watt of potential solar capacity.
Once done, it will ultimately light up a staggering 100 million homes by 2030.
The road to accomplishing that isn’t easy though. There are several challenges associated with it.
Cost of Installing a Rooftop Solar Panel
The major hurdle in deploying a rooftop solar system in every home, is, of course, money.
That is the initial rooftop solar panel cost.
Currently, the average cost of installing a rooftop solar system in the U.S. is somewhere between $18,000 to $35,000 depending upon the type of solar panels and installation.
In India, it ranges between Rs 30,000 to Rs 50,000, or Rs 37 to Rs 52 per watt.
Apart from financial liabilities, issues pertaining to social, psychological, and government security have vastly barred and delayed the adoption of rooftop solar.
Disruption caused by Covid -19 on the other hand had further caused the global rooftop solar industry to decline and come to a halt.
Increased solar panel prices, stagnant overseas trading, and shortages in material and labor were some of the most common reasons why the acquisition of rooftop solar panels had temporarily slowed down in some places.
Despite all of that, certain factors have driven the market out of the aftermath of the viral outbreak.
Primarily,
- Net Zero Carbon Emissions
- Environmental concerns
- SDG goals
- Strict Government policies
- Incentives and tax benefits against solar panel installation
- high cost of grid expansion
- & Skyrocketing fuel/ electricity prices
All the while making us realize the importance of sustainable and environment-friendly solutions like the power of the Sun.
Especially in countries like India, which is the 4th largest consumer of solar energy and PV deployment at present.
Analysis of the Indian Rooftop Solar Market
The Indian Rooftop Solar market remained largely unaffected by the impact of COVID-19.
On the contrary, witnessed steady growth during the period, especially after 2022.
Much of this growth can be credited to a combination of sustainable government initiatives, technological advancements, and clean energy programs.
Out of which, nearly 58% of the solar capacity was used by residential consumers. Whereas, 28% and 14% of the remaining output was consumed by the industrial and commercial sectors respectively.
Interestingly, about 26% of the total solar installations in India were just rooftop solar. 24% of which took place in Gujarat making it the leading state in rooftop solar installations.
Another fact worth mentioning is that India being a developing country has not even reached 10% of its total solar potential capacity which is assumed to be 748 GW by the National Institute of Solar Energy.
As of Nov 2022, it was just short of 62 GW but is expected to grow at the rate of 15% CAGR by 2023 to 2028.
As far as the biggest challenge for the growth of the rooftop solar market in India is concerned, it is not money as such, but a lack of awareness.
To combat that and encourage as many people as possible about the potential of solar power, the Government of India (GOI) has launched several schemes and initiatives.
For instance,
- Solar Park Scheme
- VGF Schemes
- CPSU Scheme
- Defense Scheme
- Canal bank & Canal top Scheme
- Bundling Scheme
- Grid Connected Solar Rooftop Scheme etc.
The Future of Solar Light is Bright!
Despite the many ups and downs of COVID-19 and global conflicts, the scope of rooftop solar is booming.
Soaring electricity prices and emerging applications of solar energy have presented it as the cheapest alternative to conventional sources, especially non-renewable fossil fuels.
The need to enhance the means of energy, reduce carbon emissions, battle climate change, and decarbonize the entire electricity sector has further pushed the agenda of rooftop solar systems into the mainstream like never before.
But while nations across the world are all in to meet their ambitious clean energy projects and goals; more work is needed to keep up the pace and do so in time.
For example, annual installations will have to be boosted by 90 GW by 2030 if we were to achieve net zero carbon emissions.
More awareness and consumer-friendly policies need to be put in place to allow more and more homes to install rooftop solar for their energy requirements.
Are Rooftop Solar Panels worth it?
To answer that in one word, absolutely!
As the cheapest source of electricity and the most reliable option, rooftop solar panels are rapidly turning to be an essential commodity.
With a promising return (ROI) of 20-25%, investing in a rooftop solar system is one of the safest bets you can make.
Here’s how it goes-
- Pay off the initial rooftop solar panel cost
- Have it installed and running
- Sit back and relax!
Before you know it, the unit will start generating free electricity for your household, eventually giving you solid paybacks within 3-5 years.
Moreover, once you have installed a rooftop solar panel at your home, it will ask for little to zero maintenance for a good 25 years or so.
Still, think getting rooftop solar isn’t a must?
aboutgreenify 
Ravi Ranjan