In the fourth quarter (Q4) of 2023, the average cost of large-scale solar projects in India decreased by 26.6% year-over-year (YoY) due to a reduction in module prices.
The costs of large-scale solar systems continued to drop throughout 2023, with the Q4 2023 quarter marking the lowest quarterly average project cost ever seen since the inception of large-scale solar capacity additions in the country.
During the period from October to December 2023, the lowest recorded module prices were observed, resulting in a notable decrease in project costs. This cost reduction has enabled developers to lower their capital investments and increase project returns, leading to an anticipated significant surge in installations in 2024.
The average selling price (ASP) of Chinese mono PERC modules declined by 28.9% quarter-over-quarter (QoQ) and 50.9% year-over-year (YoY). Similarly, the ASPs of Indian mono PERC modules saw a decrease of 29.9% QoQ and 37.3% YoY.
In Q4 2023, the country imported 9.5 GW of solar modules, primarily to meet commissioning deadlines in March 2024.
Source: Mercom