In the second quarter of 2024, the average cost of large-scale solar projects in India fell by 2% quarter-on-quarter and 25.7% year-on-year. Since Q1 2023, the cost of large-scale solar projects has decreased for six consecutive quarters, with an average quarterly decline of 6%. Module costs accounted for 46.8% of the solar project costs this quarter, with a quarter-on-quarter decline of 3.6% per megawatt.

Due to intensified competition among ALMM-authorized manufacturers, module prices remained stable. The average selling price of monocrystalline PERC modules in India fell by 2.6% quarter-on-quarter and 40.7% year-on-year. However, due to demand exceeding supply and increased bill of materials costs, the price of DCR (Domestic Content Requirement) modules was 45.9% higher than non-DCR modules.

In Q2 2024, the value of India’s solar cell and module imports exceeded $774.9 million, a decline of 61.4% quarter-on-quarter and 16.4% year-on-year. Solar cells accounted for 45% of imports this quarter.

Since the re-implementation of the ALMM order on April 1, 2024, developers have started procuring India-manufactured modules, leading to a sharp decline in solar module imports. The import volume of cells and modules in Q2 2024 hit its lowest since Q1 2023.

Due to oversupply in China, the average selling price of Chinese monocrystalline PERC modules fell by 11.8% quarter-on-quarter and 50% year-on-year.

Recent increases in the prices of steel, aluminum, and copper also impacted project costs in Q2 2024. Compared to the previous quarter, the cost of power regulation devices fell by 1.4%, installation structure costs decreased by 1.9%, while balance of system component costs remained unchanged.

Source：Mercomindia.com