Top 10 Solar Companies in India, 2024

India is one of the top ten countries in the world to utilize solar power with full enthusiasm. The country has been making rapid strides towards alternative sources of energy like wind and solar and has set up an aggressive renewable energy installation target of 175 GW by 2022.

India is one of the fastest growing economies in the world and rapid commer-cialization has led to an increased carbon footprint for the country. In order to make India more cleaner and greener, adopting alternative sources of power like wind and solar seems to be the only answer. According to a new report by Bridge to India, the country is set to march aggressively towards its solar target with expected installations of 14 GW in 2019. In order to achieve its goal, India has announced a set of policies promoting solar energy adoption in the country.

Solar Industry Highlights, 2024

1. The government is implementing a plan to install rooftop solar in 1 Crore Homes in India by 2024. For this upcoming budget plan, the government may announce a 50,000 core subsidy amount, and they will provide an average of Rs. 50,000 subsidy amount for each home. Power Distribution Company of Uttar Pradesh, UPPCL, has announced the installation of rooftop solar in 25,000 homes in 2–3 months.

2. The latest technology of solar panels is the TOPCon solar panel which is 575W in N-type solar cell technology. This solar panel comes in bifacial that generates 700W from the front & back side, and it is more beneficial for the Commercial and Industrial sectors.

3. Many consumers are not showing interest in rooftop solar installation due to the maximum one-time investment, but many banking & non-banking companies provide solar finance for rooftop solar. We can say that consumers can install solar panels through Easy EMI.

Solar Industry Highlights, 2023

1. DCR Solar Panels

The DCR solar panel is comprised of components such as solar cell, etc that are all made in India. On installing the solar panels, the India governments provides subsidy of up to 40%.  Loom Solar is an Indian origin solar company, which introduced 520W Mono perc, 10 Bus Bar Half cut technology solar panel in India, which can generate more power from compact space. This solar panel is only installed with on grid solar system for which the Indian government has provided national rooftop solar portal.

Solar Industry Highlights, 2024

1. 21.6% Efficiency Solar Panels (670 Watt)

Solar Panel Manufactures will be launch a maximum wattage of solar panels in the Indian market such as 670 W which has efficiency of 21.6%. This type of solar panels will be made by 210 mm wafers, non-destructive cutting, high-density interconnection, and multi-busbar (MBB) technology and size of such solar panel is 2300 x 1100 x 35 mm.

Source: PV-Magazine 

Solar Industry Highlights in 2021

India’s operational rooftop solar capacity reached 5,953 MW as on 30^th June 2020. Only 1,140 MW capacity is estimated to have been added in the twelve-month period ending June 2020, down 19% YOY.

 

1. High Efficiency Solar Panels (450Watt to 500Watt)

Monocrystalline technology has already become mainstream due to higher efficiency and now there is talk of heterojunction cell technology becoming more popular with its ability to capture more wavelengths. Jinko Solar in China has already launched a 580 MW solar module. Panasonic HIT solar panels are already selling in India with panel efficiency of up to 19.7% and cell efficiency of up to 22.09%. RenewSys Solar recently launched DESERV Galactic Ultra series of mono-facial modules with 505W peak output and 20.17% efficiency, making it India’s first to reach 505Wp. Vikram Solar’s monocrystalline panels have touched efficiency of 20.56%.

2. Lithium Battery

The storage costs are also expected to go down in the coming years, making rooftop solar more affordable in different countries. India will be prioritizing lithium battery manufacturing. The finance minister of India promised incentives to build large factories making solar cells, lithium battery storage, and electric vehicles. The government is offering financial incentives in the form of subsidies and duty cuts for indigenize lithium cell manufacturing, including a reduction of 50% in minimum alternate tax (MAT) and exemption from import and export duties.

Source: pv magazine | November 12, 2020

Subsidy on Solar Panel Manufacturer & Lithium Battery

India’s MNRE recently announced production-linked incentives for solar panel and lithium battery manufacturing companies. The subsidy will be available to Indian as well as foreign companies manufacturing on the Indian soil. The Indian government plans to offer Rs 4,500 crore for solar modules and Rs 18,100 crore for batteries. It is also looking to impose a custom duty on solar cells as well as solar modules imported from China.

Production Capacity - In order to support domestic manufacturing, India has approved a PLI (production linked incentive) scheme for battery manufacturing and solar photovoltaic cells in India. The government will be working to triple the manufacturing capacity setting up manufacturing capacity in India.

Source: EconomicTimes | July 04, 2020 17:52 PM IST 

Agriculture Budget 2020 Latest Updates:

PM Kusum Scheme reduced dependence on diesel and kerosene and relied on social energy. Total of 20 lakh farmers can set up standalone solar pumps, she says. Further, she said that government can help 15 lakh solarise grid-connected pump sets, says finance minister Nirmala Sitharaman. Farmers can also use barren land for solar energy and have a livelihood out of it, says FM.

Source: Moneycontrol | February 01, 2020 11:27 AM IST

 

#IndiaBudget2020 - 22,000 crore rupees to be provided to power & renewable energy sector in 2020-21

Source: MercomIndia

Solar Industry Top Five Trends in 2019

Cabinet approves Phase-II of Grid Connected Rooftop Solar Programme for achieving cumulative capacity of 40,000 MW from Rooftop Solar Projects by the year 2022. In this regard, central financial assistance for the residential sector will be 40% for RTS systems up to 3 kW capacity and 20% for RTS systems with 3 kW- 10 kW capacities. For group housing societies, it will be 20% for RTS plants for supply of power for common areas. No central financial assistance will be available for institutional, educational, social, commercial, government establishments.

A number of measures taken to popularise Rooftop Solar Power System. These include providing CFA, persuade states to notify the net/gross metering regulations, initiate DG S&D rate contract and Suryamitra program, availability of concessional loans for disbursal of loans to industrial and commercial sectors etc.

Kusum Scheme to promote use of solar energy among farmers. The scheme aims to increase solar installations by 25,750 MW by 2022, with total financial assistance of more than INR 34,000 crores. The scheme calls for installation of 17.5 lakh solar-powered agricultural pumps, 10,000 MW of decentralized ground-mounted grid-connected renewable power plants, and solarisation of 10 lakh grid connected solar-powered agricultural pumps.

Solar Panels on Rooftop of Trains. Railways have taken decision to provide solar panel on rooftop of general coaches of two number of day running intercity trains in Northern and Southern Railway and 50% Narrow Gauge coaches plying on Pathankot-Joginder Nagar route in Kangra Valley section and Kalka-Shimla section of Northern Railway for conducting extended trials for one year in all weather conditions.

Government to launch Technology Mission Centre on Solar Energy & Water Treatment in Chennai. In order to promote ‘Make in India’, the government has decided to set up these bodies for better research around silicon solar cells, wastewater management, water treatment, sensor development, storm water management and distribution and collection systems.

Solar Panels Price in India

Currently, solar panel prices are Rs. 1,000 to Rs. 25,000 (Rs. 100 to 45.45 per watt).

Top 10 Solar Companies in India, 2024

Here is the list of top 10 solar companies / manufactures / brands in India by Google who manufactures as well as markets the latest solar panels in India.

#1. Loom Solar - "Indian" Manufacturer

Strong Hold Area - Residential Rooftop

A startup based out of Faridabad, Haryana making latest technology solar panels in India that produces electricity from front / back side. Loom Solar provides cutting edge technology solar products such as solar systems, solar panels, lithium battery, solar inverters and solar chargers; delivery and installation across India within 5-7 days; and hassle free government approvals for subsidy, net metering. The company has also started manufacturing their own range of solar panels.

• Consumer Brand
• Future Generation Product - Lithium Battery & Solar Panels
• Pan India delivery within 5-7 days
• Strong Brand Equity

Company Website: www.loomsolar.com

#2. Vikram Solar - "Indian" Manufacturer

Strong Hold Area - Utility Scale Projects

Vikram Solar is a manufacturer of PV solar modules headquartered in Kolkata, West Bengal. It is a part of the Vikram Group of companies, having an experience of more than four decades in engineering and manufacturing activities. Vikram Solar's rated annual solar module production capacity is upgraded to 1 GW. Vikram Solar has offices across the whole of India and global offices in Europe and Africa.

• Large Manufacturing Facility
• Wide Range of Solar Panels
• High-efficiency PV module manufacturing
• Comprehensive EPC Solutions

Company Website: www.vikramsolar.com

#3. Tata Power Solar - "Indian" Manufacturer

Strong Hold Area - Residential Rooftop 

Tata Solar has one of the biggest and oldest solar panel manufacturing operations in India. Tata Solar is engaged in manufacturing and providing EPC services. The company has a strong presence in industrial, commercial, both on-grid and off-grid solar projects, and residential segments. Tata Solar has shipped close to 1.4 GW of solar modules worldwide and installed 1.5 GW of utility scale and 200 MW of rooftop solar projects in India, in the past 20 years.

• Leading Company Reputation
• Large in-House Manufacturing Base
• Tata is a reputed brand, TATA Solar stands a good chance to serve the 25-year service warranty that comes with its panels.

Company Website: www.tatapowersolar.com

#4. Adani Solar - "Indian" Manufacturer

Strong Hold Area - Utility Scale Projects

Adani Solar is a wholly owned subsidiary of Adani Enterprises Ltd., a leading industrial conglomerate in India. The company is developing the world’s largest greenfield solar manufacturing plant with a capacity of 1.2 GW at a single location. Adani Solar is also one of the 15 largest utility solar power developers in the world. The company is India’s largest solar cell and module manufacturer with 1.5 GW+ of cell and module capacity.

• Rich experience
• Vertical integration
• Wide Range of Solar Panels - Waaree manufactures a wide range of solar products ranging from solar modules, to solar water pumps and rooftop solutions.
• Low cost and good quality products

Company Website: www.adanisolar.com

#5. Trina Solar - "China" Manufacturer - Delete

Strong Hold Area - Utility Scale

Trina Solar is one of the largest Chinese vertically integrated solar panel manufacturers in the world founded. Trina Solar is estimated to reach a total module assembly nameplate capacity of 50GW by the end of 2021. The company manufactures for domestic distribution, captive consumption and also ships to more than 100 international key markets including the U.S, Europe, India etc. Trina Solar is a leading global PV module manufacturer and has delivered more than 56 GW of solar modules worldwide. The company also has a presence in the downstream project business. Trina Solar panels are known for both high quality and efficiency.

• Good quality products
• Lifetime support
• Convenience of buying

Company Website: www.trinasolar.com/us

# 6. Canadian Solar - "China" Manufacturer - Delete

Strong Hold Area - Utility Scale Projects

Canadian is headquartered in Canada, but has most of its manufacturing in China.  In the past 17 years, Canadian Solar has successfully built up 9 GW of module manufacturing capacity and has delivered more than 29 GW of solar modules to customers in over 150 countries worldwide. It also has a geographically diversified pipeline of utility-scale power projects and is one of the leading solar developers globally.

• Leading supplier globally
• Large scale
• Extensive manufacturing
• Huge geographical footprint

Company Website: www.canadiansolar.com

#6. Panasonic - "North America" Manufacturer - Delete

Strong Hold Area - Off Grid Solutions

Newark, NJ-based Panasonic Corporation of North America is a leading technology partner and integrator to businesses, government agencies and consumers across the region.

Company Website: na.panasonic.com/us/energy-solutions/solar/

#8. JA Solar - "China" Manufacturer - Delete

Strong Hold Area - Utility Scale Projects

JA Solar Holdings is a solar development company founded in Yangpu district, Shanghai. They design, develop, manufacture and sell solar cell and solar module products and are based in the People’s Republic of China

Company Website: https://www.jasolar.com/html/en/

#9. REC - "Norway" Manufacturer - Delete

Strong Hold Area - Utility Scale Projects

Founded in 1996, REC Group is an international pioneering solar energy company dedicated to empowering consumers with clean, affordable solar power. As Solar’s Most Trusted, REC is committed to high quality, innovation, and a low carbon footprint in the solar materials and solar panels it manufactures. Headquartered in Norway with operational headquarters in Singapore, REC also has regional hubs in North America, Europe, and Asia-Pacific. 

Company Website: https://www.recgroup.com/en

#10. First Solar - "United States" Manufacturer - Delete

Strong Hold Area - Utility Scale Projects

First Solar is a leading thin-film panel company in the US. First Solar is a leading global provider of comprehensive PV solar systems using advanced technology. It is also a leading thin-film module supplier in India, as the technology perfectly suits the country’s weather conditions. First Solar is also has a wide geographical presence in countries other than USA and India, selling more than 175 GW of solar modules worldwide.

• Leader in Thin Film Manufacturing - Thin Film (cadmium-telluride technology) modules have started becoming mainstream. These panels no claim to be more competitive and efficient in terms of energy generation in high-temperature climates such as India and the Middle East.
• High-Efficiency Panels - The company has made impressive gains in efficiency over the last few years. Its solar panels have reached an efficiency of 16.9% in the present day.
• Extensive R&D facilities

Company Website: www.firstsolar.com

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Conclusion

All these companies will help India achieve its solar dream. The cost of solar power generation in India is expected to decline to as low as Rs 1.9 per unit by 2030, according to TERI. Further costs should also continue to decline with technology advancements, with cost of wind and solar projected to be between Rs 2.3-2.6 per kWh and Rs 1.9-2.3 per kWh, respectively. The cost of storage is also expected to decline by nearly 70%. All these future trends will establish solar industry as a mainstay industry in India in the near future.

Also read: Top 10 Solar Panel Manufactures / Companies / Brands in the world, 2021-22