On Grid Residential Solar PV Module Market Analysis

On Grid Residential Solar PV Module Market Analysis

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Based on mounting, the rooftop segment is anticipated to cross more than USD 78 billion by 2032. Policies that allow homeowners to sell excess electricity back to the grid can improve the financial viability of rooftop solar systems by providing additional income or credits, which will foster industry growth. Many governments offer financial incentives, such as tax credits, rebates, and grants, to reduce the upfront cost of installing rooftop solar systems. Rooftop solar systems can significantly reduce electricity bills by allowing homeowners to generate their own power, decreasing reliance on grid electricity which will positively impact the technology adoption.
 

Asia Pacific on grid residential solar PV module market is projected to surpass USD 39.5 billion driven by technological advancements, favorable policies, and growing electricity prices. Many countries including India, Australia, and Japan, have implemented net metering schemes, allowing homeowners to sell excess solar power back to the grid, making on-grid systems more financially viable. Governments in countries comprising China and India are offering subsidies and tax incentives to reduce the upfront costs of solar installations, boosting the adoption of on-grid residential systems. Moreover, ambitious renewable energy targets as part of their commitments to climate goals, will encourage solar PV adoption at the residential levels.