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					</table><p>India added 387 MW of rooftop solar capacity in the second quarter (Q2) of 2023, down 20% from 485 MW in Q1.</p>
<p>According to the newly released <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2023" target="_blank" rel="noopener">Q2 2023 Mercom India Rooftop Solar Market Report</a>, rooftop installations dropped 0.5% year-over-year.</p>
<p>Priya Sanjay, Managing Director of Mercom India said, &#8220;The downward trajectory of costs began in the quarter, and to see the tangible impact of this shift will require time. Effects of the cost reduction are anticipated to manifest more prominently in the upcoming quarters.&#8221;</p>
<p>Rooftop solar installations accounted for almost 23% of total solar installations in Q2 2023.</p>
<p>During the quarter, residential users accounted for 54% of the capacity, industrial users 25%, and commercial users accounted for 21%.</p>
<p>India&#8217;s cumulative rooftop solar capacity reached 9.6 GW at the end of Q2 2023.</p>
<p>In Q2 2023, the average cost of a rooftop solar system fell by 2.7% QoQ and 4.2% YoY.</p>
<p>Between January and June 2023, 872 MW of solar rooftop capacity was installed, marking a modest 3.2% growth from the 845 MW added in the first half (1H) of 2022.</p>
<p>&#8220;Rooftop solar did not meet expectations in the first half of the year, even with falling component prices and growing demand. We could see a much stronger second half as installers holding out for better margins start ramping up installations and fulfilling demand faster,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-58150 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15.png" alt="" width="939" height="382" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15.png 939w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15-300x122.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15-768x312.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15-650x264.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15-624x254.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture1-15-600x244.png 600w" sizes="(max-width: 939px) 100vw, 939px" /></p>
<p>In Q2 2023, rooftop solar tenders dropped by 56% from the previous quarter to 148.7 MW, and compared to Q1 2022, the tendered capacity was down by 43.4% to 262.4 MW.</p>
<p>During the quarter, the highest rooftop solar capacity increments were recorded in Gujarat, Kerala, and Maharashtra, constituting almost 73% of the total added capacity.</p>
<p>Gujarat remained the leading state, adding 232 MW. This impressive figure constituted 59.8% of the total installations in the quarter.</p>
<p>The involvement of state distribution companies (DISCOMs) in promoting solar adoption is essential to drive rooftop solar initiatives.</p>
<p>&#8220;The diversity in installation rates also stems from variations in state electricity tariffs and usage patterns. States with considerably lower DISCOM tariffs dampen the incentive for rooftop adoption due to negligible savings,&#8221; explained Sanjay.</p>
<p><img decoding="async" class="aligncenter wp-image-58151 size-full" style="width: 60%;" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2.png" alt="" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2.png 750w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2-300x275.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2-650x595.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2-624x572.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/Picture2-2-600x550.png 600w" sizes="(max-width: 750px) 100vw, 750px" /></p>
<p>Agricultural and residential consumers enjoy subsidized electricity tariffs, draining DISCOM&#8217;s bottom lines. These revenue losses are often compensated by levying cross-subsidy surcharges on commercial and industrial (C&amp;I) consumers.</p>
<p>In Gujarat, DISCOMs have strategically promoted agricultural and residential consumers to adopt solar, reducing their power demand from DISCOMs, making it easier for them to serve mostly their high paying consumers.</p>
<p>&#8220;For many (C&amp;I) consumers, a single rooftop can accommodate systems ranging from 100 kW to 1 MW. However, DISCOMs are reluctant due to fears about losing consumers and delay approvals.&#8221;</p>
<p>Looking at long-term goals, Sanjay said, &#8220;With the government pushing for manufacturing in India across industries, DISCOMs should adopt a broader perspective. Discouraging small C&amp;I consumers from going solar could hinder long-term benefits. Enabling an environment for C&amp;I consumers might even turn states into manufacturing hubs, similar to Gujarat&#8217;s approach, and create higher power demand.&#8221;</p>
<p>The Mercom India Rooftop Solar Report Q2 2023 is 56 pages long and covers all facets of India&#8217;s rooftop solar market. For the complete report, visit: <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2023">https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2023</a></p>


India Installs 387 MW of Rooftop Solar Capacity in Q2, a 20% QoQ Drop


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					</table><p><a href="https://www.shoals.com/" target="_blank" rel="noopener">Shoals Technologies Group</a>, a manufacturer of electrical balance of systems (EBOS) for solar, energy storage, and eMobility, recorded a net income of $18.92 million during the second quarter (Q2) of 2023, a year-over-year (YoY) increase of 159% compared to $7.3 million.</p>
<p>The revenue was recorded at $119.21 million, a YoY increase of 62.2%</p>
<p>The increase in revenue stemmed from elevated sales quantities due to a heightened need for solar EBOS overall and the company&#8217;s customizable Combine-As-You-Go System Solutions in particular.</p>
<p>System Solutions revenue saw an 80% rise compared to the previous year, constituting 86% of the total revenue, as opposed to the 77% seen in the prior year.</p>
<p>The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at $38.67 million, a 95.5% YoY increase compared to $19.77 million.</p>
<p>Jeff Tolnar, President of Shoals, said, “Shoals delivered another outstanding performance in the second quarter, setting new company records for revenue and earnings. Revenue grew 62% year-over-year, while System Solutions revenue increased 80% compared to the year-ago period, as customers continue to partner with and use Shoals for their EBOS needs. This was further illustrated in the quarter when we signed our landmark 10-gigawatt master supply agreement with Blattner.”</p>
<p><strong>1H 2023</strong></p>
<p>During the first half (1H) of 2023, the company recorded a net income of $35.91 million, a YoY increase of 200% compared to $11.97 million.</p>
<p>Shoals’ revenue during 1H stood at $224.2 million, a 58.4% YoY increase.</p>
<p>During January-June, EBITDA was recorded at $74.8 million, a YoY increase of 106% from $36.3 million.</p>
<p>As of June 30, 2023, the company’s backlog and awarded orders were valued at $546.1 million, indicating a substantial 67% YoY surge.</p>
<p>In April, the company and Brookfield Renewable announced a partnership to introduce an innovative Charging-as-a-Service solution for electric vehicle charging infrastructure to eliminate large up-front payments and enable streamlined deployment of charging networks for fleets, retail, multi-unit dwellings, and other large commercial properties.</p>
<p>During the period, Shoals was also awarded a 120 MW contract to supply its BLA+ (Big Lead Assembly) solution to a utility-scale solar project in Western Australia. The BLA+ solution, formerly known as BLA 2.0, is a bundled offering that combines the BLA system with all the components required to attach the BLA to the racking system, including wire management, support wire, and tensioning systems to create a single integrated offering.</p>
<p>The company’s net income <a href="https://www.mercomindia.com/shoals-net-income-jumps-five-fold-q1" target="_blank" rel="noopener">jumped</a> over five-fold YoY to $14.3 million in Q1 2023 due to increased demand for solar EBOS generally and the company’s system solutions specifically.</p>


Shoals Technologies’ Net Income Surges by 159% in Q2 on Higher Product Demand


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					</table><p>Distributed generation storage and energy services company <a href="https://us.sunpower.com/" target="_blank" rel="noopener">SunPower Corporation</a> narrowed its net loss to $33 million during the second quarter (Q2) of 2023, an improvement of 47% on a year-over-year (YoY) basis compared to losses of $62.3 million.</p>
<p>The company recorded a revenue of $463.85 million during Q2 2023, an increase of 11% compared to $417.77 million recorded during the corresponding period in 2022.</p>
<p>The improvement in net loss and revenue increase can be attributed to the increased number of installations by the company during the period and higher bookings.</p>
<p>The total operating expense declined to $89.3 million, a 10% YoY decrease from $99.46 million. With 20,400 customers added in Q2, the company registered 3% YoY growth.</p>
<p>During the second quarter, SunPower released &#8220;SunVault,&#8221; an energy storage solution, for public availability. The offering includes a 19.5 kWh version and a configurable option of up to 39 kWh, providing a nearly 50% boost in energy storage capacity.</p>
<p>As a result, homeowners can now acquire a battery solution that offers enhanced savings and backup power capabilities.</p>
<p>SunPower&#8217;s new homes business also achieved a record $108 million in bookings, representing 11% YoY growth in Q2, and the company completed its 100,000th New Homes Solar installation, which the company said is the highest among all solar companies.</p>
<p>SunPower also enhanced its sales and proposal tools this quarter to improve the measurement of utility bill savings possible with SunVault. The upgraded tools now allow customers to see the anticipated bill savings and payback period conveniently.</p>
<p>&#8220;In the second quarter, we saw a softer market for residential solar taking shape as higher interest rates create near-term stress on the value proposition in regions with comparatively lower utility rates, such as the Southeast and Southwest. Nevertheless, SunPower continues to outperform competitors in customer experience as well as customer acquisition. We expect the value of solar will continue to increase as equipment prices decline, tax credit programs are implemented, and retail utility rates continue to rise,&#8221; said Peter Faricy, SunPower CEO.</p>
<p><strong>1H 2023 </strong></p>
<p>During the first half (1H) of 2023, SunPower reported a net loss of $83.66 million, showcasing an improvement of 7.8% compared to the losses incurred in 1H 2022, which amounted to $90.79 million.</p>
<p>SunPower recorded revenue of $904.7 million, demonstrating a 17.7% YoY growth, driven by the launch of the &#8220;SunVault&#8221; energy storage solution, strong performance in the new homes business, and improvements in sales tools, despite facing some market challenges due to higher interest rates in certain regions.</p>
<p>The company said the impact of higher interest rates on demand has been more substantial than initially anticipated.</p>
<p>SunPower&#8217;s net loss <a href="https://www.mercomindia.com/sunpowers-q1-loss-million-on-higher-expenses" target="_blank" rel="noopener">widened</a> to $51 million for Q1FY 2023 against the loss of $2 million YoY.</p>


SunPower’s Q2 2023 Net Loss Shrinks by 47% YoY, Showing Strong Recovery


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					</table><p><a href="https://corporate.solaredge.com/en" target="_blank" rel="noopener">SolarEdge</a>, an Israel-based solar inverter manufacturer, has posted a net income of $119.5 million during the second quarter (Q2) in 2023, a year-over-year (YoY) growth of 692% from $15.1 million.</p>
<p>The company recorded revenue of $991.3 million, a 36% YoY increase from $727.8 million.</p>
<p>The company reported that revenues from its solar business reached a record high of $947 million, while revenues from its non-solar businesses amounted to $44 million, an increase from $35.2 million last quarter which was a result of higher storage division revenues.</p>
<p>The company&#8217;s solar business revenue demonstrated robust growth, with a 4% increase quarter over quarter (QoQ) and an impressive 38% increase YoY. This growth was primarily driven by record revenues in Europe, resulting from strong European adoptions of the company’s products.</p>
<p>SolarEdge noted that its commercial segment has shown remarkable growth over several quarters, with shipments increasing from 1.5 GW in Q4 2022 to 2.1 GW in Q1 of the current year and reaching 2.6 GW in the latest quarter.</p>
<p>The growth is due to component shortages, high energy prices, and rapid expansion to one affected by higher interest rates and excess inventory.</p>
<p>The company achieved a record operating income of $150.4 million, representing a surge of 318% from the $36 million reported in the same quarter last year.</p>
<p><strong>1H 2023 </strong></p>
<p>For the first half (1H) of 2023, the company posted a net income of $257.89 million, a YoY increase of 435% compared to $48.21 million achieved during 1H of 2022.</p>
<p>SolarEdge recorded a revenue of $1.94 billion, a YoY increase of 40% due to increased sales, especially from the growing demand from the European clientele.</p>
<p>As of June 30, 2023, the company&#8217;s total cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities amounted to $853.5 million after deducting debt.</p>
<p>“We are pleased with our results for the second quarter, in particular our strong performance in Europe in both the residential and commercial solar segments. While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector,” said Zvi Lando, Chief Executive Officer of SolarEdge.</p>
<p>SolarEdge <a href="https://www.mercomindia.com/solaredges-q1-net-diversified-offerings-and-markets" target="_blank" rel="noopener">posted</a> a net income of $138.4 million during Q1, a spike of 318% YoY.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">reported</a> on how solar inverter manufacturers are managing the supply-demand challenge in the face of the semiconductor chip shortage globally.</p>


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