In the fourth quarter (Q4) of calendar year 2024, the average cost of large-scale solar power projects in India fell over 8% year-over-year (YoY), according to Mercom’s recently released Q4 and Annual 2024 India Solar Market Update. However, the average project cost rose 1.6% quarter-over-quarter. The average selling price of India-made modules registered under the Approved List of Models and Manufacturers order rose in Q4 due to high demand and increasing component prices. Solar modules accounted for almost 47% of the project cost in Q4 2024, up from nearly 46% in the previous quarter.