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2h ago

GST Cut on Renewable Energy Equipment Takes Effect as ReNew Lowers Solar Prices

Officials say the lower tax will ease costs to accelerate renewable build-out toward the 500 GW goal by 2030.

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Overview

  • India reduced GST on renewable energy products to 5% from 12%, with the change taking effect on September 22.
  • ReNew Energy announced immediate reductions in prices of its solar modules and cells effective the same day.
  • Union minister Pralhad Joshi projected cumulative savings of Rs 1–1.5 trillion for the sector by 2030 as India installs the remaining 248 GW toward its target.
  • MNRE estimates show utility-scale solar project costs falling by Rs 20–25 lakh per MW and a typical 3 kW rooftop system becoming cheaper by about Rs 9,000–10,500.
  • The government is advancing a domestic wafer-to-module supply chain, proposing an ALMM List III for wafers from June 1, 2028 contingent on three facilities totaling 15 GW, with ALMM already in place for modules and slated for cells next June.