ReNew Energy Slashes Solar Module Prices Following GST Reduction

ReNew Energy Global Plc has reduced solar module prices due to a GST reduction from 12% to 5%. This price drop, effective September 22, offers savings for utility-scale developers, rooftop solar consumers, and farmers, promoting wider clean energy adoption in India, aligning with flagship government schemes.

ReNew Energy Global Plc, a leading player in the renewable sector, has announced a reduction in prices for its solar modules and cells. This decision comes after the GST Council's approval to lower the GST rate on renewable energy products from 12% to 5%, a change effective from Monday.

The reduction is expected to offer considerable savings to utility-scale developers, rooftop solar consumers, and farmers, thus bolstering the transition to renewable energy. This aligns with government initiatives like the PM Surya Ghar Muft Bijli Yojana and PM-KUSUM schemes aimed at democratizing access to green energy.

Sumant Sinha, Founder, Chairman, and CEO of ReNew, stated that as India's largest integrated solar manufacturer, the company anticipates this move to accelerate adoption across various segments. ReNew's clean energy portfolio, currently at 18.2 GW, is positioned as one of the largest globally.

(With inputs from agencies.)