The rebranding signifies a broader vision for GEON, moving beyond batteries to offer a comprehensive range of green energy products and services. The company is now positioning itself as a key player in the growing energy space, which includes electric vehicle (EV) batteries, energy storage systems, and cutting-edge electronics and software to support the entire energy ecosystem.

In line with its new direction, GEON has committed to enhancing its manufacturing capabilities with an investment of Rs 300 crore. A new facility in Chakan, Pune, is set to double the company’s manufacturing capacity and is part of its broader goal to meet the increasing demand for advanced energy solutions in India and beyond.

“Green Energy On (GEON) reflects our expansive vision for the future of green energy—powering everything from factories to homes,” stated the company in a press release. GEON’s product portfolio now includes state-of-the-art EV solutions with battery packs designed for a wide range of vehicles, from two-wheelers to commercial vehicles. These products incorporate proprietary cell technology and advanced thermal management systems to ensure optimal performance.

The rebrand comes at a time when India is projected to make significant investments in green energy, with a report by the World Economic Forum indicating that the country will invest more than USD 35 billion annually in advanced energy solutions by 2030. Battery storage alone is expected to attract investments of USD 9-10 billion annually during this period.

“We believe the transition from Battrixx to GEON embodies our commitment to innovative manufacturing and intelligent green energy solutions that will power a sustainable, greener tomorrow,” said Anand Kabra, Vice Chairman and Managing Director of GEON. “This evolution goes beyond just a name change—it reflects our determination to become a global leader in clean, innovative energy solutions.”

Despite the rebranding, GEON has assured its customers that all current products and services will continue uninterrupted. The company has also pledged to enhance its support and service capabilities to meet the growing demand for its green energy offerings.

With its reimagined identity and ambitious investment plans, GEON aims to position itself at the forefront of the global green energy revolution, contributing to a cleaner, more sustainable future for all.

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Ambitious Solar Power Goals

The PM Surya Ghar Muft Bijli Yojana aims to drive the transition to solar energy by providing substantial capital cost subsidies, reducing payback periods by 4-5 years, and making it more affordable for households across India to adopt rooftop solar. This initiative is designed to not only reduce electricity costs for consumers but also significantly contribute to India’s energy transition, enabling cleaner and more sustainable power sources.

According to a report by SBI Capital Markets, the PM-SGMBY scheme has the potential to create an ecosystem worth Rs 1.2 trillion. The main beneficiaries of this boom will be manufacturers of essential solar components, such as modules, inverters, mounting equipment, and electrical components, alongside project developers and EPC (engineering, procurement, and construction) players.

Breaking Down the Rs 1.2 Trillion Opportunity

The report highlights that the solar module segment will account for the largest share of this opportunity, estimated at Rs 480 billion. This will be followed by Rs 275 billion for inverters, Rs 200 billion for electrical components, and Rs 90 billion for mounting structures. Additionally, project developers and EPC players are expected to benefit significantly from the capital expenditure model, where customers finance and own solar installations in exchange for subsidies.

This robust ecosystem is set to fuel the growth of India’s solar energy sector, offering a wealth of opportunities for manufacturers, service providers, and developers alike. The favorable policy environment, along with the growing focus on sustainability, positions India to become a key player in the global solar energy market.

The Residential Solar Surge

Residential rooftop solar installations are expected to be the driving force behind this boom. As electricity tariffs continue to rise in several states, homeowners are increasingly turning to solar solutions to reduce their energy costs. States with high residential electricity tariffs and favorable net metering policies are expected to see the highest adoption rates.

Additionally, the falling cost of solar modules and EPC services is making solar installations more accessible to a broader segment of the population. As these costs continue to decline, the residential solar market is set for exponential growth, with annual non-utility solar installations—encompassing residential, commercial, and industrial (C&I) segments—projected to reach 20 GW by FY27.

Key States Driving Growth

Currently, five states dominate India’s solar rooftop capacity, accounting for 70% of the total installed capacity. Gujarat leads the pack with 4,822 MW, followed by Maharashtra (2,847 MW), Rajasthan (1,415 MW), Kerala (966 MW), and Tamil Nadu (876 MW). These states are expected to continue their leadership in solar adoption due to their favorable policies, industrialization, and high electricity tariffs.

As solar energy becomes more accessible and affordable, the market for non-utility solar installations is expanding across the country. The combination of state-level incentives, declining costs of solar technology, and favorable metering policies will likely drive further adoption of rooftop solar across India’s residential, commercial, and industrial sectors.

Conclusion

The PM Surya Ghar Muft Bijli Yojana is a game-changer for India’s solar power sector. With its focus on residential rooftop installations and a Rs 1.2 trillion ecosystem waiting to be unlocked, the initiative is set to drive a major shift towards clean energy. The reduction in payback periods, combined with state incentives and the falling cost of solar technology, will make rooftop solar a viable and attractive option for millions of Indian households. As more states adopt favorable policies, India is on track to become a global leader in solar energy, powering its future with the sun.

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In 2024, India recorded a substantial increase in renewable energy capacity, with 28.64 GW added during the year. This represents an impressive 119.46% rise compared to the 13.05 GW added in 2023. The total installed capacity jumped from 180.80 GW in December 2023 to 209.44 GW by the end of 2024.

The solar and wind energy sectors have been the driving forces behind this significant growth. Solar power alone accounted for the lion’s share, contributing 24.54 GW to the overall capacity. This boosted its cumulative installed capacity from 73.32 GW in 2023 to 97.86 GW in 2024, marking a 33.47% increase.

Wind energy also saw substantial progress, with an additional 3.42 GW added in 2024. This brought its total capacity to 48.16 GW, reflecting a 7.64% rise from the previous year.

Other renewable energy sources have also played a role in this expansion. Bioenergy’s installed capacity increased by 4.70%, rising from 10.84 GW in December 2023 to 11.35 GW in 2024. Small hydro power projects saw a modest growth, with capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024, reflecting a 2.20% rise.

Union Minister of New and Renewable Energy, Pralhad Joshi, reiterated the government’s commitment to achieving Prime Minister Modi’s ambitious target of 500 GW of renewable energy by 2030. These figures underline India’s ongoing efforts to meet its climate goals, while enhancing energy security and contributing to the global shift towards sustainable energy solutions.

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