The average cost of large-scale solar projects during the first quarter of the calendar year 2023 decreased by 5% quarter-over-quarter for the first time in 11 quarters, owing to a drop in module prices. The findings were published in Mercom India Research’s recently released Q1 2023 India Solar Marker Quarterly Update. Project costs are likely to continue downward if module prices keep falling as manufacturers expand production capacity. Approximately 50-60% of the total project cost is attributed to solar modules, per the update.