Rooftop Solar: Forming a Thesis on India's Decentralized Energy Transition
Built an independent thesis on rooftop solar, grounded in geography, economics, and a company proving the model.
Nirvan Bhimrajka
Management Trainee - Investments Team at BlackSoil
From their time as
Management Trainee - Investments Team
BlackSoil • 2025 - 2025
Overview
Nirvan formed a thesis on rooftop solar as a structural piece of India's energy transition, independent of any formal assignment. The starting point was geography: India receives more than 200 sunny days annually, creating a natural advantage for solar generation that few other markets can match.
The Story
Nirvan formed a thesis on rooftop solar as a structural piece of India's energy transition, independent of any formal assignment. The starting point was geography: India receives more than 200 sunny days annually, creating a natural advantage for solar generation that few other markets can match.
The economic case reinforced the geographic one. Solar fuel is free. Once infrastructure is in place, the marginal cost of generation is close to zero. Combined with government incentives covering a significant portion of upfront CapEx for residential installations, the demand case for rooftop solar was becoming structurally compelling.
The company that sharpened the thesis was SolarSquare. What Nirvan found interesting was not just their growth but how they had cracked the unit economics. SolarSquare had systematized installation using an IKEA-style model: a standardized, repeatable process that could be executed by minimally trained workers. That reduced labor costs, lowered installation prices for customers, and drove higher demand. It was a model that made the economics work at scale without requiring specialized labor.
The thesis sits alongside his battery recycling work as part of a broader view on India's energy transition: decentralized generation through rooftop solar, and closed-loop critical mineral supply through battery recycling, are both necessary and underinvested.