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Solar Panels Price in India: Affordable Clean Energy for Your Home

The demand for home solar panel systems in India keeps increasing every year due to a conscious eco-lifestyle and the aspiration to become energy-independent. One of the critical factors determining the final decision of the homeowners is the price of the installation. Our guide will reveal all the details concerning the 2024 installation price for a home solar panel system in India, so continue reading and get everything you need to make a knowledgeable investment choice.

Understanding the Basics of Home Solar Panel Systems

It’s also reasonable to get an idea of the solar panel system’s basic details before learning about the price aspects. A standard system includes solar panels, inverter, mounting structure, wiring, and batteries — for those planning to store the excess energy. The number of solar panels and the inverter’s capacity varies depending on several factors like the total energy consumption of the household and roof square feet. You can go over the specific features of solar panels in our previous blog post here

Average Solar Panel Prices in India

What are the average residential solar panel installation costs per region in India?

On average, the residential cost of solar panels in India constitutes from ₹1.5 lakh to ₹5 lakh. The most common selection for a solar panel system at home with a capacity of 3kW to 8kW will cost from ₹90,000 to ₹4,80,000, resulting from government incentives.

With that in mind, let us break down the costs to learn the expense distribution:

Solar Panels

There are a variety of other costs associated with renewable energy systems. Cost of solar panels is a major consideration. High-efficiency monocrystalline panels have a per watt cost higher than that of polycrystalline or thin-film panels. Generally, the cost of 1kW solar panels ranges from ₹45,000 to ₹70,000, depending upon wattage and type. 

Inverters

Inverters are another component expense. Microinverters are more expensive than string inverters. Considering the cost of inverters varies from ₹20,000 to ₹80,000 or more depending upon type and capacity.

Mounting Structures

The cost of mounting structures generally ranges from ₹10,000 to ₹50,000, depending upon complexity and type.

Batteries (Optional)

The expense of adding batteries is not included. The cost of batteries is anywhere between ₹20,000 to ₹1 lakh or more, depending upon capacity and brand. 

Quality of Components

Investing in high-quality components might have a higher cost, but performance and longevity would be good, costing 10% to 30% more than usual. 

Factors Impacting Solar Panel Prices in India

The factors influencing solar panel prices in India are geography, experience, and component quality.

Geographical location

Variations in solar panel costs from geography can be described as follows.

  • First, considering sunlight availability: Since it is more sanitising, sunlit regions have better electricity generation; as a result, solar panel cost in India is relatively lower.
  • Second, local regulations differ in permitting and inspection states, and they have wildly different permit and inspection regimes, impacting the cost of going solar.

Installer experience

High-quality installers do cost a bit more, but their experience can help them to get the job done.

Component quality

Component quality also varies. Although purchasing cheap solar panels and equipment might save you upfront costs, it will end up costing you in the long run.

Cost Breakdown of Solar in India

Now, with an understanding of the basics, let’s delve into the factors that contribute to the rooftop solar panels cost in India. Here are the components of the total cost:

Equipment Costs

Three factors make up the equipment costs of the investment:

  • Solar Panels: The key component of the entire system is that solar panels capture the sun’s rays and convert them into energy.
  • Inverters: This part trades the power generated by your panels from direct current (DC) to an alternating current (AC) used in your house.
  • Mounting and Racking: These are small-scale racking systems that secure the solar panel to the roof on your premises.

Installation Costs

The expertise of skilled installers ensures the proper setup and functioning of your solar system. The other charges subject to installation costs are,

The investment of skilled specialists in setting up the system for it to work correctly comprises the installation costs. Other factors that vary the installation costs are:

  • Permits and Inspections: Before installation, it will cost you to get an installation permit from your local authority as regulations and supervision fees.
  • Wiring and Electrical Work involve connecting a wire from your panels to your house to get the power.

Additional Costs

While solar systems in India require minimal maintenance, occasional cleaning and routine checks are advisable to ensure optimal performance. The physical size and power output of solar power systems play a vital role in their prices. Larger panels with higher wattage often come with a higher initial cost but can generate more electricity over time.

Government Incentives and Rebates in India

The government encourages instalments in India through stimulus funds and cuts. The services take about 20% to 90% of the installation cost, depending on your location and how they want to subsidise.

Solar Panel Price vs Savings in India

Is investing in solar panels financially viable in India? Let’s evaluate the potential financial benefits.

  • Solar panels can help you save money on electricity costs: Over time, solar panels cut down your monthly electricity costs significantly and sometimes remove them altogether.
  • Calculate the payback period, which is the time it will take to recoup your money with the total energy savings as well as potential earnings.
  • Your property’s worth increases: When you install solar panels, your property’s worth increases, encouraging potential buyers and investors in the long run.

For detailed information, you can view our blog on the benefits of solar panels for your home.

Future of Solar Panels in India

The future of solar energy in India is promising. With technological advancements and increasing awareness of environmental sustainability, the adoption of solar panels is expected to grow significantly. This growth may lead to further reductions in solar panel prices for homes, making them even more accessible to Indian households.

The future of solar power in India looks bright with technological advancements and increased emphasis on sustainability. This is due to a rise in the number of people opting to install solar panels, which would result in a decrease in solar panel pricing that is more within the reach of Indian homes.

  • Technology is improving: Developing technology will improve solar panels and their efficiency and production costs in the future. Get ready to receive a better performance soon.
  • More energy independence: Homeowners who rely on solar energy will obtain the opportunity to have an energy ecosystem dependent on traditional ways, such as using oil and gas. The situation will benefit the world in terms of reducing pollution.
  • Environmental advantages: You won’t only save money with solar panels, but you will also reduce your carbon footprint with less electricity generated from harmful sources. It assists in reducing atmospheric pollution.
  • Job creation is another benefit to the solar industry in India that arises as the use of these panels continues to rise, leading to the recycling of money within India.

In conclusion, the decision by a homeowner in India to install home solar panels in 2024 is complex due to the various systems that they can use and the method of installation chosen. Although the initial costs may seem high, once one considers the long-term goals and the advantages one obtains, they become almost meaningless.

Today is not too late to begin your solar journey. Let us make India a cleaner and greener nation!

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