As solar power takes centre stage in the power scenes of not only India but the world, the report of the decreasing price of solar power systems between 2010 and 2020 is significant. The Indian government’s rooftop solar power scheme further presents the chance of saving up to Rs 18000 per year in electricity bills.
Let’s explore the steps of determining the final price of solar panels for home installation and comprehend the various factors influencing the varying prices.
A solar power system is custom-designed depending on the type of structure, location specifications, shading, and utility.
Calculating The Price of Solar Panels for Home
The calculation involves the cost evaluation of a home solar panel system’s basic components and installation charges.
Solar Panels
Solar panels, or PV panels, form the main structure of the solar power system. These panels catch the sunlight and transform it into electricity. Mono PERC, Polycrystalline, and half-cut solar panels are primarily offered in the Indian market. These are highly efficient and can be expensive. Monocrystalline panels work more efficiently than Polycrystalline panels, which explains the higher price tags.
A 1 kW solar panel’s average price can range between Rs 37,500 and Rs 42,000, depending on the type and wattage.
Inverters
Inverters convert the solar panel-generated DC (direct current) into AC (alternative current) suitable for home use. This component can be of various types, while string inverters and microinverters are common ones. String inverters are more affordable but have a single point of failure. On the contrary, microinverters perform better and are more expensive.
Based on the type of inverter and the capacity, the price of solar panels for homes can be between Rs 20,000 and Rs 80,000 or above.
Mounting Structures
Solar panels can be rooftop-mounted or ground-mounted, which is more expensive. In any case, the mounting structure should be sturdy and secure. Adjustable structures are more convenient as they allow the panels to optimise their angles to maximise sun exposure. The charge for the mounting structure can stand between Rs 10,000 and Rs 50,000.
Batteries
Batteries are optional but highly beneficial for those who wish to store excess energy for later use. They will add to the cost of the solar panel installation, but they will increase flexibility during power cuts and overall energy independence.
The capacity will decide the final price, ranging from Rs 20,000 to Rs 1 lakh or above.
Installation Charges
Labour, equipment, and other associated costs are included in the installation charges. The installer’s experience and skills will ensure an accurate installation process, mitigating risk factors and additional repair costs later. Depending on the selected components, the location, and the complexity of the installation process, the charges fall between Rs 20,000 and Rs 1 lakh.
System Quality
The quality of the parts and components of a system determines its performance and longevity. The greater the quality, the higher the solar panel price for home. The premium quality components will bring the expenses 10% to 20% higher than standard quality parts. Get the solar panel price for home before settling on a solar panel system for your home.
Government Subsidies and Incentives
In India, central and state governments have been encouraging the adoption of solar power for many years. Several government schemes offer incentives and subsidies to reduce the gross expenses related to solar panel installation and make it more accessible to people.
The subsidy schemes can reduce the price of solar panels for homes from 20% to 80%.
Average Home Solar Panel Installation Cost in India
The table below consists of the average gross price of solar panels for home installations in 2024.
| Solar System Size | Cost per System |
| 1 kW | Rs 65,000 – 85,000 |
| 2 kW | Rs 1,05,000 – 1,25,000 |
| 3 kW | Rs 1,50,000 – 1,70,000 |
| 4 kW | Rs 1,85,000 – 2,05,000 |
| 5 kW | Rs 2,30,000 – 2,50,000 |
| 6 kW | Rs 2,85,000 – 2,95,000 |
| 7 kW | Rs 3,15,000 – 3,25,000 |
| 8 kW | Rs 3,60,000 – 3,80,000 |
| 9 kW | Rs 4,05,000 – 4,15,000 |
| 10 kW | Rs 4,50,000 – 4,60,000 |
Conclusion
Besides the capacity, size, and quality of the solar panel components, certain other factors need to be considered for finalising the price of solar panels for homes. Various parts of India have differing solar irradiation, meaning they receive a different amount of sunlight. Higher solar irradiation will reduce the required number of solar panels, decreasing the overall price of the home solar panel. Moreover, the regulations for solar panel installation can vary for different regions, influencing the final expenses.
Decide on your geographical location, power requirement, and solar panel price for your home and make informed decisions towards a greener world!
Also read: How is Solar Energy Transforming the Power Industry?
