Solar panel installation has 4 major components – solar panels, inverter, structure, and panel accessories. Solar panels make up the majority of the cost of the system.
Solar panel costs have been declining drastically over the last few years owing to improved technology and increased production capacities. In India, homeowners are eligible for a subsidy of 20-40% further improving the affordability of solar installation in the country.
How much does it cost to install a solar panel set-up?
The benchmark price announced by the Ministry of New and Renewable Energy (MNRE) is ₹54,000 per kW. Recently Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (MPMKVVCL) announced the benchmark cost for Solar systems in Madhya Pradesh starting at ₹39,800 per kW. Additionally, homeowners are eligible for a subsidy of 20-40%. Installing the solar system means you own an asset that gives you a significant return on your investment.
Now, homeowners can own a 3kW system for just ₹71640. The 3kW system can help save ₹30,500 approximately every year on electricity bills. This means that the homeowners stand to earn an ROI of 42%. Most of our customers earn a minimum ROI of 25%-30%.
Increasing electricity bills have given rise to a growing demand for solar panel systems in Indore. We at Freyr Energy- one of the Top 15 Solar EPC companies in India aim to make solar simple for you. Freyr Energy provides best-in-class products at the most affordable rates. We are empanelled with Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (MPMKVVCL) enabling customers to claim a subsidy of 20 to 40%. Our revolutionary app SunPro+, and extensive channel partner network ensure you get world-class solar solutions across India including the smart city of Indore.