Solar Panels Cost for Home in 2024: A Guide for Homeowners

How Much Do Solar Panels Cost in 2024? A Guide for Homeowners

As India looks to increase its share of renewable energy in the power mix, solar power is expected to play a crucial role in meeting its energy needs. With favorable government policies and increasing awareness among homeowners, more people are considering installing solar panels on their rooftops. But one of the most common questions homeowners have is how much solar panels cost. In this guide, we will take a closer look at the cost of solar panels in 2024, including the factors that influence the price, the different types of solar panels available, and how you can determine whether going solar is a smart investment for your home.

The cost of solar panel installation in India ultimately depends on the size of the solar energy system, roof conditions, and the type and make of solar panels used.

Hence, suggesting a fixed cost for installing a solar panel for home would be inaccurate.

The Solar Panel Price can vary based on several factors, including:

The size of the solar panel, measured in watts or kilowatts.

The size of a solar panel for home is one of the main factors that can affect its cost. However, it’s important to note that the cost per watt of a solar panel (i.e., the cost of the panel divided by its power output) tends to decrease as the panel size increases. This means that while a larger solar panel may have a higher overall cost, it may be a more cost-effective option in terms of the amount of energy it can generate per unit of cost.

Solar Panel Efficiency

The efficiency of a solar panel refers to the amount of sunlight converted into usable electrical energy. For example, a solar panel with an efficiency rating of 20% can convert 20% of the sunlight it receives into electrical power while the other 80% is reflected or lost as heat. Solar panels with higher efficiency ratings may be more expensive, but they can be a pricey investment if you have space limitations on the roof.

Solar Panel Installation costs

Installation costs can significantly impact the overall cost of setting up a solar power plant. However, by choosing an efficient and cost-effective provider like Freyr Energy, you can reduce installation costs and help make your solar power project more affordable.

Incentives

The government provides incentives and subsidies for on grid solar systems for homes. You can get benefits from such incentives to reduce overall solar power panels cost. However, at the moment, subsidies can be availed only if homeowners purchase the system from an empanelled vendor such as Freyr Energy.

Type of Solar Panels (Monocrystalline/polycrystalline)

Monocrystalline solar panels are made from a single, high-purity silicon crystal, making them more efficient and expensive. Polycrystalline solar panels are made by melting multiple silicon fragments, making them less expensive but slightly less efficient. The price difference is small, and the choice depends on your needs and preferences.

What is the overall price to Install Solar Panels from Freyr Energy?

Freyr energy is among the leading solar rooftop companies that provide an end-to-end solar solution for homes and businesses.

Our Solar System Price range from ₹2,00,000/- to ₹2,40,000/- for a 3kW system. However, the government is providing subsidies under the national solar subsidy scheme to promote the installation of solar power plants. You can also avail of these subsidies, which will decrease the price of the installation and will save you more money. Freyr Energy further helps clients with all the required documentation for claiming the subsidy.

What factors should one consider while purchasing solar panels from Freyr?

Here are five key reasons to purchase the solar panel for home from Freyr Energy:

1. Quality of all components used in the system

We always believe in quality over cost. Opting for a cheaper solar system will deteriorate the quality of all the components used in the solar system. This will hamper the system’s efficiency, the components’ strength, and even the life of the overall system.

2. Quick and professional installation

We provide quick and professional installation at Freyr. All our installation teams are certified to ensure quality workmanship.

3. Expected energy generation

If the energy generation by a certain solar system is at par for your household, the entire investment can be well-spent. Hence it is advised to keep track of your energy generation regularly. At Freyr Energy, our after-sales team monitors all systems remotely and shares alerts you can view on our Freyr Energy app.

4. Life of the solar system

At Freyr Energy, we use top-quality components and professional installation, so the system’s life is guaranteed. This means your solar plant can run for over 25 years with minimal maintenance.

5. After-sales service

Freyr Energy assures efficient after-sales services, ensuring you can reap the benefits of the solar system hassle-free.

How Much Money Do Solar Panels Save?

Investing in solar panels for your home is a wise decision to yield significant savings on your electricity bill in the long term. Don’t underestimate the value of this investment, as it will ultimately pay off and benefit you greatly. On average, solar panels help homeowners to save 50-90% on their electricity bills.

E.g., installing a 3kW solar power system will generate 360 units of electricity every month. Considering a tariff rate of INR 7 per unit, a 3kW system can help you save INR 2,500 per month and INR 30,000 per year.

Frequently
Asked Questions



Solar panels need little-to-no maintenance. Regularly dusting and cleaning solar panels (a couple of times a week) should suffice to keep the solar system running.

Solar panels can easily power the entire house alone in India, where we get a good amount of sunlight throughout the year. All you need is shadow-free space on your roof to install solar on your home

You must look out for certain factors, such as the size, efficiency, and even the cost of the solar panel system, before finalizing any of your solar panels.

Yes, you can finance the cost of your solar panels. Many banks offer loans easy and hassle-free loans and affordable interest rates. Freyr Energy has tied up with several NBFCs offering solar loans for homes.

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