Solar Panel: The rising electricity bills in summer put a burden on everyone’s pocket. Here’s how much it costs to install a solar panel, what subsidy you can get, and how much benefit you’ll receive. Read all the details below.
During summer, electric appliances like fans, coolers, ACs, fridges, and geysers run day and night. As a result, the electricity meter keeps running fast, and the monthly bill shoots up to thousands, causing a major impact on your budget. That’s why many people are now opting to install solar panels — or are at least considering it.
But the question is — is it really profitable to install solar panels? And how much does it cost? Let’s answer all such questions here.
What is a solar panel and how does it work?
A solar panel works by converting sunlight into electricity. The solar cells (photovoltaic cells) installed in the panel absorb energy from sunlight and convert it into electric power. This electricity can then be used to run fans, bulbs, refrigerators, or even ACs in your home.
How much will it cost to install solar panels?
The price of solar panels depends on your home’s power needs and electricity usage. If you install a 1 kilowatt (kW) system at home, the installation cost can range from ₹70,000 to ₹85,000. This setup can easily run 3–4 fans and 5–6 LED lights.
If you go for an on-grid system (connected to the electricity board), it is slightly cheaper — and any excess power generated can be sold to the government.
The government provides subsidy
The Government of India and state governments provide subsidies for solar panel installations. Currently, a 20% to 50% subsidy is being offered through MNRE (Ministry of New and Renewable Energy).
What is the complete process?
To install a system, you need to contact your state DISCOM and get the setup done through an approved vendor. The total cost includes the solar panels, inverter, battery (if off-grid), installation charges, wiring, support structure, meter, and connection fees.
In how many years will you recover the cost?
Generally, a solar panel system recovers its full cost in 4 to 6 years. After that, you can enjoy free electricity for 20 to 25 years. That makes it a highly beneficial long-term investment.
Who should consider installing solar panels?
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Those whose rooftops get ample sunlight
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Households with electricity bills over ₹1,000 per month
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People who want uninterrupted power without the stress of rising costs