The growing emphasis on sustainable energy solutions has placed solar power at the forefront of the global renewable energy revolution. In India, solar energy is rapidly gaining momentum as a practical, eco-friendly, and cost-effective alternative to traditional energy sources. The declining cost of solar PV modules and the rise of prominent solar panel manufacturers in India have accelerated this transition. Government initiatives such as the PM Solar Yojana have further boosted solar energy adoption by providing financial support to households and businesses.
This article delves into the current solar PV module prices in India, highlights the top solar panel manufacturers in India, and explores how the PM Solar Yojana plays a key role in making solar energy more accessible to the public.
Solar PV Module Price in India
The price of solar PV modules has experienced a consistent decline in the past decade, making solar energy more affordable for residential, commercial, and industrial sectors. Several factors influence the cost of solar PV modules, including:
- Technology: The type of technology used in the solar panels, such as monocrystalline, polycrystalline, or bifacial modules, impacts the overall price.
- Monocrystalline panels are more efficient but cost more compared to polycrystalline panels, which are slightly less efficient but cheaper.
- Bifacial modules can capture sunlight on both sides, increasing efficiency and performance, but they tend to be more expensive.
- Production Scale: Mass production by large manufacturers has significantly reduced costs due to economies of scale.
- Government Incentives: Initiatives like the PM Solar Yojana provide subsidies and financial assistance to reduce the upfront costs of solar panel installation.
- Supply Chain and Material Costs: The cost of raw materials like silicon, copper, and aluminum also plays a role in determining the final price of the solar PV modules.
Average Solar PV Module Prices in 2024
As of 2024, the average price of solar PV modules in India ranges between ₹18 and ₹25 per watt, depending on the type of panel and manufacturer. Here’s a breakdown of the prices based on panel technology:
- Monocrystalline Panels: ₹24 to ₹25 per watt
- Bifacial Panels: ₹26 to ₹28 per watt
These prices are subject to regional variations, bulk purchases, and specific manufacturer offers. Additionally, installation costs, inverters, and mounting structures will add to the total investment for a solar energy system.
Top Solar Panel Manufacturers in India
India is home to several leading solar panel manufacturers, known for producing high-quality solar PV modules that cater to domestic and international markets. These manufacturers offer a wide range of products, from residential solar panels to large-scale industrial systems. Below is a list of some of the top solar panel manufacturers in India:
1. Tata Power Solar
Tata Power Solar is one of the oldest and most respected names in the Indian solar industry. As a subsidiary of Tata Power, the company has established itself as a leader in producing solar PV modules, solar rooftops, and solar water pumps.
- Key Achievements: Over 11,000 MW of solar modules produced and over 7,000 MW of solar EPC services delivered.
- Product Range: Monocrystalline and polycrystalline panels with wattages ranging from 330W to 400W.
2. Adani Solar
Adani Solar, a subsidiary of the Adani Group, is a major player in the Indian solar panel manufacturing industry. With a strong focus on innovation and research, the company produces world-class solar PV modules.
- Key Achievements: One of the largest vertically integrated solar companies in India with a production capacity of 3.5 GW.
- Product Range: Monocrystalline PERC and bifacial panels with wattages between 400W and 600W.
3. Bluebird Solar
Bluebird Solar has been making waves in the Indian solar industry with its high-quality solar PV modules and turnkey EPC solutions. With over 40 years of experience in the power products domain, Bluebird Solar continues to expand its manufacturing capabilities and customer base.
- Key Achievements: Specializes in rooftop solar solutions and utility-scale projects, offering end-to-end solar energy services.
- Product Range: High-efficiency monocrystalline and bifacial modules, ranging from 400W to 550W.
4. Waaree Energies
Waaree Energies is another major manufacturer with a large presence in both the domestic and international solar markets. The company focuses on solar PV modules, inverters, and energy storage systems.
- Key Achievements: India’s largest solar module manufacturer with a capacity of 12 GW.
- Product Range: Monocrystalline and polycrystalline panels, with wattages between 335W and 545W.
5. Vikram Solar
Vikram Solar is a leading global solar energy solutions provider, specializing in high-efficiency solar modules. The company is known for its commitment to quality and sustainable energy production.
- Key Achievements: Over 3.5 GW of solar module production capacity and over 1.3 GW of EPC projects completed globally.
- Product Range: Bifacial and monocrystalline panels, with wattages ranging from 380W to 550W.
6. RenewSys India
RenewSys is one of the newer entrants in the solar panel manufacturing sector, but it has quickly made a name for itself by producing high-quality solar PV modules and components such as back sheets and encapsulants.
- Key Achievements: Over 750 MW of module production capacity and a global presence in more than 40 countries.
- Product Range: Monocrystalline and polycrystalline modules with wattages between 335W and 450W.
The Role of PM Solar Yojana in Promoting Solar Energy
The PM Solar Yojana, also known as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme, is a key government initiative designed to promote the adoption of solar energy in India. The scheme targets both rural and urban sectors, providing financial assistance to farmers, households, and businesses to install solar panels and reduce dependence on non-renewable energy sources.
Key Features of PM Solar Yojana:
- Subsidies for Solar Installation: The scheme offers up to 60% subsidy for solar panel installations on rooftops and agricultural lands, significantly reducing the overall cost for beneficiaries.
- Solar Water Pumps: Farmers can avail of subsidies to install solar-powered water pumps for irrigation, reducing electricity bills and promoting sustainable agriculture.
- Solar Rooftop Systems: Urban households and businesses are encouraged to install rooftop solar systems, with net metering policies allowing them to sell excess power back to the grid.
- Financial Support for Small and Marginal Farmers: Special provisions are made to support small farmers, enabling them to install solar systems and benefit from reduced power costs and increased income through solar farming.
- Increased Energy Security: By promoting solar energy, the PM Solar Yojana reduces reliance on fossil fuels, thereby improving energy security and reducing greenhouse gas emissions.
Conclusion
The falling solar PV module prices and the emergence of prominent solar panel manufacturers in India are transforming the energy landscape of the country. With strong government support through initiatives like the PM Solar Yojana, solar energy has become an affordable and sustainable solution for millions of households and businesses.
As India continues its journey toward a greener future, investing in solar energy has never been more cost-effective. Whether you are a homeowner looking to reduce your electricity bills or a business seeking to lower your carbon footprint, now is the perfect time to explore the benefits of solar power.