Debunking Solar Panel Price Myths and Revealing the Facts

The increasing trend of solar energy nowadays in India is significantly attracting more people towards solar panels. Installing a solar panel system on your roof can benefit you in the long term. As a result, People in India show more interest in solar energy systems. But there are lots of myths and misconceptions towards solar panels, especially around solar panel pricing. Many people hesitate to invest in solar energy due to misunderstandings about the costs involved. In this blog, we will talk about the truth behind some of the most common myths about solar panel pricing. This can help provide homeowners with a clearer picture of what to expect.

Myth #1: Solar Panels Are Unaffordable

Myth: One of the most common myths about solar energy is that it is unaffordable. Many people believe that the average homeowner cannot afford solar panels only the rich can afford them. This misconception has arisen from the early days since the solar panels came in trend. This misconception was because of limited technology and resources. 

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Fact: Due to mass production, government incentives and technological advances, the cost of solar panels has come down significantly in recent years. Solar energy is cheaper now. According to industry reports, the cost of solar panels has dropped by nearly 70 per cent over the past decade. Due to the reduction in costs, solar energy is an affordable option for households.

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There are many ways to reduce the cost of purchasing and installing solar panels. However, Homeowners can take advantage of government subsidies, and attractive loan programs, These options can help reduce the upfront financial burden.

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For example, a 3kW solar panel system can cost approximately Rs. 2,12,294. To reduce the cost you can take benefit of the government subsidy that is applicable on a 3kW system is Rs. 78,000. This reduces the cost of a 3kW solar system up to 35% which means it will cost you up to Rs. 1,34,294. To make payment easier, you can choose an EMI plan which starts from Rs. Rs 2000-3000 per month.  Over time, the energy cost savings will be more than the initial cost of solar panels. For this reason, it is economical and environmentally friendly to go solar.

Myth #2: Solar Panels Don't Offer a Good ROI

Myth: Another common misconception is that solar panels do not offer a strong return on investment (ROI). Some homeowners believe that the upfront costs are too high. This leads them to doubt whether solar energy is a good option for their homes.

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Fact: The return on investment (ROI) for solar panels is much higher than people expect. Industry data shows that solar systems can provide 12 to 28 % annualised return on investment. This typically depends on your state and their retail electricity tariffs, energy use and available incentives. Solar panels can save homeowners a lot of money in the long run. By opting for solar energy, the need for traditional energy sources can be reduced or cut. It means lower monthly energy bills. Over the life of a solar panel system, a homeowner can save lakhs of rupees. This makes it a smart financial choice for the future. Most homeowners can recover their initial costs within 3 to 5 years, and after that, the savings on energy bills become pure profit. Hence, solar panels are a smart long-term investment.

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In almost all states in India, solar panel owners benefit from net metering, where they export excess electricity to the grid. This ensures they only have to pay for the net of the units you exported to the grid and imported from the grid, bringing your electricity bills as low as zero.  This is how solar panel solutions help you make savings. 

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Myth #3: All Solar Panels Are the Same Price

Myth: Another myth is that all solar panels cost the same, whether we talk about the brand, type, or features. This misconception can lead homeowners to make uninformed decisions when selecting a solar panel system.

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Fact: The reality is that solar panel prices can vary significantly depending on various factors, including the type of panel, its efficiency, the brand, and additional features such as warranties or built-in technologies. Here are some of the key factors that influence solar panel costs:

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Panel Type

There are various types of solar panels available in the market, each with different efficiency and price levels. Monocrystalline panels are the most efficient but also the most expensive. On the other hand, Polycrystalline panels are the least efficient and cheapest. Additionally, Topcon solar panels are the most efficient and most expensive. Homeowners can choose based on their budget and energy needs.

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Efficiency

High-efficiency solar panels generate more electricity in a smaller space, which makes them great for homes with limited roof space. However, they are usually more expensive. Homeowners should compare the cost of these panels with their energy needs and available roof space to find the most affordable and efficient option for their homes.

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Brand

High-quality solar panels from well-known brands may be more expensive than those from lesser-known companies. However, these established brands usually offer better warranties, higher quality, and longer-lasting products. This can lead to long-term savings and give homeowners peace of mind, making the initial higher cost worth it in the long run.

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Additional Features: Some solar panel systems include extra features like built-in inverters, smart monitoring, or extended warranties. While these options can raise the overall cost, they provide added benefits such as easier maintenance, performance tracking, and better protection. These features can offer more convenience and peace of mind for homeowners in the long run.

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Solar installer company: As a homeowner, it is important to carefully consider your specific needs, energy consumption, and budget before selecting a solar panel system. Consulting with a Zircle Solar Expert - can help you make an informed decision and find the right balance between cost and efficiency. You can book an Expert Call here. 

The Facts About Solar Panel Pricing:

When considering solar panel costs, here are some essential facts to remember:

• Solar panels are now more affordable than ever and can fit a wide range of budgets.
• The return on investment (ROI) from solar panels can be around 12%-28%, with reduced energy bills and potential financial incentives.
• Solar panel prices can differ based on factors like panel type, efficiency, manufacturing and brand.

Conclusion

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Solar panel pricing is often shrouded in myths, but the reality is that solar energy is within reach for many homeowners. At Zircle, we are committed to providing the best and most accurate information about everything related to solar. Our team of experts is dedicated to helping customers find the best solutions for their queries and problems. With the right information and guidance from Zircle, you can make an informed decision about incorporating solar panels into your home, enjoying the financial and environmental benefits they offer. Don't let the myths hold you back from embracing the power of the sun. 

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