According to media reports, the market price for a 5kW solar system is Rs650,000 while a 7kW system costs Rs725,000. The cost of a 10kW setup has dropped to Rs950,000 and a 12kW system is available for Rs1,011,000.

Such prices pertain to on-grid systems. Those opting for hybrid systems will need to bear the additional cost of batteries.

The decrease in solar panel prices is expected to encourage more households and businesses to invest in renewable energy, helping reduce electricity costs and reliance on traditional power sources.