The demand for solar energy is continuously increasing because people are becoming more conscious of the environment. As per the statistics, the solar energy has experienced an average growth rate of 42%. This is because the demand for clean energy has increased all over the world. Other reasons for the growth in demand for solar energy are-
Dropping of the cost of installation by 70%.
Incentives are given by the government to go solar.
Stabilizing of the soft cost share of total system costs. Here soft costs include customer acquisition, installation labor, etc.
Reduction in solar inverter cost over the years.
Increase in R&D, technological advancement, and scale economies in manufacturing, the costs for solar energy has been reduced by 99%.
The Price Bracket of Solar Inverter in India
The solar inverter price in India is around Rs 6,000 for an 1100VA inverter. The price of 1400 VA inverter is around Rs 8,500 while the same for 1800 VA inverter is Rs 8,000. The price of a 2Kw solar inverter is around Rs 45,000. So, in short, the prices of the inverter depend upon their capacity, size, brand, and series under which they are sold. Many brands include additional costs like government taxes and delivery costs in the actual price of the inverter. These days you can even buy solar inverters and 300 W solar panel on EMI. You can check out the EMI option on their websites or can directly get in touch with the salesperson. This can help you shift the burden of payment over different months.
Central Inverter Versus String Inverters
Though central inverters use to convert the direct current generated by solar power plants, string inverters are used across the world. Generally, central inverters have lower per unit power cost but the installation costs are higher. String inverters have a high per-unit cost but they help in lowering BoS costs (upfront costs associated with a PV system). String inverters have evolved over time and now you can find 12-string inverters.
Price Trends
From the past to the current scenario, prices have continued to fall with the fall in capital costs in the segment. As the demand for solar equipment is growing, the supply is also increasing which has further led to the drop in prices. Also, competitiveness in the market has also brought down the prices further. As the investment in the sector continues to increase, it is expected that the inverter prices are likely to further fall even if by not large margins.
Future Outlook
It is expected that the demand for solar inverters is going to rise further as the country is pushing to meet its solar capacity addition targets. The demand for easy-to-use and modular-styled micro inverters will also foster in the future.
Conclusion
The competition amongst the companies in the Indian solar market will cause further price revisions. Globally, in the past few years, the prices of inverters have reduced drastically. It is also expected that several new domestic and international players will enter the Indian solar market and bring about a change in the prices of the solar components. This will in turn cause a fall in solar inverter price.