---
title: "Emmvee vs Horay Solar - Brand Comparison | ComparePV"
description: "Compare Emmvee vs Horay Solar solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background."
source: "https://comparepv.com/emmvee-vs-horay-solar"
---

# Emmvee vs Horay Solar

Horay Solar has the broader catalog (182 vs 166 models). Emmvee leads on peak efficiency at 23.51%. Horay Solar leans bifacial (67% of lineup).


## The two companies


| Attribute | Emmvee | Horay Solar |
| --- | --- | --- |
| Country | India | China |
| Headquarters | Bengaluru | Wuxi, Jiangsu Province |
| Founded | 1992 | 2010 |
| Employees |  | 400 |
| Annual capacity |  | 2.5 GW/year |
| Tier 1 | no | yes |
| Listed |  |  |
| Website | [https://www.emmveephotovoltaic.com](https://www.emmveephotovoltaic.com) | [http://www.horaysolar.com](http://www.horaysolar.com) |

Horay Solar is an integrated photovoltaic company specializing in the R&D, production, and sales of solar modules and solar power systems. They are committed to globalization and offer standard and customized solar module solutions. The company's products are exported globally, providing efficient clean energy...


## Catalog & Power


| Measure | Emmvee | Horay Solar | Margin |
| --- | --- | --- | --- |
| Panel Models | 166 | 182 | +16 |
| Max Power | 720 W | 720 W |  |
| Avg Power | 526 W | 536 W | +10 W |


## Efficiency


| Measure | Emmvee | Horay Solar | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.51% | 23.30% | +0.21 pp |
| Avg Efficiency | 21.69% | 22.46% | +0.77 pp |


## Reliability & Warranty


| Measure | Emmvee | Horay Solar | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.311%/°C | -0.280%/°C | +0.031 |
| Bifacial Share | 91 (55%) | 122 (67%) | +12 pp |
| Avg Warranty | 27.0 yrs | 30.0 yrs | +3.0 yr |


## Efficiency distribution

Horay Solar skews to higher efficiency: 14% of lineup is 23%+


| Efficiency band | Emmvee | Horay Solar |
| --- | --- | --- |
| \<20% | 1 (0.6%) | 0 |
| 20-21% | 48 (28.9%) | 0 |
| 21-22% | 47 (28.3%) | 24 (13.2%) |
| 22-23% | 54 (32.5%) | 133 (73.1%) |
| 23%+ | 16 (9.6%) | 25 (13.7%) |


## Power distribution

Horay Solar offers more 600W+ panels (20% of lineup)


| Power band | Emmvee | Horay Solar |
| --- | --- | --- |
| \<400W | 6 (3.6%) | 0 |
| 400-499W | 62 (37.3%) | 55 (30.2%) |
| 500-599W | 72 (43.4%) | 91 (50.0%) |
| 600-699W | 16 (9.6%) | 33 (18.1%) |
| 700W+ | 10 (6.0%) | 3 (1.6%) |


## Cell technology

Dominant cell tech: **TOPCon** (61%)

Dominant cell tech: **TOPCon** (56%)


| Technology | Emmvee | Horay Solar |
| --- | --- | --- |
| TOPCon | 102 (61.4%) | 102 (56.0%) |
| PERC | 63 (38.0%) | 0 |
| N-type | 1 (0.6%) | 80 (44.0%) |


## Top panels, Emmvee


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [E720HCBG 132-T](https://comparepv.com/panel/emmvee-e720hcbg-132-t) | 720 | 23.2 | -0.290 | Monocrystalline |
| 2 | [E720HCBG132-T](https://comparepv.com/panel/emmvee-e720hcbg132-t) | 720 | 23.2 | -0.290 | Monocrystalline |
| 3 | [E715HCBG 132-T](https://comparepv.com/panel/emmvee-e715hcbg-132-t) | 715 | 23.0 | -0.290 | Monocrystalline |
| 4 | [E715HCBG132-T](https://comparepv.com/panel/emmvee-e715hcbg132-t) | 715 | 23.0 | -0.290 | Monocrystalline |
| 5 | [E710HCBG 132-T](https://comparepv.com/panel/emmvee-e710hcbg-132-t) | 710 | 22.9 | -0.290 | Monocrystalline |
| 6 | [E710HCBG132-T](https://comparepv.com/panel/emmvee-e710hcbg132-t) | 710 | 22.9 | -0.290 | Monocrystalline |
| 7 | [E705HCBG 132-T](https://comparepv.com/panel/emmvee-e705hcbg-132-t) | 705 | 22.7 | -0.290 | Monocrystalline |
| 8 | [E705HCBG132-T](https://comparepv.com/panel/emmvee-e705hcbg132-t) | 705 | 22.7 | -0.290 | Monocrystalline |
| 9 | [E700HCBG 132-T](https://comparepv.com/panel/emmvee-e700hcbg-132-t) | 700 | 22.5 | -0.290 | Monocrystalline |
| 10 | [E700HCBG132-T](https://comparepv.com/panel/emmvee-e700hcbg132-t) | 700 | 22.5 | -0.290 | Monocrystalline |


## Top panels, Horay Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [HS720TC-MHG-D](https://comparepv.com/panel/horay-solar-hs720tc-mhg-d) | 720 | 23.2 | -0.280 | Monocrystalline |
| 2 | [HS710TC-MHG-D](https://comparepv.com/panel/horay-solar-hs710tc-mhg-d) | 710 | 22.9 | -0.280 | Monocrystalline |
| 3 | [HS700TC-MHG-D](https://comparepv.com/panel/horay-solar-hs700tc-mhg-d) | 700 | 22.5 | -0.280 | Monocrystalline |
| 4 | [HS690TC-MHG-D](https://comparepv.com/panel/horay-solar-hs690tc-mhg-d) | 690 | 22.2 | -0.280 | Monocrystalline |
| 5 | [HS680TC-MHG-D](https://comparepv.com/panel/horay-solar-hs680tc-mhg-d) | 680 | 21.9 | -0.280 | Monocrystalline |
| 6 | [HS650TC-MHD-D](https://comparepv.com/panel/horay-solar-hs650tc-mhd-d) | 650 | 23.3 | -0.280 | Monocrystalline |
| 7 | [HS645TC-MHD-D](https://comparepv.com/panel/horay-solar-hs645tc-mhd-d) | 645 | 23.1 | -0.280 | Monocrystalline |
| 8 | [HS640TC-MHD-D](https://comparepv.com/panel/horay-solar-hs640tc-mhd-d) | 640 | 22.9 | -0.280 | Monocrystalline |
| 9 | [HS635TC-MHD-D](https://comparepv.com/panel/horay-solar-hs635tc-mhd-d) | 635 | 22.7 | -0.280 | Monocrystalline |
| 10 | [HS635TC-MHG-D](https://comparepv.com/panel/horay-solar-hs635tc-mhg-d) | 635 | 22.4 | -0.280 | Monocrystalline |


## Summary

Emmvee is an Indian renewable energy company headquartered in Bengaluru, founded in 1992, making it one of the most established solar manufacturers on the subcontinent. Over more than three decades it has grown into the second-largest pure-play integrated solar PV module and cell manufacturer in India, with total module production capacity reaching 10.3 GW by late 2025 after commissioning a new 2.5 GW line at its Sulibele facility. Emmvee does not appear on the BloombergNEF Tier 1 list, but it holds PVEL Top Performer status and is the only Indian company to have passed all seven categories of the Kiwa PVEL 2024 Reliability Scorecard - a strong independent signal of product quality. Horay Solar is a Chinese manufacturer based in Wuxi, Jiangsu Province, founded in 2010, operating fully automated production lines with an annual capacity of 2.5 GW. The company entered the BloombergNEF Tier 1 list in Q1 2025 and retained the designation through Q1 2026, giving it a formal bankability credential that international project finance lenders recognize. On balance, Emmvee's longer operating history and significantly larger manufacturing base give it the stronger institutional footprint.

Emmvee's catalog spans residential rooftop through utility-scale ground-mount applications, with module output documented between 385 W and 580 W and efficiency ratings ranging from 19.7% to 22.4% according to independent reviewers. The company backs its modules with a 12-year product warranty and a performance warranty of up to 30 years, guaranteeing output retention between 84.8% and 89.4% at end of term. Horay Solar has centered its lineup on N-Type TOPCon modules - a cell architecture that typically delivers higher conversion efficiency and lower long-term degradation than older PERC technology - and holds certifications from TÜV, IEC, CE, and CQC. Distribution through EU and US warehouse networks makes lead times relatively manageable for buyers outside China.

For international buyers who need project financing from banks or institutional lenders, Horay Solar's BloombergNEF Tier 1 credential can meaningfully simplify the approval process. Buyers who prioritize independently verified reliability may find Emmvee's PVEL scorecard results and its production scale above 10 GW per year equally - or more - persuasive. The two brands are not straightforwardly interchangeable in terms of geographic reach: Emmvee is best positioned for large-volume procurement in India and the United States, while Horay Solar competes more actively through European distribution channels, making it the more accessible option for buyers in the EU market.

Written by claude-sonnet from the figures above.


## Other comparisons

- [Emmvee vs A.B. Energy](https://comparepv.com/emmvee-vs-a-b-energy)
- [AE Solar vs Horay Solar](https://comparepv.com/ae-solar-vs-horay-solar)
- [Emmvee vs AEET](https://comparepv.com/emmvee-vs-aeet)
- [AIKO vs Horay Solar](https://comparepv.com/aiko-vs-horay-solar)
- [Emmvee vs AKCOME](https://comparepv.com/emmvee-vs-akcome)
- [ARTsolar vs Horay Solar](https://comparepv.com/artsolar-vs-horay-solar)


---

Source: https://comparepv.com/emmvee-vs-horay-solar

Not in this file, on the page: the distributions above drawn as charts.