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

# Horay Solar vs Waaree

Waaree has the broader catalog (222 vs 182 models). Waaree leads on peak efficiency at 23.51%. Horay Solar leans bifacial (67% of lineup).


## The two companies


| Attribute | Horay Solar | Waaree |
| --- | --- | --- |
| Country | China | India |
| Headquarters | Wuxi, Jiangsu Province | Mumbai |
| Founded | 2010 | 1990 |
| Employees | 400 | 8500+ |
| Annual capacity | 2.5 GW/year | 13.3 GW/year |
| Tier 1 | yes | yes |
| Listed |  | NSE: WAAREEENER |
| Website | [http://www.horaysolar.com](http://www.horaysolar.com) | [https://www.waaree.com/](https://www.waaree.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...

Waaree Energies Ltd. is a leading global energy transition company committed to delivering innovative, high-quality solar and sustainable energy solutions. Established in 1990 and headquartered in Mumbai, India, the company operates across 20+ countries with an integrated portfolio that spans solar modules, EPC...


## Catalog & Power


| Measure | Horay Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Panel Models | 182 | 222 | +40 |
| Max Power | 720 W | 730 W | +10 W |
| Avg Power | 536 W | 371 W | +165 W |


## Efficiency


| Measure | Horay Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.30% | 23.51% | +0.21 pp |
| Avg Efficiency | 22.46% | 18.39% | +4.07 pp |


## Reliability & Warranty


| Measure | Horay Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.280%/°C | -0.362%/°C | +0.082 |
| Bifacial Share | 122 (67%) | 85 (38%) | +29 pp |
| Avg Warranty | 30.0 yrs | 21.7 yrs | +8.3 yr |


## Efficiency distribution

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


| Efficiency band | Horay Solar | Waaree |
| --- | --- | --- |
| 21-22% | 24 (13.2%) | 14 (6.3%) |
| 22-23% | 133 (73.1%) | 13 (5.9%) |
| 23%+ | 25 (13.7%) | 9 (4.1%) |
| \<20% | 0 | 139 (62.6%) |
| 20-21% | 0 | 47 (21.2%) |


## Power distribution

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


| Power band | Horay Solar | Waaree |
| --- | --- | --- |
| 400-499W | 55 (30.2%) | 35 (15.8%) |
| 500-599W | 91 (50.0%) | 36 (16.2%) |
| 600-699W | 33 (18.1%) | 20 (9.0%) |
| 700W+ | 3 (1.6%) | 7 (3.2%) |
| \<400W | 0 | 124 (55.9%) |


## Cell technology

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

Dominant cell tech: **PERC** (48%)


| Technology | Horay Solar | Waaree |
| --- | --- | --- |
| TOPCon | 102 (56.0%) | 12 (5.4%) |
| N-type | 80 (44.0%) | 8 (3.6%) |
| PERC | 0 | 107 (48.2%) |
| Unknown | 0 | 88 (39.6%) |
| HJT | 0 | 7 (3.2%) |


## 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 |


## Top panels, Waaree


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [BiH-11-730](https://comparepv.com/panel/waaree-bih-11-730) | 730 | 23.5 | -0.240 | Monocrystalline |
| 2 | [BiH-11-725](https://comparepv.com/panel/waaree-bih-11-725) | 725 | 23.3 | -0.240 | Monocrystalline |
| 3 | [BiH-11-720](https://comparepv.com/panel/waaree-bih-11-720) | 720 | 23.2 | -0.240 | Monocrystalline |
| 4 | [BiH-11-715](https://comparepv.com/panel/waaree-bih-11-715) | 715 | 23.0 | -0.240 | Monocrystalline |
| 5 | [BiH-11-710](https://comparepv.com/panel/waaree-bih-11-710) | 710 | 22.9 | -0.240 | Monocrystalline |
| 6 | [BiH-11-705](https://comparepv.com/panel/waaree-bih-11-705) | 705 | 22.7 | -0.240 | Monocrystalline |
| 7 | [BiH-11-700](https://comparepv.com/panel/waaree-bih-11-700) | 700 | 22.5 | -0.240 | Monocrystalline |
| 8 | [Bi-68-665](https://comparepv.com/panel/waaree-bi-68-665) | 665 | 21.3 | -0.340 | Monocrystalline |
| 9 | [WSMD-665](https://comparepv.com/panel/waaree-wsmd-665) | 665 | 21.3 | -0.340 | Monocrystalline |
| 10 | [WSMD-660](https://comparepv.com/panel/waaree-wsmd-660) | 660 | 21.1 | -0.340 | Monocrystalline |


## Summary

Horay Solar is a Chinese photovoltaic module manufacturer founded in 2010 and headquartered in Wuxi, Jiangsu Province. The company operates automated production lines with an annual output capacity of approximately 2.5 GW and first appeared on the BloombergNEF Tier 1 Solar Module list in Q1 2025, marking its entry into the globally bankable tier of the industry. Waaree Energies, by contrast, is India's largest solar manufacturer, established in 2009 and based in Mumbai. The company has scaled its global module manufacturing capacity to approximately 22.3 GW across facilities in India and the United States, and has maintained BloombergNEF Tier 1 status for 35 consecutive quarters - a record unmatched among Indian manufacturers. On sheer institutional scale and demonstrated bankability, Waaree holds a clear and substantial advantage.

Horay Solar's current portfolio centers on N-type TOPCon technology in both monofacial and bifacial configurations, available in 182 mm and 210 mm cell formats, with module power outputs spanning from residential rooftop scale up to large-format utility panels. The range carries certifications from TUV, IEC, CE, INMETRO, and CQC, positioning the brand for residential, commercial, and mid-scale ground-mount applications. Waaree's lineup is similarly comprehensive, covering N-type TOPCon and PERC modules in bifacial and glass-glass variants for residential, commercial-and-industrial, and utility-scale segments worldwide. Waaree backs its modules with a 12-year product warranty and a 30-year performance guarantee, which ranks among the more competitive warranty commitments available in the global solar market.

For most international buyers - particularly those executing bankable utility or C&I projects - Waaree is the stronger default choice. Its non-Chinese country of origin is a growing procurement differentiator as the EU Net-Zero Industry Act tightens supply-chain resilience requirements, and the company's active plans to expand into Eastern Europe from 2026 onward reinforce its relevance for European tenders. Horay Solar is a credible, fully certified option for cost-driven buyers in markets where Chinese-origin modules face no procurement barriers, and its Q1 2025 Tier 1 designation confirms genuine manufacturing credibility. For bankability-sensitive procurement, however, the two brands are not interchangeable - Waaree's 35-quarter Tier 1 track record makes it the more defensible choice where project financing is involved.

Written by claude-sonnet from the figures above.


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

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