Birla Institute of Technology and Science, Pilani, has conducted a study on subsidized electricity versus solar PV subsidies for Indian agriculture. The institute has applied Levelized Cost of Electricity modeling and used the ExternE framework to account for external health and environmental costs. Coal-based electricity is projected to cost between ₹20.49 and ₹22.41 per kWh (~$0.23 to 0.25) by 2045 when externalities are included in the calculation. Solar PV electricity has been estimated to remain lower, ranging from ₹7.46 to ₹8.16 per kWh (~$0.08 to 0.09) over the same period. Most Indian states were found to recover capital investment in solar PV within 2.4 to 5.4 years of installation. Monte Carlo simulations using Reserve Bank of India’s inflation targets were used to estimate variability in long-term electricity costs. A nationwide transition to solar irrigation is feasible between 2027 and 2033 with an annual rollout of 10% to 25%.