The rapid growth in solar panel installation helps to sustainably meet the rising energy demand and aid in combating climate change. However, materials for producing panels are exhaustible, and cost-effective material availability is a long-term issue. Currently, the focus of solar energy use is mainly on building long-lasting, higher efficient modules with no clear recycling plan. The collection and handling of wastes are identified as critical factors in effective recycling. Thus, there is a need to provide a systematic plan through the use of sophisticated techniques for improving the collection and recycling network. The aim of this work is to fill this gap by introducing an optimization framework for reverse logistics, specifically for collecting solar PV modules. This study introduces a framework for optimizing reverse logistics in Delhi by formulating a Convex Mix Integer model with a quadratic objective and constraint. The McCormick envelope and CPLEX solver are used to ensure linearity and achieve optimization. The results indicate that centralized (case 3) and optimally decentralized (case 5) collection plans are more profitable than assigning zones to the nearest collection center (case 2) or opening all collection centers (cases 1 and 4). The framework includes an incentive-based approach for the collection process for end-of-life (EoL) solar panels while enabling collection centers to maximize their operating profits and providing insights to form regulations for PV waste treatment.