In this study, we have manipulated the effect of light and nutrients on freshwater microalgae Chlorella vulgaris (C.vulgaris) growth, to reduce its cultivation cost. The interaction between light and nutrients is evaluated by adopting various combinations. An economic analysis of defined combinations is carried out to know which of these is more effective for low cost biomass production. Experimental investigations revealed that the interaction between light and nutrients was non-significant. However, both the light and nutrients had significant effect on the cells doubling time and biomass yield. Interestingly, 99% of total cultivation cost was incurred on nutrients only (at lab scale), which is a unique finding of this work.