Brick is a primary building material in developing countries, but its manufacturing is energy-intensive and causes smog hazards. Therefore, alternate concrete wall panels have been proposed in this work, which can provide better qualities and benefits than conventional fired-clay bricks (CB). Five constructional units – CB, Ordinary Portland Cement (OP), Fly Ash (FP), OPC with thermopore (OPT), and Fly Ash with thermopore (FPT) – were evaluated. The panel size (600 × 300 × 125 mm) was selected by balancing the weight carried by one labor and tested under uniaxial compression for evaluating structural performance. Afterward, an estimation was carried out for a sample room of size 4.6 × 4.6 m for all five units. For the CB room, the English bonding technique was used, while hinge jointing was proposed for the construction of walls with panels. Furthermore, a financial analysis was conducted using an interest rate of 11% and a discount factor of 12%. The estimations, which also considered 1% annual Operation and Maintenance (O&M) costs and uniform rental revenue simulated for 25 years, yielded Benefit-Cost Ratios (BCR) and Net Present Values (NPV) for each case. The results demonstrate that wall panels offer significant advantages over CB in terms of higher compressive strength, lower construction costs, and enhanced durability and also present an economically feasible solution. Notably, FPT emerged as the most cost-effective alternative to brick masonry, making it a promising solution for the construction industry. This study provides valuable insights for policymakers, builders, and researchers seeking sustainable and economically viable construction materials and methods.