Will the 'EMP' effect of solar flares effect our equipment permanently?

Solar flares lack the high-frequency pulses that can damage electronics. The only electronics directly threatened are those in orbit, outside the atmosphere, from high-energy particles. On the planet, the main danger is that large currents can be induced in long power lines. This has caused power blackouts in the past. The only protection your home electronics need is a surge protector for anything that's plugged in.