save money on solar panels

Solar Power: How Much Money Do I Save With Solar Panels

how much money do i save with solar panels

This article shows you how much money do i save with solar panels.

Electricity is becoming expensive day by day. Day by day we increased adopting appliances like washing machine, microwave oven, dishwashers, electric geysers etc. to make our household chores, easy in our busy lives. This leads to a heavy monthly electrical bill.

how much money do i save with solar panels

There are also frequent power cuts during the summer season and making people look for a better option. Solar power is a renewable energy source and a good alternative. Solar power can be used to produce electricity at low cost and most importantly you are not affecting the environment, you get to preserve it.

Solar panel cost:

Cost of rooftop solar panel always depends on the quality. A good quality 1KW of panels would require 100 sq.ft of a shade-free area in your house roof area and it would cost ₹ 75,000 approximately. This is the cost of the solar panel without a battery. If the battery is added it would approximately cost ₹1 lakh.

Actually, the panels rate has come down in 2012 the cost of 1.5kwh panel cost in Chennai was around ₹4 lakh including the taxes which has been imported from other countries.

Time to Do Some Math!How much money do I save with solar panel?

save money with solar panels

Assuming a family consumes 550 units per month, the first 100 units are free so they will be charged for 450 units and per unit charge is ₹6. 1KWh can generate approximately 4.5 units daily. So for a month it would be able to generate 135 units.

Let’s assuming this family have installed a 3KWh solar panel which can generate 405 units, so they can save around ₹2430 per month. So for a year you can save around ₹30,000/- for a 3KWh solar panel.

Chief Minister’s Domestic Rooftop Solar Incentive Scheme:

Government subsidy for solar panels

For 1KWp individual houses or flats rooftop solar panel installation in Chennai are eligible for a maximum subsidy of ₹20,000.

Before proceeding further, let me tell you about net metering:

Net metering for solar energy

A bi-directional meter is installed to monitor the energy generated and consumed by solar-powered households. Whenever surplus power is generated, it gets fed into the grid and the household receives a credit based on the net meter readings annually as per the rates fixed by the Tamil Nadu Electricity Board (TNEB).

ROI on solar panels:

ROI for solar panels

Solar panel can pay for itself within 7-10 years. Since it is warranted for 25 years the remaining 15-18 years represents your profit. So for the remaining 18 years you get to save ₹4,50,000 to ₹5,40,000/-. Isn’t this worth investing in solar panels?

Cityrene-a way to make your dream home green:

At Cityrene we provide our clients with solar power which can operate all the electrical appliances like lights, fans, TV, Fridge, AC, Washing machine.

We believe in making a positive environmental impact by providing our customers with a way to make their homes green. This, in turn, provides them with a healthier home environment and also they get the return on investment through energy savings and lower maintenance costs.

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