How much can you save by installing solar panels?

With the rising cost of electricity, installing solar panels is an excellent way to save money on your electricity bill. But how much can you save by installing solar panels in India?

1. Reduction in Electricity Bills The primary benefit of installing solar panels is a reduction in electricity bills. The amount of money you save depends on your electricity usage and the capacity of your solar panel system. The average electricity tariff in India ranges from Rs. 3-7 per unit, depending on state and region. For example, a 5 kW solar panel system can generate roughly 20-25 units of electricity per day. If you consume 800 units of electricity per month, you can save approximately Rs. 8,000-16,000 per year on your electricity bill.

2. Payback Period The cost of installing a solar panel system varies based on the capacity, type of panels, and installation costs. The average cost of a residential solar panel system in India is between Rs. 50,000 to Rs. 1 lakh per kW. However, the total cost of installing a solar panel system can be reduced through government incentives, such as capital subsidies and accelerated depreciation benefits. The payback period for a solar panel system is typically between 4-5 years, depending on the capacity and installation costs.

3. Financial Benefits Besides saving on your electricity bill, there are other financial benefits of installing solar panels. The property value of a home or building increases significantly after installing a solar panel system. Moreover, solar panels require low maintenance costs and have a long lifespan of 25-30 years. Therefore, investing in a solar panel system can offer long-term financial benefits.

Also, did you know that investing in solar installation can give you more returns than investing in any other platform. Don’t believe , check out the stats below:

You can also calculate the system size for your home on Fencie Energy Solar Calculator and get an idea of how much you can save by installing solar panels.

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