Is a solar panel worth it?
There is a lot of talk regarding the advantages and disadvantages of solar panels to get the most benefit out of them we have to do a comparison between them. Before we move on, we first discuss the advantages of solar panels.
Advantages of solar panels
1. You can generate electricity using the sun, and the sunlight is free.
2. It is a clean energy source.
3. As technology improved and solar panels became cheaper, investment in solar panels began to give pay off only after four years of use.
4. The energy source is renewable and does not produce any harmful gases. Some companies have now installed solar panels on the roofs of their buildings. Solar panels have also been installed in some homes. There are some reasons for this increase in investment.
5. After your payment, it generates electricity for at least 10 years.
Disadvantages of solar panels
1. It requires a roof to set up solar panels.
2. Power generation is unstable and reduces the ability to generate electricity over time.
3. You cannot use solar at night; you have to use batteries at night.
4. On a rainy day, the power generation will be very low.
5. Maintenance is also a fact to its disadvantage.
what is the cost of a solar panel
what is the cost of set up cost
what is the monthly revenue
On-grid or off-grid, which one is better?
Is it worth it?
Solar panel for home price in India:
As of now, the cost of a set of solar panels is 50 thousand rupees per kilowatt.
So if your consumption is around 3 kW, it would require an investment of ₹ 1 lakh and 50 thousand to set up the solar panel.
Let's consider another ₹10,000 for any other requirement; the above cost is for the on-grid set-up.
Off-grid solar systems cost about ₹ 30,000 more than on-grid systems.
ON-GRID SOLAR OR OFF-GRID SOLAR WHICH IS BETTER:
Let's first understand that an on-grid solar system helps you generate electricity and supply it to the electricity provider, but an off-grid system uses and stores the electricity produced by the solar system.
If you buy the 3 kW solar system and pay ₹1,000 per month, it will take 190 months to pay off the solar panel.
It's generally understood that if you pay₹1,000 per month, it will take 15.9 years to be profitable. If in this process any system is damaged or does not work, it can take more time to be profitable.
A simple thing comes to mind: if you buy fewer things, it not only saves you time for maintenance but also gives you peace of mind, which is more valuable than anything.
INVESTMENT ON DEBT VS SOLAR PANEL INVESTMENT
If you install a 3 kW solar system and produce ₹2000 of electricity, and you consume 1000 rupees, then 1000 rupees go to the electricity provider, which will cover your consumption.
Now let's understand the fixed deposit part. If you put money in a debt fund and get around 12% return, you are also getting a significant amount of 1000 ₹ per month. which is very nice. and your electricity bill will also be free.
when it comes to solar vs. money
I always go with money because it gives you more peace if you regularly get money without any worry. Regularly, on the other hand, we have to check the solar system frequently, we have to check its capacity day to day to ensure its effectiveness, and we have to calculate the consumption and the use regularly, which takes a lot of effort.
As I can understand, if your electric bill is ₹1,000 or less, then you must go with a DEBT FUND.
If your consumption is more than 2000, you must go with solar panels, which take little work and will be fruitful in the long run, but with an on-grid system.
But if you are in a place where power is cut very often, then you can go with off-grid solar to use the power of the sun when power is not available or in sunlight.
IS FINANCING A SOLAR PANEL REALLY WORTH IT
I also find it a great thing that if you are quite interested in solar panels, you have to buy them on EMI, which will be profitable if your electricity bill matches your EMI, which will be a great move because whenever the amount paid is equal to the EMI, you get electricity for absolutely free.
GOVERNMENT SUBSIDY
NOW ON 03-11-22, THE SUBSIDY IS GIVEN 14588 RUPEES PER KW. THE SUBSIDY IS GIVEN UP TO 5 KW.
COST OF SOLAR PANELS FOR YOUR HOUSE
AS I CALCULATED AND FOUND IT COST AROUND ₹50,000 PER KW, I AM GIVING YOU AN EXCEL SHEET LINK BELOW FOR WHICH YOU CAN EASILY CALCULATE THE
CONSUMPTION, PRICE, AND REQUIRED TIME, YOU WILL PAY OFF. COST OF SOLAR PANELS FOR YOUR 3 BEDROOM HOUSE.
THANK YOU
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