If you live in a 3-BHK home and face challenges in paying high electricity bills, and wondering whether investing in solar panels is profitable or not. Many homeowners are confused about the solar panel payback period.

The good news is that Residential Solar Solutions provides a sustainable way to reduce electricity bills while providing independent energy. By understanding your expected savings, return on investment (ROI), and solar panel payback period, which helps you to choose a well-efficient solar system.

In this blog, we will help you to choose the best residential solar solutions, which help you to reduce your monthly electricity bill and recover your investment, and the solar panel installation cost for your home. 

What Is Residential Solar Solutions?

The residential solar solutions are perfect for homes. It helps in reducing the electricity bills and provides stable energy. By installing a well-designed residential solar solution, the solar panel payback period will be 3-4 years. 

For a 3BHK flat, a 5 kW residential solar system will be perfect, as it can easily power your daily home appliances without any power outages. However, the 5kw solar system cost in India depends on several factors, such as site conditions, electric system setup, electrical items loads, and locations. By adopting the Residential Solar Solutions, which helps you to enhance your property value. 

3kw Solar System Price with Subsidy

A 3kw Solar system price with subsidy in depends on several factors such as system size, panel efficiencies, and your location. There are three types of residential solar solutions, such as on-grid, off-grid, and hybrid solar solutions. If we approximate the cost of a 3 kW solar panel installation cost for home, it will be between 1.95 Lakhs to 2 Lakhs. 

As per the PM Surya Ghar Muft Bijli Yojana on 3kw residential solar solutions, you will get 78,000 from the central government and if you live in UP, you will get 30,000 from the state government. 

Step-by-Step Payback Period Calculation

The knowledge about the payback period of the solar panel enables home owners to determine the time it takes for them to make their money back on the solar system installation. The solar power system that will fit into a 3-BHK home in India is 5 kW.

Step 1: Determine Your Monthly Electricity Consumption

A typical 3-BHK household consumes around 600–800 units of electricity per month. This amount of consumption will generally ensure that a 5 kW solar panel system would be perfect for you.

Step 2: Calculation of Solar Panels Installation Cost

The cost of solar panels that will be installed at your home depends upon the size of the solar panel system and the quality of the panels. At present, the cost of a 5 kW solar system in India lies between ₹3,00,000 and ₹3,50,000.

Step 3: Calculating Annual Saving in Energy

For a solar power plant of 5 kW capacity, an annual production of 6,000 to 7,500 units of electricity is possible. Taking into account the rate of 8 rupees per unit of electricity, you will save between ₹48,000 and ₹60,000 every year.

Step 4: Calculate the Solar Panels Payback Period

The payback period for solar panels is determined through the formula below.

Payback Period = Total System Cost ÷ Annual Savings

For example:

Net system cost after subsidy: ₹2,00,000

Annual electricity savings: ₹55,000

Payback Period = ₹2,00,000 ÷ ₹55,000 = Approximately 3.6 years

Step 5: ROI Calculation

Given that the lifespan of these panels can range from 20-25 years, the residents will continue to save money even after the payback period. This means that using Residential Solar Solutions is definitely a wise choice.

By knowing the cost of installing solar panels in the house, determining the 5 kw solar system cost in India, and finding out the solar panel payback period, the householders can be able to make an informed decision on their benefits.

Conclusion 

Investing in Residential Solar Solutions for your 3-BHK home can significantly reduce electricity bills and provide excellent long-term savings. Although the solar panel installation cost for home requires an initial investment, the typical solar panel payback period of 3–5 years makes solar a financially rewarding choice. 

At Koshish Solar, we offer residential solar solutions for homeowners, which help them to choose the right solar system to maximize ROI and get independent energy.