Go Solar, Save Money: Residential Panel Cost Analysis

You either want to save money on your electricity costs or you want to help the environment by lowering your carbon footprint. Going solar is the finest option for you; it is an outstanding way to begin your path to save the earth. It is the most popular approach to save money on your home's value while also helping the earth go green.

Going to the solar panel is a long-term investment, also known as a big-time purchase. Therefore it should be treated seriously when acquiring solar. This article will go through the concept of residential solar, the price of solar, government subsidy and its benefits.

Table of content

• What exactly is a residential solar panel?
• What are the multiple types of residential solar panels?
• How much do residential solar panels cost?
• Government subsidy on solar panels (2023)
• How does Residential solar panel work? 
• What do residential solar panels mean?

The day-to-day emergence of rising electricity bills is the most pressing concern in every home, particularly in India; the greatest solution for tackling this issue is solar panels for houses. Today's Indian homeowners are opting for solar to provide 24-hour electricity and save money on utility bills. You can select a solar panel based entirely on the electrical load you have, your budget, and whether you want an on-grid or off-grid solar system. 

Solar energy is now being used in both households as well as businesses all around the world, which cuts greenhouse gas emissions. However, the Indian audience is becoming smarter and moving towards a sustainable future by using solar panels to generate electricity for their homes.

Residential Solar Panels of Various Types 

Grid-Tied solar panels:- This type of solar system is linked to the power grid. This is ideal for balancing electricity generation. When the weather conditions are not favourable for solar panels, the homeowner can use the energy stored in the grid. The grid saves enough energy to last for extended times of low energy generation. When the solar panels produce enough energy, the homeowner can transmit it back to the grid during periods of low energy output. 

Off-Grid Solar System:- This type of solar panel is not linked to the power grid and relies on a battery storage device to balance energy demands. When compared to other types of home solar panels, the off-grid solar panel cost in Delhi is fairly low. Solar energy can be saved in batteries and made available at night. Off-grid solar panels allow complete energy independence to the customer. 

Hybrid solar system:- The Hybrid Solar system combines grid-tied and off-grid capabilities. These systems are directly connected to the electrical grid and include a quick battery storage system. This is the most adaptable choice. When energy demands exceed energy output, it can draw straight from the grid or draw re-energy from the battery.

What is the cost of residential solar power panels?

So, first and foremost, you must consider the expense of installing solar power in your home. The average price of installing the domestic solar system ranges from Rs.55,000 to 60,000 per KWp. 

The residential solar panel cost is determined by the type of solar panels chosen and the location where the system will be installed. Whatever type of solar system you choose, keep in mind that solar power is a capital-heavy investment that begins when you purchase the equipment. The solar module will almost definitely be the most expensive single component of the entire cost. 

Aside from that, there are some extra costs, such as additional equipment such as an inverter, metering equipment, cables, and wiring. Also, the batteries have been excessively expensive and are useless if the utility compensates for extra electricity delivered to the grid. Another issue to think about is the cost of labour.

In addition to these prices, there are also other expenses involved with the operation and maintenance of solar electricity. Solar is undoubtedly a long-term investment, but it must be replaced after several years of operation. 

Government Subsidy on Residential solar panel system (2023) & Its Benefits

• If you want to put solar panels on your roof, you can get a loan from a national bank for up to Rs 10 lakhs under the categories of home-improved loans.
• The consumer would be able to generate generation-based incentives and receive Rs. 2 for each unit of electricity produced.
• The average cost of residential and industrial solar panels cost is over 70,000, but with government incentives, you may lower the cost to 45,000 to 50,000.
• As a generation-based incentive, you can earn up to Rs 2000 to 3000 per year through the Indian government's solar panel scheme. The consumer should have 1100 kWH to 1500 kWh to generate this.
• In addition, homes can sell excess electricity and get a regulatory cost based on the tariffs established by the government.

How Does Residential Solar Panel Work?

Solar panels are activated by sunlight: Each solar panel contains a layer of silicon cells. The basic function of a photovoltaic cell, also known as a solar cell, is to absorb sunlight during the day.

The cell generates current because each cell contains a semiconductor wafer with one negative and one positive charge. When sunlight emits, it causes the charged atoms to move, which causes the electric current to flow.

Electric energy converted: The electricity created is known as direct current, and it is further converted by AC (Alternative Current) to help regulate the gadgets. 

Power your household appliances: When DC electricity is converted to AC electricity, you can easily run your appliances the same way you would with standard electricity.

Net metering: The electricity required to finish the types of solar you require with the energy storage battery is required. This will aid in measuring power consumption and determining power requirements, with the extra energy being saved in the battery for later use. 

For more information on residential solar systems or other information, such as the cost of commercial solar panels and more, contact Evaska Energy and get your hands on a team of professionals who can customise the best solar power solutions based on your requirements and needs.