Planning to go green? Do solar panels and EV chargers actually slash your utility bills and save you money? Decoded

Solar panels and home EV charging can deliver substantial savings but conditions apply. 

Solar panels and home EV charging can reduce household costs, but savings vary. Your electricity bill, local rates and daily habits decide how much you save. Homes with higher bills and longer drives get better returns.

A 3 kW rooftop solar system produces roughly 360 to 400 electricity units monthly. Its price ranges from ₹1.6 lakh to ₹2.2 lakh before subsidy. These estimates primarily come from installer guides, so actual costs can vary by city.

The PM Surya Ghar scheme provides support for installing rooftop solar systems. The first two kilowatts receive ₹30,000 each, while the third receives ₹18,000.

The central subsidy is capped at ₹78,000, with some states offering additional support. After support, a 3 kW system costs roughly ₹82,000 to ₹1.42 lakh.

Savings can recover this cost within three to five years for some households. This estimate applies to homes paying ₹2,000 to ₹6,000 monthly for electricity. Panels can last around 25 years, leaving many years for savings afterwards. However, bills below ₹800 monthly can mean waiting six to eight years.

Choosing a larger system does not automatically improve savings. A 5 kW system receives the same maximum central subsidy as a 3 kW system.

Adding batteries also changes the calculation. A hybrid battery system increases initial costs by 60 to 100 per cent. Recovering that investment can take seven to nine years.