Calculate the total investment cost: These incorporate solar panels, inverter, installation cost, permit fee and any other expense: namely security. Calculate the annual electricity production: This is output variable, depending on the capacity of your solar power system and the amount of sunlight your location receives.
What to Enter: Input the complete cost of your solar system, including purchase, installation, and any additional expenses. Example: If your total installation cost is $10,000, enter ‘10000’. What to Enter: Estimate your average monthly savings on electricity bills due to your solar system. This can be based on previous bills or projected savings.
A large portion of potential solar panel earnings comes from the government's generation tariff, which is part of the Feed-In Tariff (FIT) scheme. Under the generation part of this scheme, you receive a fixed rate of income for each kWh of electricity you generate.
Solar ROI Calculator: The formula to use is (Net Income – Investment Cost)/ Investment Cost x 100%. For Example, if the total amount of the investment for your solar power plant is 740000 INR and the annual saving in the conceived energies are 74000 INR while your annual operating and maintenance costs are 15000 INR.
These estimates are calculated by comparing a range of MCS certified panels to determine the best possible payback. Assuming that you pay 0.1437p per unit and that around 50% of the solar electricity that you generate will be used in your home. Illustrative solar PV performance figures only.
To maximise your solar panel earnings, it can be more efficient to try to use as much of the electricity that you generate during the day as possible – by running washing machines, tumble dryers and dishwashers during daylight hours, for example.