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3KW Solar Power System 2023: Cost, Subsidy.

3KW Solar Power System 2023: Cost, Subsidy.
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Swincorp Energy Swincorp Energy
Solar Energy
December 4, 2023
3KW Solar Power System Cost in 2023: The Guide

In today’s world, where energy efficiency and sustainability are at the forefront of our minds, solar power has emerged as a viable and eco-friendly alternative to traditional energy sources. With growing environmental concerns and rising electricity costs, homeowners are increasingly turning to solar power systems to reduce their reliance on the grid and save money.

Understanding the Components of a 3 KW Solar Power System

A 3 KW solar power system is a relatively small-scale system, ideal for powering an average-sized home. It typically consists of the following components:

  • Solar Panels: These panels convert sunlight into direct current (DC) electricity.
  • Solar Inverter: This device converts DC electricity from the solar panels into alternating current (AC) electricity, which can be used to power your home appliances and electronics.
  • Mounting System: This framework securely attaches the solar panels to your roof or other suitable location.
Cost Calculations for a 3KW Solar Power System
Step 1: Cost of Each Component

For a 3 KW system, you can estimate the following costs:

  • Solar Panels: ₹1,50,000
  • Solar Inverter: ₹30,000
  • Mounting System: ₹10,000
  • Other Accessories: ₹10,000

However, the cost of components can vary depending on the quality and brand you choose.

Step 2: Consider Installation Costs

Installation costs can range from ₹20,000 depending on the complexity of the installation and the location.

Step 3: Account for Permits and Inspections

Permits and inspections may add another ₹5,000 to the overall cost.

Step 4: Apply Government Subsidies

Government subsidies can significantly reduce the upfront cost. For example, in India, the MNRE subsidy can provide up to 40% off the cost of the system.

Step 5: Calculate the total Cost of a 3KW Solar Power System

Assuming a 40% subsidy, the total cost would be:

“Cost of Components – (40% * Cost of Components) + Installation Costs + Permits and Inspections”

Cost of Components = ₹1,50,000 + ₹30,000 + ₹10,000+ ₹10,000

= ₹2,00,000

Subsidy = (40% * Cost of Components)

= (40% * ₹2,00,000)

= ₹80,000

Installation Costs = ₹20,000

Permits and Inspections = ₹10,000

Now Calculate total cost as per the below formula.

“Cost of Components – (40% * Cost of Components) + Installation Costs + Permits and Inspections”

= ₹2,00,000 – ₹80,000 + ₹20,000 + ₹10,000

= ₹1,50,000

Finally the total cost of a 3KW On-Grid Solar system is 1,50,000/- after subsidy.

Step 6: Calculate Annual Electricity Savings

The average annual electricity production of a 3KW Solar Power System can range from 3,500 to 4,000 kWh.

With the current electricity tariff in India, this can translate to annual savings of ₹15,000 to ₹20,000.

Conclusion

Investing in a 3KW Solar Power System can be a wise decision for homeowners seeking to reduce their electricity costs, minimize their environmental impact, and enhance their energy independence. With government subsidies, technological advancements, and growing awareness, solar power is becoming an increasingly attractive and accessible option for residential energy solutions.

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