If you’re interested and considering generating your own electricity through Solar PVs, you’re also must be thinking about how much it’s going to cost you to install it on your home. The following are some of the basics so you have an idea of the cost involved in installing Solar Panels.
Aside from the price of a full set of Solar Panels for Homes, which includes the panel, charge controller, and battery storage, you will still need to consider how much it would cost you to install this set of solar PV. It would take approximately RM60,000 or more for a full set of solar PV not including the cost of installation. It may seem a bit costly if you’re only going to look into the numbers alone, but looking over the long-term, prices may still be considered as worth it.
Based on some studies conducted in the country, a 2-storey residential home having 4kWp roof integrated solar system costing RM50,000 is expected to yield 12.24% rate in Return of Investment. If you’re going to calculate it manually, it would only take 7 years before profit assuming installed system yields 1250kWh/kWp per year, giving a total system yield of 5,000kWh per year. With the said calculation (shown below), it’s clear that the amount of revenue can be up to RM6,800 per annum.
For a 4kWp installed capacity having a qualified FiT Rate of RM1.13, assuming that the system yields 5000kWh/annum, plus an additional of 0.24 for installation in building/building structures:
RM1.13 + 0.24 = RM1.37/kWh
5000kWh/annum x RM1.37/kWh
= RM6,850 revenue per annum
Most people think that the total amount of solar PV (including installation) depends on the size of the system and/or the size of the home. Actually, it’s not. The exact cost of installation is still dependent on different components that may greatly affect the price. This includes: your average electricity consumption per month, the amount of electricity you wanted to offset, and of course, the sun/solar source in your area. Having all these information will give you a fair idea on the amount you have to have in order gain revenue by generating your own electricity.