Cost Benefit Analysis of Adoption of Renewable Energy (Solar) in a Residential Building—A Case Study on Residential Apartment in Pune

The climate catastrophe is primarily caused by greenhouse gas (GHG) emissions from buildings. Going beyond a building’s functioning energy use and associated GHG emissions, one must consider a building’s entire life cycle to address climate change mitigation concerns. But these can only be fruitful when the existing buildings are targeted, as the percentage of conventional building are much more than existing green building. These existing buildings consume huge resources and thus the challenge is to convert the existing residential buildings into reasonably energy-efficient green buildings. But whether it is viable and practicable. This study is an attempt for the same. Solar roofing system has increased significantly around the world as a result of a significant drop in equipment costs for photovoltaic (PV) systems, an increase in electricity costs, and mounting environmental pressure to use green energy sources rather than fossil fuels, which pollute the environment more severely. This study investigated the economic validity of using a PV system at the existing residential buildings. The study has quantified that the installation of PV solar panels will be beneficial and the payback period is quite less as compared to the long-term benefits. The study will motivate the residents to switch to the sustainable method.