Electrical energy is essential in our modern world and is needed for most daily activities. However, the resources for electricity generation are limited, making it necessary to find ways to conserve electricity. Energy conservation plays a crucial role due to the increasing demand for electricity across all sectors. Utility companies often use rebates to incentivize individuals and businesses to adopt energy conservation practices. These rebates offer financial incentives to those who can reduce their electricity consumption. Investigating data from grid-connected photovoltaic (PV) systems is a valuable approach for monitoring the efficiency and performance of PV installations. Combining monitoring data with detailed simulation results can create an economic model through cost-benefit analyses. Grid-connected PV installations provide valuable data that enables us to track the operation and performance of PV facilities. A software tool like PVsyst is commonly utilized for conducting detailed simulations using real-time values. This study employed four schemes to calculate each system’s annual production and payback period. PV installations’ efficiency and economic viability are evaluated. The analysis reveals that the hybrid system exhibits the shortest payback period of 3 years compared to the other methods and suggests that the hybrid system offers a higher power output when compared to others.