This paper presents a comprehensive framework for conducting economic analysis of a residential house along with the integration of solar photovoltaic (PV) units and battery energy storage systems (BESSs). The proposed framework is developed by considering different tariff structures of the existing energy market as well as the investment costs for the solar PV units and BESSs. In this paper, the economic evaluations are carried out based on different economic measures such as replacement cost, electricity bill, simple payback analysis, net present value, discounted payback analysis, and levelized cost of energy along with the reduction in carbon di-oxide (CO2) emissions and grid independency. The proposed framework is implemented on an Australian residential building by considering different real-time operating scenarios. The results from the analysis demonstrate the profitability of a residential building for the investment on solar PV units and BESSs.