The authors present a novel approach to Quantum Key Distribution (QKD) research, emphasising cost‐effectiveness and practicality using a single photon polarisation‐encoded system employing mainly commercial off‐the‐shelf components. This study diverges from previous high‐cost, high‐end setups by exploring the viability of QKD in more accessible and realistic settings. Our approach focuses on practical measurements of the signal‐to‐noise ratio by analysing polarisation‐encoded photonic qubits over various transmission scenarios. The authors introduce a simplified evaluation method that incorporates experimental measurements, such as noise sources and losses, into a semi‐empirical theoretical framework. This framework simulates the standard DS‐BB84 protocol to estimate Secure Key Rates (SKRs), offering an alternative approach on the evaluation of the practical implementation of QKD. Specifically, the authors examine the feasibility of QKD over a 2.2 km intra‐campus fibre link in coexistence scenarios, identifying optimal Wavelength‐Division Multiplexing allocations to minimise Raman noise, achieving an expected SKR of up to 300 bps. Additionally, the authors’ study extends to 40 m indoor and 100 m outdoor Free‐Space Optical (FSO) links using low‐cost components, where the authors recorded Quantum Bit Error Rate (QBER) values below 3.2%, allowing for possible SKRs up to 600 bps even in daylight operation. The converged fibre/FSO scenario demonstrated robust performance, with QBER values below 3.7% and an expected SKR of over 200 bps. Our research bridges the gap between high‐end and economical QKD solutions, providing valuable insights into the feasibility of QKD in everyday scenarios, especially within metropolitan fibre based and FSO links. By leveraging cost‐effective components and a simplified single photon exchange setup, the authors work paves the way for the effortless characterisation of deployed infrastructure, highlighting its potential in diverse settings and its accessibility for widespread implementation.