The short answer is: it really depends on the exact orientation, the shade you get, and how much you're paying for electricity now. A south-facing balcony in Lisbon is theoretically perfect, but the problem is that apartments usually have serious limitations - neighbors blocking light, buildings across the way, trees. Before you spend money, you really need to know how many hours of direct sunlight that spot actually gets, because if your balcony only gets sun between 11am and 4pm, it's not the miracle it seems.
As for the work involved, the good news is there are portable or semi-portable panel systems that don't require drilling into the facade - basically you install them on top of a support structure on the ground or wall, without damaging anything. The problem is these systems tend to be more expensive per watt, because smaller and less integrated panels don't pay off as much. There are also mini panels you can put on a shelf, but then we're talking pretty modest power - maybe 1 or 2 kilowatts maximum, which won't make much difference on a typical electricity bill.
If you actually want to know whether it's worth it, do the math: how much you're paying per month now, how much you're consuming on average, and what a system like this would cost for your balcony (with installation). Then you see how many years it would take to break even. In Lisbon you get some sun, but it's not the Algarve - if the payback is more than 10 or 12 years, honestly it might be smarter to invest that money elsewhere. Still, it's worth talking to people who sell panels locally, because they might have solutions I haven't thought of and they'll know better what the limitations are for buildings in your neighborhood.