CONSIDER SOLAR IF YOU HAVE A HIGH-POWER BILL, LIVE IN A PRIME LOCATION AND QUALIFY FOR REBATES AND OTHER PROGRAMS
The rising cost of electricity traditional sources, paired with the declining cost of solar panels and systems over the last several years along with the government rebates available, makes solar installation seem like a no-brainer for many homeowners.
But the true cost of solar panels, and whether they’ll help you save money, depends on a few key factors. Before you make the leap, learn how your electric bill, location and incentives can impact your wallet over time.
REVIEW YOUR POWER BILL
Solar panels generate their own power and can therefore greatly, if not entirely, offset your monthly electricity bill. The higher your bill, the more likely you’ll benefit from switching. But you should note that electricity rates and usage — the main charges on your statement — are volatile.
If a power retailer’s electricity prices fluctuate, so could the amount of savings, Similarly, if energy consumption changes, the amount of savings can also vary.
Irrespective of how much your power bill is, you can save that by using your own power. Use our solar calculator to see what size system you would need to suit your situation
EVALUATE SOLAR EXPOSURE
More sun means more energy produced and a greater potential to save with solar. Certain states, like WA and QLD, average more sunlight hours per day.
Your home’s orientation toward the sun, the amount of shade and its roof type also affect a solar system’s output. You can estimate the efficiency of panels and potential savings in your area by using the Solar Calculator.
Irrespective of where you’re situated in Australia, solar panels will help you reduce your power bills considerably as you would not only be using your own free power but will also be selling the excess power to your power company resulting in extra credits (feed-in-tariff) for you.
Many still believe that the cost of getting solar panels is a major capital expense. This was true until a few years ago when the average price of a 5 kWh system in Australia was around $8,000 – $12,000. Such prices are stories of the past.
Depending on brands and makes, the average price of similar systems now is around $3,000 – $5,000. In some states there are government rebates and help programs which can further reduce this price.
The average payback period on such prices is around 1.5 to 3.0 years. That is probably one of the best investment one can make today.
There are different solar rebate programs currently in operation in Australia. The Federal government subsidises your system first which on an average reduces your capital cost by approx. 30% (depending on the price of the system).
In certain states, the government provides further rebates to consumers going for solar. E.g. in Victoria, there is another rebate to the extent of 50% of the system cost available. To make it even more interesting, the Victorian government has committed to funding the remaining 50% of the system cost by an interest-free loan for 4 years.
Most states have some programs in operation. Check to see which rebates are available in your state.
INCENTIVES MAY NOT BE AVAILABLE FOR EVER AND IT MAY NOT ACTUALLY PAY TO WAIT FOR TOO LONG
Incentives may go away but the genuine benefits embedded in solar panels for you will be there and will only get better with the improvement and advancement in technology.
Speak to our consultants for more information