Are Solar Panels worth it?
With over two million Australian homes now having some form of rooftop solar, harnessing the power of the sun is well and truly mainstream. But is it worth it?
How Much Do They Cost
According to Solar Choice, the average-sized system being installed across Australia – a 6.6kW set-up, costing somewhere between $5000 and $6000
How Much Can You Save
The payback for most solar systems is between just three and seven years, but it all depends on available sunlight, the position of panels, electricity prices, the cost of the system and the amount of self-consumption. Saving between 30% and 60% off power bills is pretty standard. A 6.6kW can save a typical household $1400 to $1800 each year.
If you want to become self sufficient removing all your power bills then you will need to consider batteries to store unused power otherwise you will still rely on the main grid for night time power.
What about battery storage?
Installing a battery for storage means households can offset almost their entire bill – because just like any other kind of battery, it “holds” what is generated, so it can be used at night.
With an appropriately-sized solar battery, households can save close to 100% of the usage charges on the bill.
Battery storage costs between $1000 to $2000 per kW of space. For example, a 1.2kW battery from Enphase is $2000 or a 13.5kW from Tesla retails for $12,350.
You can make money from it!
There will be times when excess energy is created which can be sold back to the grid for a rate called a ‘feed in tariff’. The value received for this vary state by state in Australia but averages between 8-15c per kWh. Your ability to access a feed in tariff is usually limited to a maximum solar system size – for a full explanation of what is possible state by state read this guide.
Are Solar Panels Worth it?
The short answer is YES! Depending on how quickly they pay for themselves will depend on where you live in Australia but the answer is still YES!
Also with increasing environmental concerns and a goal of reducing carbon emissions they also offer a huge benefit to help people become more sustainable and less reliant on fossil fuels.
Buying a solar system
As with any large purchase we always recommend you get at least 3 quotes and do a bit of research into the manufactures and installers of the solar system. If it sounds cheap then there is probably a good reason.
If you want to explore ways you can buy a solar system today and need a personal loan or would like to refinance your home loan to pay for it then Contact Us today and we can help you.
Did you know that some lenders offer up to a 6 month payment holiday specifically designed to help you afford environmental upgrades to your home.