6 reasons you should invest in a solar system for your home in 2018

Unless you’ve been living in a cave for the last few years, you would have noticed solar panels across many Australian homes and businesses. The reason for this is because first and foremost solar cuts your electricity bills substantially and systems pay for themselves within 3-5 years through lower bills.

In case you need convincing that solar is a great idea, here are the 6 reasons you should invest in a solar system for your home in 2018:

  • Great ROI

    Great return on investment and payback periods

    At the end of the day, a solar system is a financial investment because you invest an initial amount upfront and you then get a return over the coming decades through reduced power bills. The size of the system you install will determine how much you spend and also how much you save per year. You can expect systems installed today to cost you between $3,000 and $8,000 and pay for themselves in around 3-5 years which by any measure is a great investment.

  • Shield from price rise

    Protect yourself against ever increasing power prices

    Australian power prices are amongst the highest in the world and prices are expected to keep rising pretty rapidly over the coming year. By installing solar, you’ll be substantially reducing the amount of electricity you buy from the grid and be less affected by future price rises.

  • System prices have never been lower

    System prices have never been lower

    The cost of solar panels and inverters have dropped substantially over the last 10 years and systems are cheaper and more accessible today. In 2010, a 5kW system would have set you back a cool $25,000. Today, you’ll spend around $5,000 – $7,000 for a decent quality 5kW system.

  • Generous Government rebates are still available

    Generous Government rebates are still available

    Under the Federal Government’s Renewable Energy Target (RET), when you install a system you produce Small Technology Certificates (STCs), which are a form of rebate. This amount is taken off the price of the system by the installer. This amounts to around $4,000 for a 5kW system.

  • Get Paid

    Feed in tariffs still pay you for the power you export to the grid

    A Feed in Tariff is a payment you receive from your retailer per kWh for the power your system produces that isn’t consumed in the house, and therefore sold back to the grid. Although this rate is substantially less than it was 5 or 6 years ago, system prices are also much less so payback periods are still about the same at around 3-5 years.

  • Systems last for decades

    Systems last for decades

    Solar panel and inverter technology has come a long way over the years and is extremely reliable. Because solar panels have no moving parts, most come with performance warranties 25 years, and inverters, which are the brain of the system typically have warranties around 10 years. With systems paying for themselves in between 3 and 5 years, your system will pay for itself long before its out of warranty.

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  • Answer some simple questions about your property

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  • Decide if solar works
    for you

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Compare the benefits of different size solar systems

These calculations assume:

  • Current default data is for NSW,
  • 50% exported to the grid,
  • 37c per kWh for electricity purchased from the grid,
  • You are in the capital city for your state - data will change slightly away from the capital,
  • STC price of $37.
  • This information does not constitute financial advice and is only intended as a guide. Please refer to the information provided by the companies quoting for information specific to your personal circumstances and location.

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Founded in 2010, Solar Market is dedicated to educating Australian households about the important issues associated with installing a solar system.

Our team has experience working in all areas of the solar industry and have brought this knowledge together in one location so that you have the right information to make an informed decision.

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