6 reasons you should invest in a solar system for your home in 2019
Why invest in a solar system? 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 reduces your electricity bills substantially and systems can pay for themselves within 2-5 years through lowered 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 2019:
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 2-5 years. Considering solar systems have an expected life expectancy of 25 year this by any measure is a great investment.
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 years. 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
The cost of solar panels and inverters have dropped substantially over the last 10 years and systems have never been more affordable or accessible than they are today. In 2010, a 5kW system would have set you back a cool $25,000. Today, you’ll spend around $3,000 – $7,000 for a decent quality 5kW system.
Generous Government rebates are still available
Under the Federal Government Solar Rebate, when you install a system you produce Small Technology Certificates (STCs), which are traded for a substantial rebate. This amount is taken off the price of the system by the installer. Currently you can receive a rebate up to the amount of $3,700 to reduce the cost of a solar system.
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 2-5 years.
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 of 25 years, and inverters, which are the brain of the system typically have warranties around 10 years. With systems paying for themselves in between 2-5 years, your system will pay for itself long before its out of warranty.
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 $34.
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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