6 Reasons You Should Invest in a Solar System For Your Home in 2018
Posted: 22 Feb 2018
Residential solar is currently booming in Australia.
In case you still 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 return on investment and payback periods
At the end of the day, a solar system is a financial investment and as such should provide a good return on your initial investment. 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.
- 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
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
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.
- 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.
- Solar 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.
With system prices at all time lows and power prices at astronomical levels, now has never been a better time to install a solar system on your property.
Solar Market makes the process of installing solar easier by providing a wealth of up to date relevant information on our website plus we can also help by arranging quotes from 3 Clean Energy Council accredited solar panel installation companies in your local area.
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