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Is The Price of Solar Panels Really That Expensive?

 

Everyone talks about how solar panels are too expensive. But is it really? Although solar system prices have significantly dropped over the last few decades there are some that still see solar as just too expensive. But in reality, the scary four-digit price tag has incredible bang for buck when we look at elements such as return on investment, longevity and long-term savings.

So, Let’s Do A Break-Down Of Value!

Let’s say that you need a 6kW system to cover your electricity use (this is the standard Aussie household solar system size). (To find out your actual recommended system size check out our solar calculator).

If we say you had an electricity bill of $300 every quarter, you gain the following from purchasing a 6kWh solar system:

Is The Price of Solar Panels Really That Expensive?

  • A reduced energy bill from $300 to now approximately $6 dollars.
  • The system pays for itself in 3.1 years.
  • The system lasts 25 years and gives you 25 years’ worth of savings.
  • Save $28,512 in electricity bills over 10 years.

The average cost of a 6kWh can be anywhere between $3470 – $10,990 depending on your area, rebates in your state, installer prices and product choices.

Now before you say Yikes at a potential 3-11k price tag let’s have a look at other popular products on the market for a similar price!

What Else Can You Get For The Same Price As A 6kWh Solar System?

How To Get Bang For Your Buck?

We don’t blink an eye at buying laptops, beds, rings or pets so why do we draw the line at solar?

Unlike the majority of the above items, solar can increase savings, turn a profit and boost your home’s value.  So, when investing in solar how can you get the best bang for your buck?

Choose the right system

By selecting a solar system size that is too small you can end up not covering enough of your electricity use and end up still having to draw predominantly from the grid.

If you select a system size that is too large you might find you aren’t using your systems full potential and your return on investment begins to dip.

If you are unsure of what system size you will need for your property, Solar Market has a nifty 2minute solar quiz to help you pick your perfect match.

Government rebates, subsidies and incentiveshow much is solar?

Because solar is a worthwhile investment the government also offers solar buyers attractive rebates, subsidies and incentives through their Small-scale Renewable Energy Scheme (SRES).

The larger the solar system the better the rebate! The average residential system currently receives up to $3700 in rebates.

Make the most of feed-in tariffs

Grid-connected solar PV systems can feed excess solar energy generated back to the grid. When this occurs the energy retailer buys this excess electricity at a feed-in tariff rate. The feed-in tariff rate is then received as a credit on your next electricity bill. Feed-in tariff rates differ per state and energy provider.

So, if you are only using the solar energy you generate and are exporting excess energy to the grid as well you can actually earn money off the feed-in tariff incentive.

Quality installers

One of the best ways to get the most out of your solar selection is to talk and compare quotes from quality solar installers.

Solar installers can give you the best recommendations, connect you with the latest products and cover you for long term maintenance or warranty.

By requesting 3 free no-obligation quotes, Solar Market can connect you with 3 accredited solar installers in your area so you can find the best deal!

 

Request 3 FREE Solar Quotes

 

Take our Solar Quiz Compare Energy Providers and Save

Download Your FREE Ultimate Guide to Solar Power in Australia - 2021 Edition

Beginners Guide to Solar Power

If you’re considering solar for your property or just looking to maximise the savings for your solar system, download a FREE copy of our "Ultimate Guide to Solar Power in Australia - 2021 Edition".

Become an expert and better understand the ins and outs of solar power and solar PV systems for your property.

Includes detailed explanations and diagrams of the various types of solar systems and their parts, solar battery storage systems, Government incentives, expected ROI periods, finance, energy-saving tips and more!

Download Your Free Copy Now!

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Understanding Batteries

Off-Grid Systems

For some households a battery system can be of great benefit and minimise a home’s reliance on the grid. However, it’s important to understand for a battery to be useful your solar system needs to be generating excess energy for the battery to store, which you can then use at night or when the sun is not out.

When selecting a battery, you’ll want to invest in a system that is most suited to your home and can drive the best return on investment (ROI). Despite a larger upfront cost, a higher quality battery may significantly increase your ROI.

    Battery systems start from $6,000 and costs can vary greatly based on the following factors:

  1. Cycle Life-Time

    The number of times a battery can fully charge and discharge.

  2. Battery Power (kW)

    How fast it can be charged or discharged.

  3. Storage Capacity (kWh)

    The maximum amount of energy a battery system can store.

  4. Battery Management System (BMS)

    An electronic ‘smart’ system that gathers data and manages the battery ensuring it does not overload or operate outside of its safe functioning zone..

  5. Inverter

    Battery systems require their own inverter if your solar system does not have a hybrid inverter.

  6. 'All-In-One Unit’

    A system which includes the battery, BMS and an inverter all in one unit.

  7. Warranty

    Length of time or cycles the battery system is under guarantee.

  8. Blackout Protection/Backup

    It’s important to note this is not a common feature of a battery system and could cost thousands of dollars to include. Blackout protection not only requires additional components but also a specialised installation and rewiring. For grid-connected homes, the cost for blackout protection can outweigh the benefit.

Additionally, if your purpose for adding battery is to go Off-Grid and become completely independent from the grid you will need to ensure your solar system can generate enough energy to power your home and your battery system is large enough to store this energy. For homes in metro areas going Off-grid is not cost effective and is only recommended for those in remote areas with limited access to the grid. Off-grid solar systems with battery start at approximately $30,000.
 

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