Are Solar Installations Worth It In 2023?
Electricity consumption and inflation are skyrocketing these days and because of this people are now switching to solar energy. Residential solar power proves to be very profitable as they help you reduce your electricity bills and carbon footprint at the same time.
Therefore, installing solar panels in Australia can be a good investment for you in 2023. On average, a solar panel will pay back your investments within 5-6 years. However, sometimes they even start paying for themselves within just 4 years.
If you buy a high-quality solar panel, you can benefit from it for at least 25 years. However, before installing a solar panel, you need to consider several factors. One of the major factors is the cost of the panels and consulting with solar panels installers in Central Coast, NSW.
Cost and savings of the solar panel in 2023:
The most commonly installed solar panel in the year 2023 will be the 6.6kW solar panel system. Such a system may cost you around $5,5000 – $8,500. Through this system can save up to $1,200 – $2,000.
Sometimes this saving can even be more depending on how much electricity you use and when you use it. The payback periods are dependant on the electricity usage. The location of the solar panels and their orientation also affect electricity usage.
How much savings can be achieved every month using solar panels?
A saving of $300 – $500 per quarterly bill can be achieved through a typical 6.6kW system. You might wonder about the gap being so big but this is because saving is highly dependant on electricity usage. You can save 30c per kWh if you use solar power that is generated by the panels directly.
However, this depends on the rate at which you pay for electricity. You will receive a feed-in tariff in case the energy is fed back to the grid. This is a credit for your excess power. This feed-in tariff can vary depending on the retailer and your state. However, these are usually around 10c per kWh.
You can save a lot of money if you self-consume solar power by using it directly. Through this alternative, you could save around 30c. As you can see, there is a huge difference between 30c and 10c, you know which one will save you a considerable amount of money. There are several factors that affect solar power generation. Keep reading to know more about them.
The amount of savings through solar power depends on your state:
Solar power produces different types of results based on where they are installed. If the solar panels are CEC-approved panels, they are entitled to the Australian government solar rebate. You can also be entitled to the Victorian solar rebate if you live in Victoria.
Through this, you can save more than $1,400 off the cost of a system, along with the federal rebate. Thus, you can reduce the payback of the system.
On the other hand, to know if the solar panels are worth it or not, you should check them with the help of a solar power calculator. The solar power calculator will consider all these different elements and will help you know the effectiveness of the solar panels. Therefore, while installing solar panels in Sydney, you must take a number of considerations into account. These are as follows:
Opt for lifetime solar savings:
You must check how much lifetime savings can your residential solar panels provide you with. The cheaper solar panels may not be profitable as they will not last long and will be replaced in a shorter period of time. Therefore, your focus should be on installing high-quality solar panels.
Burst the common myth that you don’t have to pay the electricity bills if you have solar panels installed:
Many people believe that once you get your solar panels installed, you will not be required to pay the electricity bills. This is not the case as you will still have to pay a certain amount of electricity bills. However, the bill will be reduced significantly.
The east-west orientation proves to be advantageous, as morning and afternoon are the two major periods when solar panels generate electricity.
The above-given points will help you know how solar panel installation can be a great investment for homeowners. Through the installation of a solar system for homes, homeowners can benefit through the federal tax credit and local programs.
Make sure that you opt for a reliable solar panel installation company. Only reliable and experienced solar panels installers in Central Coast, NSW will help you know about the advantages of solar panel installation in greater detail. They will consider a number of factors before installing the solar panels, these include the location of your home, roof, local rules and regulations, and so on.