Do you have expensive energy bills? Are you curious about the potential electricity savings that a new solar system could provide? We break down the approximate savings that installing solar on your Australian property can provide.
Solar panel saving is now possible as solar energy has become affordable since the last few years. This all due to the federal and municipal government incentives, such as solar feed-in tariffs and incentives supporting solar panel energy saving. This is the reason it has become a preference for homes looking to reduce their electricity expenses. How much money do you save with solar panels in Australia? Let’s discuss it in this article.
Solar Panel Price Range in Australia
The average price of solar panels costs around $0.20 and $0.45 dollars per kWh in Australia. However, these price ranges according to the area or region you live in. For instance, South Australia, stood highest electricity prices with the difference of 45.3 cents per kWh. Although the precise numbers vary depending on local laws, the energy mix, and market conditions, other states may have lower average rates.
How Much Do You Save on Electricity with Solar Panels?
Depending on the previously stated variables, solar-equipped Australian homes can save anywhere from $800 to $2,000 a year on their electricity costs. Solar panels energy savings are a wise decision as it can save around $20,000 to $50,000 or more over the duration of a 25-years.
Find Out How Much Energy Your Home Consumes
To find out how much solar panel savings you could achieve, first you have to calculate how much energy your home is consuming. Depending on how many AC’s you are using, how much they remain on during the whole day, including peak and off-peak hours. A normal 4 to 5 member family in Australia utilizes around 50 and 80 kWh of energy daily. By dividing a quarter by 90, you may determine how much energy your property uses in kWhs. For instance, if your energy cost is 60 kWh per day, you should install a solar system that generates 70 kWh or more of power.
How is Installing a Solar Panel the Best Decision?
Few decades back solar energy was not popular and was not used in commercial and residential settings, but now it is available for everyone either a small scale unit or a house for two. Solar panel savings is what makes it more demanding among people. Here are the top 5 reasons to prove that solar panel savings is the best option for you.
Self-consuming Feature
The main method solar can help you with your energy expenses is by lowering the quantity of electricity you need to purchase from your supplier. That usually costs 25–40 cents per kWh. The smarts that are placed in solar systems instruct your appliances to use solar energy before “purchasing” energy from the grid. This is commonly known as “self-consuming” your solar power. This is the main advantage of having solar panels installed on your house.
You can use your extra energy all night long.
Washing clothes in a machine while the sun is shining is not the only option for you. To ensure you have power even at night, you may also utilize solar batteries to store the energy your solar system generates during the day. This implies that you could use it as solar panel energy savings during both day and night time.
Return on Investment and Payback Period
An average cost of installing a solar panel in Australia is starting from $4,000 to $12,000 but that may vary according to the size and features. However, a payback period of four to seven years may result from the combination of lower electricity prices, government subsidies, and feed-in tariffs. The energy savings and feed-in tariff revenues turn into pure profit hence prove solar panel savings factor.
Transfer extra renewable energy to the grid
Your inverter will intelligently begin moving power away from your property where it isn’t needed and will begin selling it to the grid if all of your energy needs are satisfied throughout your house. This best describes the feature of solar panels electricity savings.
Government Rebates and Incentives
For the installation of solar panels in homes, the Australian government provides a number of incentives. Based on your system’s anticipated lifetime output, the Small-scale Renewable Energy Scheme (SRES) offers cash incentives. The initial cost of solar panels may be decreased by these incentives.
Conclusion
With good reason, solar is growing in popularity every day. Emphasizing on the solar panel savings and Government discounts, there’s no need to delay your decision to shift your energy consumption into this low-cost option. The average annual savings of $800 to $2,000, residential solar panels in Australia. Thus, offers substantial savings potential but it varies as per the location and need. Crucially, putting in solar power lowers a household’s emissions and aids Australia in its transition to entirely renewable energy. Since new owners or renters can take advantage of the free energy on the roof. Installing a high-quality solar power system will also raise the house’s worth and prospective rental income.
As you can see, depending on the state, the majority of Australians may install solar and have the system pay for itself in two to five years. One of the most profitable energy-saving initiatives a home can implement is installing solar panels. A favourable financial and environmental outcome is highly likely accessible via solar panel savings.
