Does solar power for home really saves money?

The sweltering summer heat is upon us in Australia, and if the aircon and pool pumps are already burning up your utility bills, then it may be time to consider solar power for home. Those who install solar panel system at their homes will find that they can greatly decrease their electricity bills, or even eliminate them altogether in the summer. And while that’s a massive benefit, it’s not the only advantage of solar power.

Cut down your power bill: With a 5kw inverter system, a household can save around $350 in each energy bill cycle. The more powerful the solar power inverter, the greater the chances of saving — a 6kw solar panel can fetch savings of about $1,000 just by the end of summer, while a 10kw solar panel inverter can double the savings to $2,000.

Don’t be at the mercy of rising power tariffs: According to a study conducted in 2019, the average electricity bill in the country is over $1,600. It’s hardly surprising that this amount climbs higher in the summer, when we crank up the air-conditioner. What’s alarming though, is that how electricity bills have kept growing year on year — reports state that the cost of electricity has surged by 117% over the past decade. 

With a solar system installation, most or all the power you consume will be generated in-house without any added cost.

Think of it as an investment not expense: Consumers might not be aware of how affordable solar power actually is. Solar panel installation cost is a one-time expense, nay, investment, that pays for itself in a matter of a few years. Take the 5kw solar power system, for example, which is likely to pay for itself within the short span of 2.5 to 4 years. Thereafter, you can truly enjoy ‘free’ power!

Protect the environment: As bushfires become an annual feature in Australia, there’s no denying climate change anymore. Moving to clean, renewable solar power in our homes and workspaces will ensure less reliance on fossil fuels and reduce our carbon footprint greatly. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.

Rising efficiency, falling cost: Today’s solar panels are much more efficient in generating energy, and therefore are more cost-efficient also. Solar NextGen can help you select the best option for your requirements, to ensure your electricity expenditure is at a minimum or even zero. 

More savings now: More importantly, if you’re convinced of the benefits of solar power, but have been holding off on investing in it until later, it might be wise to do it sooner rather than later. 

As you might be aware, a small-scale technology certificate is issued once a year to solar power users until December 31, 2030. So if you install solar panels this year, you can enjoy a deeming period of 11 years. And these gains increase all the more with the bigger the system you install.