Everybody talks about how great solar power is, but what if you just want to know how much it costs? Companies do their best to hide those details behind forms and sales people, so we’re here to lift the curtain.
Let’s start off with a few caveats: as much as the industry would like to pretend it is, solar power is not a one-size-fits-all product. That’s why we always recommend to proceed with caution when a company isn’t asking detailed questions about your property before quoting you. Make sure the actual quote you sign is personalised to you.
If that’s not the case, at best you’ll be presented with unexpected costs during the actual installation. At worst you’ll get a system that isn’t performing as well as it should.
With that out of the way, let’s take a look at the numbers and see if solar power is an idea worth pursuing.
(RELATED: Download our “15 things to ask before buying solar power” checklist. Getting an answer to these simple questions will make sure you’re getting the best deal for your home. Download it here.)
Different people, different solutions. We’ll look at three situations and which types of solar power systems you should be thinking about in such situations.
Family (2 parents + 2 young children)
With two young children there’s usually one stay to home parent, creating a situation that’s perfect for solar power as a large portion of the electricity used during the day will now be used at times that the sun is out.
|Price range||$7,500 ~ $9,000|
|Payback time||Less than 4 years|
|Monthly cost when financed||$125 ~ $150*|
Elderly non-working couple
When retired or soon to be retiring, lifestyles change. In many cases that change means a bit more time is spent at home and more activity takes place during the day when solar panels can provide you with most of the electricity you need.
|Price range||$6,500 ~ $8,000|
|Payback time||Less than 4.5 years|
|Monthly cost when financed||$100 ~ $120*|
Young working couple
With two people working, on average most electricity is used in the mornings, evenings and weekends. And thanks to the use of laptops, phones and tablets, that energy consumption is usually higher too.
|System size||4.2kw ~ 6.6kW|
|Price range||$6,500 ~ $9,000|
|Payback time||Less than 4.5 years|
|Monthly cost when financed||$100 ~ $150*|
*It’s possible to choose a longer payback time which will result in lower monthly costs.
This is still pretty vague
If you don’t recognise yourself in these situations, for example because you think you consume more or less electricity, or just find the numbers too vague still, we’re here to help. You can schedule a call with one of our solar specialists here to discuss what would be the best solution for you.
Will I be paying $100+ on top of my energy bill?
The reason solar power is so popular is because it pays for itself. That’s not just marketing and it isn’t based on some strange calculation.
A good solar power retailer will try to match your monthly cost to pay for a solar power system to the savings you’ll get from that solar power system.
So instead of paying $150 per month for energy for example, with a solar power system you could only be paying $50. For the first couple of years you use those savings to pay off the loan, and once the system is paid off, the savings are all yours.
Solar power rebate
In an effort to make solar power more accessible, the Victorian Government is providing a $2,225 rebate to eligible households when they install solar power. That means a $2,225 reduction in the prices mentioned above, making 2019 one of the best times for solar power in years.
Want to know if you’re eligible for $2,225 Victorian solar power rebate? Check out our solar power rebate article that contains all the information you need.
Let’s make it easier
Solar Power Co is the go-to for everything to do with solar power systems. We take the guesswork out of finding quality products and reliable installers so you don’t have to.
If you’re not sure where to start, or if you have any questions about what solar power system would be right for you, we’re here to help. It’s as easy as a click of a button.