When it comes to making a decision on putting some solar panels on your roof, you may be in a dilemma of whether it is worth the cost and trouble. Here is a quick 3-step guide to facilitate your decision making process.
- Check your electricity bills. If you are paying more than $400 per quarter, then it may be worth installing a solar system to power your home.
- Determine the size of the solar system you need to minimise your energy bill. Most homes in Australia choose 6.6kWh or 10kWh systems, depending on the power consumption required for individual homes.
- Get multiple quotes from certified installers and work out the payback period for your solar energy investment. Note that the Government is providing subsidy for solar installations under the STC (small-scale technology certificates) rebate scheme. So it is a good time to invest in solar panel installation before the scheme expires on 31st December 2030 (see the graph below).
Here is a solar system installation journey of an emko customer. The purpose here is to demonstrate the decision making process and saving received at the end of the solar system installation.
The customer was paying around $400 per quarter in a 4-people home. He had subsequently installed a spa (hot tub) in the backyard. The electricity bill went up to $900 a quarter. We had installed a 6.6kWh solar system for the customer at $5,000 in late 2021.
With the solar system, the customer is now paying $300 a quarter with the spa running all day and $100 a quarter in Summer with the spa being turned off.
Here are some calculations for the solar investment:
- Investment: $5,000
- Savings (with Spa): $600/quarter or $2,400/year
- Savings (without Spa): $300/quarter or $1,200/year
- Payback (with Spa): approx 2 years
- Payback (without Spa): approx 4 years
Considering a lot longer life span of the solar system installed for the customer compared to the short payback period, it is worth investing in a solar system for his house. The solar system will play a bigger role in energy saving if he is charging his Electric Vehicle from the solar panels in the near future!
Feel free to have your say by commenting on this blog or reach out to us if you need any assistance.