Today, many Australian homes have embraced solar, and it’s no surprise, considering the benefits.
Solar panels and battery storage will cut your power bills, drastically reduce greenhouse gas emissions, and eventually save you more money than the initial upfront cost of installation.
While for the most part, these claims are true, there’s an alarming amount of misinformation on the internet about how much (or little) you can save by installing solar panels and battery storage.
What’s really in it for me?
The amount of money your household will save on power bills by going solar is affected by several factors, including:
Your energy consumption and the size of your solar power system – if you use more power than your system can produce, your savings will be reduced. It’s important to choose the correct system for your needs.
Your feed-in tariff – this is the amount your electricity retailer pays you for any excess power your solar panels generate.
Your usage patterns – solar panels can only generate electricity while the sun is shining. This means that households that use a lot of power during the day may attract greater savings than those that consume most of their power at night. However, you will still receive a feed-in tariff for any excess electricity you generate during the day.
Where you live – some areas of Australia receive a lot more sunlight than others, so a solar system in Brisbane will usually generate more power than one in Hobart.
As a good example, we have calculated that an Australian home using an average of 15kWh of electricity per day with a 6.6kW solar system installed will spend about $1700 less on energy bills per year. In this case, a solar system will pay for itself in less than 3.5 years.
What’s important is to know your own household consumption so the solar system you choose is right for you.
To find out what other home improvements your home would benefit from, log into the Greenhouse tool today.