Weighing the Costs and Benefits of Solar Power
Find out how the costs weigh up against the benefits of solar power in your home.
The Costs of Solar Power
The cost of solar power being installed in your home depends on how many panels you want installed. The average Australian family tends to install a 1.5kW solar system in their home. This size system would cost around $3,000 to $4, 000 and may be used to heat your hot water or partly reduce the monthly electricity bill. However, if you’re looking to install enough solar panels to turn your home completely solar, the average home would require a 4kW to 5kW system, setting you back around $8,000 to $12,000 dollars.
The costs of installing solar power into your home can vary significantly, and this depends mostly on the quality of the system being installed. It’s always important to get several quotes from various solar installation companies before deciding on which package to go with. When buying a new home, you can always choose to add the cost of a new solar system into the purchase price of the house.
The Benefits of Solar Power
Although solar power systems may sound expensive, there are significant cost savings to be had, and when you consider the rising electricity costs, these savings can be carried forward to save you money on your monthly bills. So what are the benefits of installing solar power in your home and how do they outweigh the installation costs?
It should come as no surprise that the ongoing cost savings is the main reason that most Australians install solar power. Many people who install full home systems designed to dramatically reduce or even completely eradicate their monthly electricity bill can easily be on track to getting a complete return on their investment within four to six years.
Another benefit of installing solar power in your home is the fact that solar power is good for the environment. Sustainable and environmentally friendly, solar power is efficient, clean, and free. Considering solar panels have a life expectancy of 30 plus years, installing solar power in your home is one of the best ways you can reduce your carbon footprint and help our environment.
Solar power runs silently and requires very little maintenance. With no moving parts and running on a natural energy source — the sun — solar power provides you with peace of mind about your environmentally friendly investment.
A solar power system is easy to install in any residential home. Small, lightweight, and visually attractive, solar panels can be installed in your home within the day. There are also several things you can do to maximise the effectiveness of solar power in your home.
- Turn off appliances to reduce the use of standby power
- Turn down the temperature on your hot water system
- Install energy-efficient light bulbs around your home
- Purchase energy-efficient household appliances
- Turn off air conditioners and heaters in rooms that you aren’t using
- During summer, shade windows from the sunlight to reduce the need for air conditioning
Ensuring you use your solar power system smartly and efficiently can mean even greater electricity cost savings for your home. This not only puts more money in your pocket each month but also increases the return on your investment.
What the Government Can Offer You
Government rebates underwent changes in early 2013, and the government rebate generally offers you around $900 per kW. This means that for a 4 or 5 kW system, you can save around $3,500 to $4,500 with government incentives. These incentives make for even more cost savings, helping to make the benefits of installing solar power greater than the up-front cost of installing it.
About the Author: Jamie Durban works closely with families to help them recognise and build the home of their dreams. He recommends residential house and land packages from www.elmswood.com.au.