Posted on 01 August 2022
One question that people ask the experts at Solar Power Direct is if you can make money from home solar systems in South Australia. In this article, we’ll look at whether you can make money by feeding electricity back into the grid from your residential solar panels and solar panel inverters. We’ll discuss the best ways to save money off your power bill, and ways your investment of solar panels South Australia wide can pay for itself.
Feed in tariffs are the credits you get from feeding your unused solar power back into the electrical grid. To make money from feed in tariffs, you would need to create more power than your household can use. You can make money back from feed in tariffs, but it is not equivalent to the amount you pay for mains power. Many people choose to add a solar battery to their solar system, so that they can use their own electricity at night. This will save money by taking it off the electricity bill.
If we consider your solar system as an investment, we can calculate how long it would take for your electricity savings to pay off the initial investment. This considers your residential solar panels, solar panel inverters, and potential solar batteries. This calculation will be dependent upon the size of your system and how much power you use.
We suggest that a 5 kWh north facing $5000 home solar system, with a feed in tariff of 12c/kWh and a yearly household power usage of $1488, could save approximately $1340 per year. This means it would take 4 years to pay off the initial investment. Savings will vary depending upon your specific circumstances, but this does illustrate that a good quality solar system with a 25-year warranty on solar panels, and a 10-year warranty on solar inverters, should keep making a profit long after it has paid itself off.
You can offset much more off your electricity bill costs with the purchase of a solar battery with your solar system. A battery can be used to store your electricity for later use, when the sun isn’t shining. Solar power is perfect for large households with the greatest solar power usage. Large houses will be less expensive to heat with solar power. If you have an electric car or swimming pool filtration system, running these from your solar power can save you a lot of money.
You can also save on the cost of solar systems. Current solar rebate schemes can save you thousands of dollars, when you purchase your home solar systems in South Australia. If you install a solar system in an investment property, it can also be claimed as a tax deduction.
Solar Power Direct is passionate about saving power costs for homeowners with home solar systems South Australia wide. Contact us today on 08 7226 0560 or send an enquiry online to quote your residential solar panels now.