How Much Does It Cost to Go Solar?

Posted on 17 January 2022

Although the initial investment in home solar systems might seem relatively expensive, the money that you will save in the long run will be worth it. With an increasing number of companies manufacturing residential solar panels, due to an increase in demand in the market, there is more choice for consumers. This in turn, results in cheaper products. The cost to buy and install residential solar panels is cheaper now than it has ever been, and this trend seems to be continuing. Here, Solar Power Direct will talk about what the cost is for an average household to go solar, including initial installation and purchasing costs, as well as how much you stand to save in the long run.

The Initial Cost of Panels and Installation

In Australia, the average cost of home solar systems was estimated at $5,250. This number is after government tax rebate, which is available to all households that wish to install solar panels. This price is an average estimate for a medium-sized Australian home that consists of 4-5 people, with 16 solar panels being installed. This price also includes the initial installation cost. Naturally, this number can change drastically depending on the energy output requirements of the house. With a larger home that has more people, you may require more than 16 panels, hence your initial cost will be higher. Similarly, with a smaller home and fewer people living there, you may need less panels, therefore the initial cost will be less than $5,000.

How Long Until Home Solar Systems Pay Themselves Off?

Text: Apart from reducing your carbon footprint, one of the main reasons to install residential solar panels is to save money on your electricity bills in the long run. As we have seen in recent months, the cost of electricity is going up, due to missing links in the supply chain of resources, such as oil and diesel. This is a trend that we expect to see continue. With depleting levels of fossil fuels, the supply demand ratio is going to grow larger and larger, resulting in higher prices for non-renewable sources of power. With home solar systems, you can on average, save $1700 in electricity bills per year. This means that in just over three years, your solar system would have paid itself off, and you will no longer be reliant on power from the grid.

Contact the team at Solar Power Direct online or feel free to call 08 7226 0560 now to learn more.