Is my electricity bill high enough to justify going solar?

It can be a balancing act when it comes to deciding whether solar panels will be a worthwhile investment for your home or business. While renewable energy will drive down your electricity bills, will those savings be washed away by the installation cost?

The good news is that times have changed, and the initial out-of-pocket expenses have plummeted dramatically.

Solar power has become affordable for everyone

In the early days of solar, the panels were costly, but the rebates were high. That meant you needed to have money in the bank to afford the technology and reap the rewards.

Things have changed dramatically in the two decades since the turn of the century, and the technology is much more affordable. The average cost means there are entry-level options for all budgets so that anyone can save on their electricity bill.

Here are the average prices as of April 2021:

When you consider that a 6.6kW system costed over $100,000 in 2000 and still costed over $60,000 in 2010, this is an enormous price drop. There are also numerous government discounts and rebates available to bring this price down even further.

How long does it take to pay off an installation? 

There is no magic number here, but your system will have paid for itself within 6-10 years. In many cases, this will happen sooner. If you are monitoring and improving your energy habits and exporting power to the grid for credits, you will speed up this process.

The technology has dramatically improved over the years with greater efficiency (rising from around 15 per cent to well over 20 per cent) and a longer lifespan (up to 25 years). So you are going to enjoy a long period of savings from your investment.

The easy way to manage your electricity bill 

In many cases, we can take some simple steps that will make a big difference when it comes to how much we pay for power. Switching to LED lighting, for example, will mean that you use 80 per cent less energy than halogen and incandescent bulbs.

Many behaviours can lead to bill shock. A failing seal on a fridge or freezer can cause your bill to soar, as will appliances left on overnight, or running your pool filter or air-conditioners during peak periods.

The Powerpal Smart Energy Monitor is a digital tool that is essential for managing your electricity use. Simply plug it in, and you will get a real-time display of where you are spending your money and how you make small changes for big rewards on your power bill.

Want to get the best deal on solar power? Give your team a call for a free quote.