A recent survey carried out in the USA reveals the vast majority of people overestimate the cost of installing solar power systems.
40% believed $20,000 or more was required to meet upfront costs of installing home solar power and of those, nearly a quarter felt it would cost $40,000 or more. 33% incorrectly pegged the cost at between $10,000 and $19,999.
Given these mistaken perceptions, another point emerging from the survey was quite important – nearly 8 out of 10 (78%) U.S. homeowners who don’t have a rooftop solar array would install one if cost wasn’t a factor, and 44% would make the switch to solar energy within the next 12 months.
The online survey among 2,100 US adults by Harris Interactive was carried out on behalf of US solar company Sunrun.
While that’s the story in the USA, similar perceptions may still occur in Australia. The reality is in most urban areas, quality entry level solar power systems currently cost just a few thousand dollars and larger systems not much more.
For example, national provider Energy Matters is currently offering a 1.96kW solar package – nearly 33% more capacity than an entry level system – comprised of quality components for between $4,200 and $4,500 fully installed in areas that cover most of Australia’s population.
Such a system, based on award-winning REC solar panels, can provide electricity bill savings of up to $1,070 a year depending on installation location.
Payback on such an investment could occur in less than 5 years, particularly given the cost of electricity only going one way – up. With solar panels having a serviceable life of decades, this means owners of systems can enjoy “free” electricity for many years.
The current low pricing is due in part to Australia’s Solar Credits rebate. However, with the rebate to be slashed by 33% soon, a rush to acquire systems is already well under way as systems must be installed by June 30 in order to qualify for the higher incentive. As the days leading up to the deadline fly by, Energy Matters says install bookings are being rapidly snapped up in some areas.
