Solar power system savings on electricity bills could be up to $94,273 over 25 years according to a new analysis.
The analysis from Finder.com.au and published on Domain.com included the cost of solar installation as well as annual savings due to lower electricity bills.
Adelaide residents get the best savings, according to the report. The analysis showed the following solar power system savings per annum over 25 years in the surveyed cities:
- Adelaide – $3,771
- Sydney – $3,150
- Brisbane – $2,683
- Melbourne – $1,988
Solar power system savings affect payback period.
In Adelaide a solar power system would pay for itself in six years, Sydney in seven, Brisbane in eight and Melbourne in nine.
The analysis was based on assumption that a quarter of home energy use would still come from the grid. It predicted retail electricity increases of 5.01 per cent each year over the 25 years.
Given soaring electricity prices and rapidly decreasing solar panel costs, the analysis indicates that getting a quote on a solar installation makes solid financial sense.
Public misconception that solar is ‘too expensive’
Another survey by Finder found 75 per cent of respondents thought installing a solar was too costly.
Finder editor-in-chief Angus Kidman said the results did not surprise him. “The overriding impression is that its really expensive,” he said.
“The technology is a lot more widespread now, it’s a lot cheaper, but I don’t think that part of it has sunk in for people.”
Solar system sales up 30 per cent on 2017
Wilf Johnston, managing director at Flex Australia and Energy Matters, said solar installation and sales are up 30 per cent on 2017 figures.
Mr Johnston cited NSW as the leading market, followed by Queensland and Victoria. He said a particular growth area to watch was energy storage.
“Previously customers had a mismatch between solar generation time and their usage – energy was going out to the grid, and they were getting very little return.
“The cost of the equipment is so low now. Before the panels were like gold dust, but now they’re almost commodity products.”
