1800 728 897
The whole world is currently focusing on adopting renewable energy over traditional fossil fuels due to its numerous benefits. When solar technology was first introduced, it was quite expensive because there were only a few players in the market and the demand was low. However, over the last decade, the demand for renewable energy alternatives has skyrocketed, and so has the market. Today, finding the perfect solar panel system for homes and businesses is easier than ever, with prices being more affordable. But exactly how much will it cost Australians residing in states like Victoria? And what kind of ROI can a customer expect? Let’s delve into that.
The Average Cost of Installing a Solar Panel System
If you’re a homeowner in Victoria, congratulations—your geographic location is naturally providing you with significant savings as these areas enjoy abundant and consistent sunshine. Installing solar panels in such sunny locations offers the assurance of long-term savings.
To understand the cost of installing a solar panel system, let’s consider a simple example. If your household’s energy bill ranges between $300 and $700 every three months, your yearly average bill would be around $1,200 to $2,800. For this level of energy consumption, we recommend a 10.3 kW solar system, as it will be neither too small nor too large for your needs. Choosing the right solar system is crucial because a system that is too small won’t be sufficient, and one that is too large will be unnecessarily expensive.
A 10.3 kW solar system from Arise Solar can cost you approximately $5,491. But wait—state governments are offering rebates for installing PV systems and solar batteries. With these rebates, you can get the fully installed system at a significantly lower cost.
Average Return on Investment (ROI)
After investing in your solar system, you might worry that the initial cost is more than your yearly electricity bill. But here’s where the savings begin to accumulate for years to come. Investing in a solar system is a one-time expense, and you start seeing returns the moment it begins generating electricity. In most cases, people achieve their return on investment within 3 to 5 years. These panels typically come with an approximately 25-year performance warranty*, allowing you to save on your energy bills for the next two decades. For instance, if you were spending $2,000 annually on electricity before installing the solar system, this investment could save you that amount each year for the next 20 years.
This is how solar investment and the return on investment work. A one-time investment can lead to years of savings. To save on investment even more, consider Arise Solar’s $0 payment plans.
Contact us to learn more about ongoing rebates and the cost of a system for your property.
Call: 1800 728 897
info@savvysolar.com.au