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Do you also think that there is no need to install a solar system in your home because your energy consumption is very low? So, does that mean that everyone that is installing solar panels in NSW is high consumer of electrical power? No, it is not true.
In fact, many of them are using it for selling the excess power generated by these systems.
There are several variables that impact the cost of installation, the payback, and the resultant saving. Despite all these aspects, experts say that it is a nice investment for everyone.
Typically, solar panel systems will pay back within five to six years. And do not think that it is that long a period.
There are examples where people have paid only for four years and after that, they have started earning. And since the expected life of a good-quality system is more than 25 years, you can imagine how profitable solar system is.
As per experts, the main reason one should go solar is to offset energy consumption. The main reason one should install solar panels is a reduction in the amount you need to buy from the power company. It is called ‘self-consuming’ your solar energy.
Costs and benefits of installing solar panels
The most common solar system in NSW is a 6.6kW solar panel system. A system of this capacity may cost anywhere between 8000 dollars to 10000 dollars for a high-quality system.
The same system can deliver savings of between $2,200 – $3,000 (sometimes even more) depending on how much electricity you use.
Payback periods may vary according to the habits of electricity usage and other variables, such as your location, roof orientation, and tilt.
In New South Wales, it costs between 5000 dollars and 8500 dollars for a standard solar power system depending on the size of it.
On average, a small system (less than 3kW) can be set at around $3,000, whereas a large system can cost over $8,000. Systems that generate Solar Power in NSW are cheaper than the national average.
According to the statistics, solar in NSW is cheaper as compared to the national average. Thus, it becomes furthermore affordable and worth getting solar panels there.
In recent years, the prices have gone down, and they are expected to go further down.
Also, there are estimated more than 650,000 rooftop solar PV installations in NSW, which means around 20% or more households in the state. Such a high penetration is an indication that people feel it is worth installing a solar system in the home. It generates sufficient energy and helps in earning money.
NSW solar rebates and incentives
New South Wales residents get two types of solar incentives: Small-scale Technology Certificates (STCs) and feed-in tariffs (FiTs). They help people get more profitability.
With the increasing awareness and interest in solar, it is a sure-fire investment. And with incentives and other benefits offered by it, installation of a solar panel system on the rooftop becomes a lucrative option in the state of NSW.