Are Home Solar Panels in Australia Still Worth It in 2021?

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Are Home Solar Panels in Australia Still Worth It in 2021?

Is Solar Power Worth It? 

If your search history involves questions like ‘are solar panels worth it?’ then continue reading. This guide will answer all your questions related to the potential of solar power.

Regardless of whether you reside in Sydney or Melbourne, solar panels are worth buying in 2021. More and more homeowners are inclining towards green life and sustainable energy consumption. 

The green life trend has engendered the use of clean-sourced energy – solar among residential property owners. Homeowners in Australia are shifting from their typical off-grid electrical systems to robust solar energy solutions. 

Around one in five Australian households have a solar system installed at their place, and the numbers are ever-growing. One of the prime reasons is because solar helps them save more money on their soaring high energy bills. 

Another benefit of installing residential solar panel systems is that it helps reduce carbon footprint. However, with such fuss about solar panels, understanding whether or not installing them in your property is an economical choice in 2021 can be confusing.

If you are wondering whether solar is the right choice for you in 2021, then this article will answer all your questions. Continue reading to learn about the potential of solar power systems in 2021.

residential solar panels

Are Solar Panels Worth it 2021?

Every household has different electricity consumption needs. Considering their inconsistent electricity consumption needs, homeowners require a robust energy system that can deliver better and efficient performance. 

Off-grid electrical systems offer great efficiency and deliver outstanding performance. However, using fossil-fueled energy is costly and leaves a negative impact on the environment. 

Switching to solar can easily solve two common energy problems faced by homeowners – high utility bills and carbon emission. In every Australian state, regardless of your electricity consumption, solar systems for homes are worth buying in 2021.

For homeowners, choosing a solar system for their property is a solid investment. Installing a robust solar system will pay you back within 5 to 6 years, sometimes within 4 years! The tier-one quality solar power system can help you save more on your utility bill in future, 25 years more to be precise.

So, how much do you save with solar panels?

One of the common sizes of a solar PV system installed in 2021 is a 6.6kW solar system. A tier-one quality 6.6kW solar system can cost you anywhere between $6,000 to $8,500. The minimum savings it can offer is between $1,200 to $2,000, but it depends on your electricity consumption and timings of using clean-sourced energy. 

Solar system’s payback period may vary based on your energy usage habits, location, roofing, and installation. Generally, a 6.6kW solar system can payback within 4 to 7 years.

Besides, homeowners can benefit from solar panels financially by offsetting their energy consumption needs or using feed-in-tariff to enjoy excess energy

 

Will Solar Panels Get Cheaper in 2021?

Over the past few years, there has been a significant drop in the prices of solar PV systems in Australia. Earlier, these clean-sourced energy systems were beyond the reach of average residential homeowners due to the high price bracket. 

Only early adopters with greater financial means would ripe the benefits of solar PV systems. Before 2010, solar prices in Sydney were anywhere between $5 and $10 per watt, meaning a premium quality solar system would have cost you thousands of dollars or more. 

However, due to the introduction of several government incentives programs and common usage among Australian households, there has been a noticeable drop in solar prices.

Currently, an average 5kW solar panel system cost $5,250 in Australia, after applying for the government rebate. Sydney based homeowners can ripe the benefits of the Federal Government Solar Rebate program.

Renewable Energy Target under federal government solar rebate has a Small-Scale Renewable Energy Scheme (SRES) that offers financial incentives to households who want to install a variety of solar solutions in their property. 

Once you receive a quote from your solar installer, you will have to sign STC. Small Technology Certificates (STCs) are instruments traded in the market to obtain a discount on your solar system. 

The Federal Government’s small-scale technology certificates (STCs) are quite popular among Australian households. Depending on your location and other factors, you can also get up to 40% off on your solar system installation

The price of the solar system under the Federal Government Solar Rebate program is now under $1 per watt. Australian government incentive programs for solar makes a highly affordable solution for homeowners. For the solar industry, the future may hold great things ahead!

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How Much Value Does Solar Add To a Home in Australia?

‘Does solar increase property value in Australia?’ – One of the most common questions asked by homeowners. To answer your question, yes! 

Installing a solar system can improve the value of your home and boost curb appeal. But why? One of the most concerning factors for homeowners is the rising cost of electricity. 

Every homeowner requires electricity or some form of power that can match their average energy consumption needs. If the cost of using electricity can be reduced by installing a solar panel system, people will consider your home in favour when offered for sale.

So, how much value can solar add to your property?

Most homeowners view solar panel systems as a selling point for their homes. Research shows that the more solar panels are installed on your roof, the higher the value of your home will be. A basic 5kW solar system installation can increase approx $29,000 in the retail value of your home. 

It is expected that the price of electricity may rise in the future. Installing a solar power system will now become even more evident for more savings, less carbon emission, and increased property value.

We specialise in installing premium quality residential solar panels in Sydney. To know more about our extensive range of solar options, call us on 1300-713-998 or send your solar queries at info@spacesolar.com.au.

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