Is solar power worth it in Melbourne?
The average electricity cost in Victoria is 23.272c/kWh. So if you’re generating 18kWh of electricity each day, you’d save around $125 per month, or over $1,500 each year with solar. In other words, yes: it’s definitely worth it to install solar panels in your Melbourne home in 2020.
Is solar still worth the investment?
If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment, it’s worth installing solar panels in your home while the 26\% tax break is in place — for the good of the environment and your wallet. But don’t expect to eliminate your power bill overnight.
Why solar panels are a bad investment?
The first and most obvious reason a solar power system may be a bad investment for some folks is the initial set up cost. This cost can range anywhere from a few hundred dollars for small installations – like a pool heater, RV rig, or hunting lodge setup – to several thousands of dollars to fully outfit a home.
Are solar panels worth it Australia?
In every Australian state, no matter your electricity consumption, solar panels are worth buying in 2021. If you buy well, a good solar power system should deliver you savings for 25 years.
Does solar increase property value Australia?
The Real Estate Survey of Australia found that over 85\% of people agreed that solar panels add value to their property. Further, studies have shown that for each 1Kw of solar installed, your home value could increase up to 6000$. A 5kw installation can increase your property value by $29,000.
Are solar panels worth it if you are low energy user?
Not only are you more likely to be at home using your power during these periods, but it is also when electricity is most expensive. If you are a low energy user, you may wonder if solar panels are still worth it. The answer in most cases is still typically, yes, they are. And, it is better to buy a larger system than you need.
Are solar panels a good investment in Australia?
While there are many variables that impact the cost, savings and payback of solar panels, the upshot is that in Australia they are a good investment. Typically, solar panel systems will payback within 5 – 6 years and it is not uncommon for systems to pay for themselves within 4 years.
How long do solar panels take to pay for themselves?
Typically, solar panel systems will payback within 5 – 6 years and it is not uncommon for systems to pay for themselves within 4 years. If you buy well, a good solar power system should deliver you savings for 25 years. The most common system installed in 2021 is a 6.6kW solar panel system.
Are you eligible for the Victorian solar rebate?
All solar systems installed with CEC approved panels are entitled to the Australian government solar rebate. If you live in Victoria, you may be eligible for the Victorian solar rebate and be able to save up to a further $1,850 off the cost of a system, in addition to the federal rebate.