Commonly, many household owners are put off from opting for running their homes or businesses on solar energy over non-renewable energy due to the upfront costs. Whilst choosing this energy source may seem pricey compared to other methods, little do these people know that they could be saving money in the long run.
To find out how much solar really costs and how this compares to other energy generating systems, read on for more discussion and start being kinder to your budget and the environment today.
How much does solar cost?
The cost of installing solar panels will vary depending on several factors. This will include the company you choose to install them, how many you will want to install, the type of panels, and the ease of installation. Obviously, better quality panels will act more efficiently in the production of energy, so whilst they will cost you more upfront, they will save you more money in the long run. For example, thin-film solar panels are cheaper than crystalline panels, but they have lower efficiency, aren’t as durable, and will have to be replaced sooner. As for the ease of installation, having a simple angled or flat roof that faces the best solar absorbing direction will reduce your costs, whilst irregular roofing can make installation more complex and expensive. As you can see from these factors, pricing up solar panels isn’t as simple as it first might seem, but we can still estimate a rough cost below.
An installation can range from $3,000 to $20,000 for the installation of a solar panel system, although the cost really depends on how many panels you need to generate sufficient energy for your home. The initial investment shouldn’t put you off solar as you need to consider the long term comparison without. Investing in solar often returns your money within as little as 24 months but this depends entirely on the type of system you install. For example, an installation of a 6.6kW solar system may save you around $1,000-$2,000 per year, whilst an 8kW system can save you around $3,000 per year on electricity. Thinking about factors affecting your budget is therefore necessary when choosing what to install.
Other things to consider with costs
You may be able to offset your upfront solar panel cost with the Western Australia federal tax credit. This credit was made to promote the use of clean, renewable energy over generating systems that harm the environment. Since this credit is slowly decreasing over the years, you may want to buy into solar panels as quickly as possible to get the best budgeting outcome.
Another thing to consider with costs is that solar panels can heavily increase the value of your home. Whilst you shouldn’t necessarily install solar panels with the intention of moving house straight away, it’s certainly something that can benefit you in the future.
Therefore, whilst the upfront fee may be scary, solar panels certainly pay for themselves within a mere few years of their installation! Being cheaper than gas and electric heating systems in the long run, you can start saving money and help reduce our environment’s carbon footprint at the same time!
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We are local energy experts, providing residential solar power and commercial solar power solutions in Perth, Western Australia. We are a family owned and run business providing solar solutions (solar panels, solar hot water, solar battery storage, electric vehicle chargers and more), for both residential and commercial customers. We have been in operation for over 11 years and are trusted for our technical expertise, honesty, professionalism, aftercare support and consultative, friendly approach.