Having doubts over if you should be installing a solar panel system or not? You’re definitely not alone.
Numbers of people in NSW face the same dilemma. But still they choose to install solar panels.
Then, of course, they perceive the investment to be worth it.
But today’s blog is not about that. Here, we’re going to discuss why you should be considering installing solar panels.
There must be something in it for you to invest your money, right?
Interestingly, every solar company promises you can save thousands of dollars with solar.
But the actual key factors that really determine how worth it solar is for you are electricity rates and solar panel cost among other things.
Let’s dive right in to determine if Solar System NSW will be a worthy investment on the basis of some crucial factors.
Are Solar Panels Really Worth It in NSW? [Key Factors]
Before you jump in and buy a solar panel system, it’s important to consider some factors.
These will help you understand if solar is really for you based on your specific conditions.
Here are some of those important determinants. Take a look!
#1. Current Electricity Rates You Pay
Well, saving on energy bills is the foremost reason for installing Solar Panels NSW.
Usually, per day energy charges in NSW can vary anywhere from 20 to 30 cents per kWh depending on the retailer.
Further, the tariff will fluctuate depending on the peak and off peak hours determined by the energy distribution network.
On the other hand, even a small system size like 5kw Solar System can generate up to 25kWh per day.
Nonetheless, installing a solar panel can benefit you if you currently pay heavy charges on electricity bills.
And you can also export some unused energy back to the grid for added credit from the utility company.
#2. How Much You Pay for the Solar Panels
This is one of the initial thoughts that comes to mind when installing a solar panel.
The price you pay for installation can obviously make or break a deal.
Moreover, the pricing depends on your installer, the local incentives, solar system size, and solar panels brand.
Solar companies usually charge more for bigger system sizes like 10kw Solar System and 6.6kw Solar System.
Further, you need to check local incentives and how much they will save you in installations.
NSW enjoys some pretty good federal and local incentives. So, you might save more than you are thinking.
Most importantly, never go for cheap solar components in an attempt to save some dollars.
#3. What Is the Payback Period?
Before installing a solar panel, you need to know how much time it will take to pay back your investment in installing it.
The payback period usually depends on the following factors:
- Energy generation by the solar panels
- Current incentives
- The energy prices in your area
In other words, you’re in a good position if your panels generate enough energy, you save money through incentives, and the energy prices are higher than what you pay for solar.
In general, bigger panels like 6.6kW Solar Panels have quicker payback periods ranging from 3 to 5 years.
The obvious reason for this is the high energy generation capacity saving a heavy annual amount on energy bills.
On the other hand, a 5kw Solar Panels system will take about 6 to 8 years to pay itself back.
So, are solar panels really worth it?
Yes, definitely. But its exact worthiness for you will invariably depend on the above factors.
The good news?
The Best Solar Panel Installer NSW can help you evaluate your options!
Hire Top Solar Quote for Local NSW Solar Support and Services
We have been serving in NSW for many years and know the industry and local requirements through and through.
Top Solar Quote sources Tier-1 solar panels, inverters, and battery solutions directly from the top manufacturers.
Contact us for seamless installations of the following solar panels:
- 5kw Solar Panels
- 6.6kw Solar Panels
- 10kw Solar Panels
Further, we also offer 25-30 years of performance warranty on the installation of solar panels.
Our solar experts can help you decide which solar panels you should be installing after a free site assessment.