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Let us guess – you’ve heard about the boom of solar across the country. Perhaps you’ve read about it on the news or you’ve seen your neighbours install panels?
But why exactly has it grown so far and wide?
Let us explain.
First, let’s start with the good news – solar prices have plummeted over the last 10 years. In fact, because solar used to be much more expensive, people only ever installed 4 or 5 panels. Ever wonder how much more it used to cost?
Well, get this.
A 5kW system – a typical size today, would have cost you up to….$40,000! Ouch. These days, you can get a reliable system of that size – for as little as $6,000. How things have changed.
Now, with the bad news. As you probably know, electricity prices have skyrocketed. In fact, they’ve grown by more than 60% in the last 10 years! But the surprising thing is, this has actually been good news for solar.
This combination of cheap solar and high energy prices, means that solar just makes financial sense. And this is the key reason why over 2 million homes across the country have embraced this technology.
So how much economic sense does it make?
Well, with the savings you get on your electricity bills, you’ll pay back the initial investment in as little as 3-7 years. And you get to enjoy the savings on your bills for the next 25 years – the lifetime of a typical system.
Sounds great right?
We think so too.
And in case you’re wondering here are the average savings you can expect.
Thanks to this technology, reducing your electricity bills and making your home more sustainable has become easier than ever.
But will I get these savings, particularly if I’m not at home during the day?
You’re right. One of the biggest factors which will determine whether your solar system will pay itself back in 3 years or in 7 years, depends on the amount of electricity you’re able to use during day.
In fact, recent research from Choice looked at this factor – comparing the situation for someone that is at home during the day versus someone who isn’t.
What were their findings?
For households that exported 50% of their electricity (typical for someone at home during the day), here’s what they found:
- Source: Choice
And here were their findings for households that exported 75% of their electricity (typical for someone not at home during the day):
- Source: Choice
As you can see in Melbourne – even if you’re not at home, the payback time is 6 years.
Pretty good right?
So how does this innovative technology work?
Stay tuned for part 2 of our beginner’s course for a simple explainer of how solar works – coming to you tomorrow.
In the meantime, you can read about the savings that Leon and Julia got after installing solar through one of our trusted solar providers.