Solar power is both cost-effective and sustainable. Depending on the size, your annual power bill can be saved thousands of dollars. Both the federal government and the state governments offer incentives for solar power. Melbourne residents are eligible for a Solar Homes rebate. This will cover upto $1400 to install a solar system at their homes.
Solar panel installation cost
A solar panel installation will save you money on your electric bills. It can also increase the tax-exempt value of your property. It can lower your monthly loans payments. An average solar installation saves 4.1%. If you are unsure of how to get solar panels installed, consult an energy consultant.
Cost of solar panels can be affected by several factors. The solar panels must be placed on your roof. They should also last at least 25-years. Most systems that are cheaper than expensive will eventually fail after about five to six year, which can result in thousands of dollars to repair or replace. Look for a solar panel installation that offers a warranty to avoid this.
The cost of installing solar panels in Melbourne will vary depending on the size and complexity of the system. A five-kilowatt system would cost between $5,550 and $10,000. A 10kW system will cost you approximately $12,440. This price includes the inverter. A system of five kW is sufficient for a home of average size. If you have a larger home, you may need a ten-kW system.
Return on investment (ROI) of solar panels
You may be wondering whether it is worth installing solar panels in your Melbourne home. Solar panels have become much more affordable in recent years than they were ten or twenty years ago. They have fallen in cost by 80% over the past decade and are still subsidized through federal tax credit and net-metering laws. Solar panels are a great way to save money each year. Solar panels are not only eco-friendly, but they can also be a smart investment. Solar panels offer a better return on investment than property and the stock market. Solar panels are a good investment if you think long-term. They can return a large amount over 25 years.
Installing solar panels in Melbourne is a great way to help reduce your energy costs and enjoy a great return on your investment. Low-interest loans and tax credits can also be available for solar power. Just keep in mind that the costs of installing solar panels can be high, so you'll need to decide if the installation is worth it.
Solar panels eligible for rebates
Australia has several rebate programs for solar cells. Some of them are the small-scale renewable energy scheme and solar feed-in tariffs. The climate choices website has more information. Additional to solar panels and hydro power, there are small-scale wind turbines and hydro power that can also produce electricity.
The Victorian government is currently offering rebates up to half off for residential solar power systems. There are also rebates available for solar hot water systems and solar batteries. These incentives can save your household a considerable amount of money. For example, a household in Melbourne may be eligible for a $1,400 rebate for a PV system and a $2,950 rebate for a solar hot water system.
STC and the Retailer Energy Productivity Scheme are financial incentives that can be used to reduce the initial cost for solar panels. These incentives can significantly reduce the cost of installation. A typical 5kW solar power system would qualify for up to $4000 in financial rebates.