Are Solar Panels Worth it?
15th August 2024
Wondering if solar panels will really save you money on your energy costs? Read on as we explore whether solar is a worthy investment
Most Australians are no strangers to sweltering outdoor summers. With the high cost of electricity it’s only reasonable to avoid turning on the air conditioning. So perhaps solar panels are worth the investment?
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What are the advantages of solar?
Australia receives sufficient sunlight to supply the country’s energy demands several times over. Sunlight is free, which means, as a homeowner, you only need to pay for the purchase and installation of your solar photovoltaic (PV) system. The renewable energy is provided freely to you by nature, with zero greenhouse gas emissions.
Investing in solar panels for your home can bring about a range of benefits. Find out more about our Solar Feed-in-Tariffs and energy plans.
Some of the main advantages include:
- Solar is environmentally-friendly. With a solar PV system, you can generate clean, renewable energy for your household and make a positive impact on the environment
- Solar panels can help you save on your energy bills
- Installation of solar panels is becoming increasingly affordable
- Reduced reliance on the electricity grid
What solar energy system is best?
It is important to choose the right size and type of solar PV system for your home to ensure that your installation delivers a good return on your investment. Consider speaking to an expert to discuss what configuration would be best for your household energy requirements.
For example, solar PV systems which produce higher amounts of energy can better accommodate the needs of larger families, while smaller systems might be more cost-efficient for households with lower energy consumption habits.
Another consideration is whether to invest in battery solutions in addition to solar. With the right battery system in place, you can store excess electricity generated from your solar panels during the day. Stored energy can be drawn on when solar panels aren’t producing sufficient amounts of electricity, such as at night-time or during overcast conditions where there’s reduced sunlight. While it is more expensive to install a solar PV system with battery storage as compared to a solar only setup, investing in a solar and battery package can further reduce your reliance on the electricity grid.
Is solar worth it?
Your potential savings really depend on various factors. It is important to determine whether it makes sense for you.
Consider:
- Your current electricity bill – Electricity rates vary throughout different states and territories.
- Solar setup costs – Equipment and installation costs will vary, depending on the company you engage. Daily sunlight hours – Australia is bathed in abundant sunshine many days of the year, which is beneficial to solar, but if your panels are going to be exposed to shade for large parts of the day, solar may not be suitable. Daily sunlight levels differ across Australia.
The Small-scale Renewable Energy Scheme provides eligible renewable energy systems with small-scale technology certificates. These certificates can be sold to recoup some of the investment.
If you’re looking for a solar PV solution that can help you save on your energy bills while generating clean, renewable energy without relying on the electricity grid, opt for a PV system with:
- anti-reflective, anti-soiling surfaces;
- outstanding performance in low-light environments; and
- a warranty of up to 12 years.
The final word
Be sure to consider available sunlight hours, the cost of grid-supplied power and your ability to invest. By doing this, you could find that solar is worth it.
Join Red today
We’ve been powering what matters to Australians since 2004. Switch or move with Red today.
Join Red today
We’ve been powering what matters to Australians since 2004. Switch or move with Red today.
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About Red Energy
Red Energy is 100% owned by Snowy Hydro Limited, who own, manage, and maintain the Snowy Mountains Hydro-electric Scheme in New South Wales. Our Customer Solutions team is 100% based in Australia.