What Do Solar Panels Cost and Are They Worth It?

Over the past few decades, most Australian households have noticed many solar installations on their property. The reasons for using clean-sourced energy over fossil-fueled electrical energy are obvious - you get to save hundreds, if not thousands, on your quarterly/annual utility bill and reduce your carbon footprint by being a helping hand to the environment. While some homeowners are quite satisfied with paying for the installation and achieved their energy goals, others didn't. But why?


There are countless numbers of factors that affect the cost of solar energy systems. Whether solar is a smart long-term investment for you depends on a variety of factors - your daily energy consumption, sun exposure, correct installation, roof space, and more. Depending on all these factors, you will be able to analyse the cost of the solar panel and whether or not it is worth installing on your property.



How Much Do Solar Panels Cost?


One of the most crucial things you need to be aware of is that installing a solar system at your place could be expensive at the initial cost. Solar systems can indeed help you save thousands on your monthly utility bills, balancing your startup expenses and government solar rebates will help reduce the cost of solar panels. However, the initial investment for installing a residential solar system can be a bit pricey. How?


As mentioned earlier, the cost of a solar power system depends on a variety of factors, including the type of solar panels used for installation, the number of PV panels required, the size of the solar system, and the hired solar panel installation company. A cheap priced solar could be more expensive in the long term considering the high risk of replacement in a few years' time.


The average cost of installing a tier-one quality 6.6kW solar system can be anywhere between $4000 to $10000. The prices may further fluctuate depending on the government incentive programs and the installation quality. Regardless of the size, company or type of solar panel you choose, it is crucial to understand which will work best for you and your energy needs and long term goals.


How Long Do Solar Panels Last?


Apart from understanding the initial cost of installing a solar panel, homeowners should also consider learning about the longevity of the solar system. Right install and high-quality workmanship is the key even more than the panel brands, etc. How long will the solar panel last? Will they provide enough power to continue sustaining your energy needs? Will they run long enough for you to cover up your initial installation cost?


The longevity of the solar system will again depend on the type of solar PV panels you chose. Generally, residential solar PV systems can last anywhere between 20 to 30 years. However, the system will require a few minimal maintenance and upkeep for optimal performance and energy production. Tier-one quality solar panels have great warranties, ensuring the solar system lasts for at least two. When buying a solar PV system, always analyse the warranty information offered by the solar company.


How Much Money Will You Save With Solar Panels?


Before installation, homeowners often have a question related to how solar can help them save money - Will it offer a scalable ROI? How much power will a home solar system generate? How much money will it save you? Will it gradually slow down your soaring high electricity bill? Will it help me get rid of fluctuating utility bills?


The amount of money you save on your monthly/quarterly/annual utility bill can depend on your daily energy consumption needs as well as the efficiency and power produced by your solar PV panels. Another factor that may affect the savings is your location. If you live somewhere with a higher cost of electricity, you will save more. Similarly, if you live in an area where electricity rates are lower, you will save less.


Generally, solar power systems can reduce your utility bill by around $400 per year per kW of solar. For instance, if you install an 8kW solar system, you may save up to $3,400 annually or $850 every quarterly bill.


Are Solar Panels Worth It?


Ultimately, whether solar panels are worth it depends on an individual's daily energy needs and their motive. Going solar, however, is a smarter option for those having ample sunlight exposure, roof space, and soaring high energy bills.


As one of the leading solar panel installers in Australia, we will install tier-one quality solar panels at your property. If you have any solar queries, call us on 1300 509 130.


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