Can you save your power bills using solar power? Yes, is a definite answer for many households in NSW. However, how much you can save depends on several factors, and we will break down the facts for you here.
Is Solar Power a Valuable Option?
Many of you might still be wondering if solar panels are worth buying in terms of savings. On the one hand, electricity bills are soaring up in Australia like never before, whilst on the other hand, solar panels are more affordable now than ever.
Let’s assume you have installed 5kW solar power in your home, and you are paying 30c per kWh – you are more likely to save from $1800 to $2200 a year. Moreover, installing a good quality 5kW solar power will cost you only around $4000 to $6000. Also, you benefit from generous government rebates and feed-in tariff schemes. So, they are sure to pay you back in 3 to 5 years.
How Much Do They Save on Your Power Bills?
To better understand how much you can save by installing solar power, firstly, you should compare it with how much you spend on your power bill. So, with a good quality solar panel, you will be saving for every kWh of energy that you spend in the day.
In NSW, you may be paying anywhere around 25 to 35c per kWh if you are on a flat-rate tariff. And your bill may shoot up to 50c per kWh during the peak billing period if you are on the time of use tariff.
Alternatively, by installing solar power, you can save up to $400 per kW on your power bill in NSW. So, for a 5kW solar system, you can save up to $2000 a year, and for an 8kW solar system, you can save around $3400 a year.
So How Much Can You Effectively Save on Power Bills Using Solar Power?
To begin with, solar panels are an asset that will last for around 20 to 25 years. If you care to invest in good quality solar panels, you can also save on maintenance. Depending upon the size of the solar system and your usage pattern, you can cover up to 75% of your annual power bill, paying only 25% to your power retailer. So, easily within a few years, your solar system will pay for itself, leaving the rest to savings.
For this, go through your metre reading to know your average daytime power consumption and your average power consumption per day (24 hours). Based on your average power consumption per day, your solar installer will recommend the correct solar system for you. Also, make sure to ask them about the efficiency of solar panels. If you want to significantly reduce your electricity bill, you may want to consider installing a solar battery and sizing up your solar system. It will show valuable savings on your power bill, including the winter months. Your solar installer will be able to help you with this.
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With affordable rates and great energy bill savings, this is the perfect time to install solar panels for your home and business in NSW.
Contact our expert solar installers for further queries or solar installations for your home or business in Port Macquarie, Coffs Harbour, Newcastle, Nambucca Heads and Taree areas of NSW. You can also request a free quote by filling our contact form here.