Like many other critical systems that make up your home, a solar system may mean making a relatively substantial investment. However, that investment pays for itself in a short amount of time, and then for the remaining life of the system, you reap the enormous benefits.
What is the Initial Cost of a Solar System with Battery Storage?
A solar system consists of a few components to make it all work. For starters, you need a grid system of solar panels, Quality Hybrid Inverter for power conversion and you also need solar batteries that hold the energy until you use it. You will also need the same (hybrid) inverter or an additional battery inverter that converts the stored battery energy into the proper voltage for your home.
There are different options for smaller and larger systems, but you can expect to pay somewhere between $14,000-$22,000 for your solar powered system with battery storage
Can I Offset This Investment?
Not only will you be able to see a return on your investment, but there are also incentives for switching to solar energy. Households and small businesses across Australia that install a small scale renewable energy system may be able to receive a benefit under the Small-scale Renewable Energy Scheme (SRES) to help with the purchase cost.
Be sure to learn more and check your eligibility here.
How Long Will It Take, to See a Return on the Investment?
Depending on the cost of electricity and solar energy, the actual time it takes you to recoup your initial investment may vary. However, it typically takes between 7-9 years to start seeing a return on your investment at this time.
The good news is a solar system is designed to last 25 years, so after that first few years, the rest is gravy. Plus, as a bonus, you may never have to pay for energy again. Most quality batteries are designed to last up to 15 years of life; realistically, you can expect the capacity over its lifetime to diminish, though the benefits for some can far outway the upfront costs.
These benefits include power cost savings for night time use and day time use on cloudy days, automatic emergency power supply (typically in stormy weather), and grid instability in some areas of our country.
How Much Will I Save?
Although every situation is different, on average, consumers save about $2,000 per year with a small system and up to $3,000 for a large system, after switching to a solar system. Because a solar system is more affordable than ever before, now is the time to switch!
If you would like a free quote, or want to learn how you can save big with a solar system, contact Raffin Electrical Contractors, and we can help!