Solar power is a cost-effective and environmentally friendly way to power your home. Depending on the size of the system, you can save thousands of dollars a year on your power bill. Both the federal government and the state governments offer incentives for solar power. In Melbourne, you can claim a Solar Homes rebate from the state government, which will cover up to $1400 of the cost of installing a solar panel system on your home.
Solar panel installation costs
A solar panel installation can save you money on your electricity bills. Additionally, the solar panel installation adds tax-exempt worth to your property. It can also lower your monthly loan payments. The average savings on a solar installation is 4.1%. An energy consultant can help you determine how to install solar panels.
There are many factors that influence the price of solar panel. The system must be mounted on your roof and should last at least 25 year. 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 solar panel installation in Melbourne varies depending on the size of your system. A five-kilowatt system costs between $5,550 and $10,000. For a 10kW system, it will cost approximately $12,000. The inverter is included in this cost. For the average home, a 5-kW system should suffice. You may need a system with ten kW if you have a larger house.
Solar panels provide a good return on investment.
You may be wondering whether it is worth installing solar panels in your Melbourne home. Solar panels are much more affordable now than they were ten year ago. Solar panels have dropped in price by 80% during this period and are still subsidized via the federal tax credit, net metering law, and federal tax credit. 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 may offer a greater return than other investments options such as the share market or property. You can expect a substantial return on solar panels over the long-term if your thinking long term.
You can reduce your energy costs by installing solar panels in Melbourne. This will also help you get a great return on investment. Low-interest loans and tax credits can also be available for solar power. It is important to consider that solar panels are expensive and you will need to decide whether the investment is worthwhile.
Solar panels eligible to receive rebates
In Australia, there are several government rebate programs for solar panels. Some of them include the small-scale Renewable Energy Scheme and Solar Feed-in Tarifs. You can find more information on these programs on the climate choices website. Hydro power and small-scale windturbines are other options for producing energy.
For residential customers, the Victorian government offers rebates up to 50% on solar power systems. Solar hot water systems, and solar batteries are eligible for rebates. These rebates could help you save significant 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.
The STC program and Retailer Energy Productivity Scheme offer financial incentives for business owners to lower the initial cost of solar panel installation. These incentives can significantly reduce the cost of installation. A typical 5kW solar power system would qualify for up to $4000 in financial rebates.