Solar power is a cost-effective and environmentally friendly way to power your home. Your annual electricity bill could be cut by as much as a thousand dollars depending on the size and capacity of the system. Federal and state governments offer various incentives for solar power. You can get a rebate from the state government for solar power in Melbourne. This rebate will pay up to $1400 towards the cost of installing a system of solar panels at your home.
Solar panel installation cost
Solar panel installations can help you save money on your electricity bills. It can also increase the tax-exempt value of your property. It can also lower your monthly loan payments. The average savings on a solar installation is 4.1%. If you are unsure of how to get solar panels installed, consult an energy consultant.
Cost of solar panels can be affected by several factors. Your system needs to be installed on your roof, and it has to last for at least 25 years. Systems that are cheap usually fail after 5-6 years. This can lead to thousands of dollars in repair and replacement costs. You can avoid this by choosing a solar system that has a guarantee.
The price of solar panel installation Melbourne depends on how big your system is. A five-kilowatt system will cost around $5,550 to $10,000. A 10kW system will run you around $12,440. The inverter is included in this cost. For a typical home, a five-kW system will suffice. If you have a larger home, you may need a ten-kW system.
Return on investment (ROI) of solar panels
If you live in Melbourne, you may be wondering if it's worth installing solar panels on your 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 can be an investment as well as being eco-friendly. The ROI on solar panels can be much higher than other investment options, including property or the share market. You can expect a substantial return on solar panels over the long-term if your thinking long term.
Installing solar panels in Melbourne is a great way to help reduce your energy costs and enjoy a great return on your investment. Low-interest loans and tax credits can also be available for solar power. Keep in mind that solar panels can cost a lot so make sure to evaluate the benefits and costs.
Solar panels eligible to receive rebates
Australia has several rebate programs for solar cells. Some of them are the small-scale renewable energy scheme and solar feed-in tariffs. These programs can be found more information at the climate choices site. Apart from solar panels there are hydropower and small-scale windsturbines that can also generate energy.
The Victorian government currently offers rebates as high as 50% for residential solar power systems. Solar hot water systems, and solar batteries are eligible for rebates. These incentives could save you a lot of money. A household in Melbourne, for example, may be eligible for an $1,400 rebate to purchase a PV system, and a $2950 rebate to buy a solar hotwater system.
STC program for business owners and Retailer Energy Productivity Scheme for retail customers offer financial incentives to help lower the initial cost. These incentives can help reduce the cost to install solar panels. A 5kW solar power system with a nominal output of 500 watts would be eligible for upto $4000 in financial rebates.