Solar power is an environmentally friendly and cost-effective way to power your home. Depending on the size, your annual power bill can be saved thousands of dollars. There are many incentives available from the federal and state governments 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
Solar panel installation can help you save money on electricity. You can also add tax-exempt property value. It can also lower your monthly loan payments. A solar installation can save you an average of 4.1%. Talk to an energy consultant if there are any questions.
Cost of solar panels can be affected by several factors. 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. To avoid this, you should look for a solar installation that comes with a guarantee.
The cost of solar panel installation in Melbourne varies depending on the size of your system. A five-kilowatt system should cost from $5,550 up to $10,000. If you opt for a 10kW system, the cost will be approximately $12,440. This amount includes the inverter. A five-kW system is usually enough for the average size home. You may need a system with ten kW if you have a larger house.
Return on investment (ROI), solar panels
If you live in Melbourne, you may be wondering if it's worth installing solar panels on your home. Solar panels have become much more affordable in recent years than they were ten or twenty years ago. During this time, they've fallen in price by 80% and are still subsidized by the federal tax credit and net metering law. This means that you can save a significant amount of money each year by installing solar panels. 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. For those who are thinking long-term solar panels may offer a high return for 25 years.
Solar panels Melbourne are a great way for you to reduce your energy bills and get a great return. You can even get tax credits and low-interest loans for solar power. Remember that solar panels can be expensive so you need to weigh the pros and cons of the project.
Rebates available for solar panels
In Australia, there are several government rebate programs for solar panels. 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. Other than solar panels, hydro power and small-scale turbines can also produce energy.
For residential customers, the Victorian government offers rebates up to 50% on solar power systems. Rebates are also available for solar hot-water systems and solar batteries. 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.
For business owners, the STC program and the Retailer Energy Productivity Scheme provide financial incentives to reduce the initial cost of solar panels. These incentives can greatly reduce the cost for installation. A typical 5kW solar power system would qualify for up to $4000 in financial rebates.