Photovoltaic cell on the background of sunset

Will Solar Power Save You Money?

Photovoltaic cell on the background of sunset
by
Rochelle

In recent years, electricity prices have risen and the cost of installing solar panels has dropped. When you consider the advantages of solar power as a clean and sustainable energy source, and that it’s possible to recoup the cost of installation within five years, it makes perfect sense to go solar and stop relying on energy providers whose only interest is their bottom line. If you’re considering going solar, here are some advantages and disadvantages to help you make a more informed decision.

High Start-Up Costs

Solar power has been around for long enough now that most people are familiar with the idea. The high start-up costs have previously deterred many people from adopting solar energy, but in the last few years, solar technology has improved greatly and solar power systems are now more efficient and cost less. However, there’s still a large initial outlay, and the more energy you want to produce, the bigger the cost will be.

Electricity Cost Vs Solar Costs

When you consider that the average price of electricity from your energy retailer is around 22-30 cents per kWh, and solar energy costs around 5-6 cents per kWh to produce, you don’t even have to do the math. If you don’t have battery storage, your excess solar power will be fed back into the grid and your retailer will give you a credit on your bill.

Savings Depend on Capacity

How much you save will depend on your quarterly energy bill and the size of the solar array you install. Typical savings for a 5Kw mid-sized system is around $2000 a year. If you purchase batteries to store your excess solar power, you can use it at night and potentially generate all your own power for total independence.

Advantages of Solar Power

There are many advantages to solar power besides the ones described above. It’s free, clean, green, low maintenance, quiet, abundant and safe, and technology is improving all the time. It used to take more than 7 years to recoup the cost of installation but these days you can realistically do it in 3 years.

Disadvantages of Solar Power

The main disadvantages are the high cost of start-up and batteries for storage, although the cost is coming down. Overcast and rainy days mean you won’t produce as much energy, but battery storage or back-up from the grid can compensate. The solar panels also use a lot of space, but since many are installed on the roof space you’re not using anyway, it’s not usually a problem.

Environmental Sustainability with McDonald Jones Homes

For more than 30 years, McDonald Jones Homes has been building quality homes that stand the test of time. We believe your home is much more than the sum of its parts and we’re here to inspire lifestyle possibilities and create new, sustainable futures. Take a look at our stunning and innovative new home designs, our convenient house and land packages so you can move into your new home sooner, or visit one of our extraordinary display homes near you. Call us on 1300 555 382 for more information about our award-winning homes.