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. The federal and state governments offer different incentives for solar energy. Melbourne residents are eligible for a Solar Homes rebate. This will cover upto $1400 to install a solar system at their homes.
Cost of solar panel installation
Solar panel installations can help you save money on your electricity bills. You can also add tax-exempt property value. It can also lower your monthly mortgage payments. An average solar installation saves 4.1%. An energy consultant can help you determine how to install solar panels.
Cost of solar panels can be affected by several factors. The system must be installed on your roof. It should also last for at minimum 25 years. Low-quality systems can fail in five to six months, and it could cost thousands to repair. Avoid this by looking for a guaranteed solar installation.
The cost of solar panel installation in Melbourne varies depending on the size of your system. A five-kilowatt system would cost between $5,550 and $10,000. A 10kW system will cost you approximately $12,440. This price includes the inverter. For the average home, a 5-kW system should suffice. If you have a larger home, you may need a ten-kW system.
Return on investment (ROI), solar panels
You might be wondering if solar panels are worth it if you live in Melbourne. Solar panels are more affordable today than they were ten-years ago. Solar panels have seen a price drop of 80%, and they are still subsidised by the federal tax credit law and net metering law. This means that you can save a significant amount of money each year by installing solar panels. In addition to being environmentally friendly, solar panels are also a good investment. The ROI on solar panels can be much higher than other investment options, including property or the share market. And if you're thinking long-term, solar panels can deliver a high return over 25 years.
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
In Australia, there are several government rebate programs for solar panels. Some of these include the small scale renewable energy scheme or solar feed-in rates. These programs are described on the climate options website. Hydro power and small-scale windturbines are other options for producing energy.
The Victorian government offers rebates of up 50% for residential solar systems. Rebates are also available for solar hot-water systems and solar batteries. These incentives could save you a lot of money. A household living in Melbourne could be eligible to receive a $1,400 rebate on a photovoltaic system and a $2,000.95 rebate on a 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 dramatically reduce the cost and complexity of installation. A 5kW solar power system with a nominal output of 500 watts would be eligible for upto $4000 in financial rebates.