Solar power can be an economical and eco-friendly way to power your house. 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. The state government of Melbourne offers a Solar Homes Rebate, which covers up to $1400 for the cost of installing solar panels on your home.
Solar panel installation cost
Solar panel installations can help you save money on your electricity bills. In addition, it adds tax-exempt value to your property. You can also reduce your monthly loan payments. Solar panels can bring in an average saving of 4.1%. An energy consultant can help you determine how to install solar panels.
There are many factors that determine the cost of solar panels. Your solar system should be installed on your roof. It must last at most 25 years. 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 panels installation in Melbourne is dependent on their size. A five-kilowatt system would cost between $5,550 and $10,000. If you opt for a 10kW system, the cost will be approximately $12,440. The inverter is included in this cost. For the average home, a 5-kW system should suffice. A ten-kW system may be required for larger homes.
Return on investment (ROI) of solar panels
You may be wondering if installing solar panels to your Melbourne home is worthwhile. Solar panels have become much more affordable in recent years than they were ten or twenty years ago. They've seen a drop in price of around 80%. Additionally, they are still subsidized under the net metering and federal tax credit laws. You can save substantial money by installing solar panel. Solar panels are not only eco-friendly, but they can also be a smart investment. Solar panels are able to return a much higher ROI than other investment options like property or the stock market. If you are looking for a long-term investment, solar panels can provide a high return over the next 25 years.
You can reduce your energy costs by installing solar panels in Melbourne. This will also help you get a great return on investment. For solar power, you can get tax credits or low-interest loans. Remember that solar panels can be expensive so you need to weigh the pros and cons of the project.
Rebates available for solar panels
Australia offers several rebate programs for solar panel installation. Some of these include the small scale renewable energy scheme or solar feed-in rates. The climate choices website has more information. Apart from solar panels there are hydropower and small-scale windsturbines that can also generate energy.
The Victorian government offers rebates of up 50% for residential solar systems. You can also get rebates for solar hot water systems or 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.
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 help reduce the cost to install solar panels. A typical 5kW system could be eligible for up to $4000 in financial incentives.