There are a few factors which determine the cost at which solar panels are sold in the market. The cost of solar panels can vary depending on the size and layout of your home, as well as its location. The cost of solar panels is also determined by the manufacturing cost itself. Over the years, the manufacturing cost has significantly come down as advancements have been made in the solar industry thus making the installation of a solar power system more affordable. The average cost to install a system of solar panels is anywhere from $2999 to $5000 for an average 6.6kw system.
For the common Australian resident, the increasing electricity bills has proven to be a strain on their budget, especially during periods of heavy usage. Installing solar panels on your roof and generating your own power can bring a significant reduction in your electricity bills. Solar panels are able to convert the abundant solar energy from the sun into electricity that can be used to power your appliances, thus giving you a freedom from relying on the grid completely for all your power needs
Installing a solar power system is considered a great investment because beyond the initial up-front investment, solar panel maintenance is fairly minimal. The upkeep of solar panels is fairly easy as they only require an easy cleaning so that leaves, debris, and other obstructing materials don't accumulate on them. This is to ensure that the solar panels do not get any obstructions which prevents all the sunlight from hitting them and rendering them less efficient. Solar panels generally come with a warranty of 15 to 25 years, thus giving you some type of assurance that you won't have to keep putting in more money into your transition to solar power beyond the initial investment.
Solar power is bound to give you stellar financial gains not only in terms of the savings you can potentially make by installing this system size but there are more incentives set up by the government that will help you to get a faster return on the investment you make to install a solar power system. The government has set up schemes for tax credits that you may be eligible for that can help offset the cost of installing the solar panels on your roof. There are also initiatives like the “Green Loan” set in place for a solar panel setup in case you are unable to bear the initial cost of installation along with various other financing options.
When considering the Return On Investment (ROI) that installing a Solar Power System can potentially have, it is necessary to take into account the performance and gradual degradation rates over the life of the solar panels and the solar inverter that you decide to install. Although cutting corners by going with cheaper solar panels will mean lower upfront costs and these solar panels may perform well for a few years but over time (usually 5-8 years) the cheaper panels are likely to suffer more severe degradation which ultimately affects the performance of the panels. Most premium solar panel brands will have lower rates of degradation, less chance of failures and will still be able to operate closer to the rated power rating which results in higher energy yields and greater returns. After 10 to 15 years, higher quality premium panels that use N-type cells will likely be outperforming low-quality panels close to 10% which is a considerable amount when you calculate this over the annual power generation.
High quality solar panel manufacturers offer a lower risk of solar panel failure or performance issues. Solar panel manufacturers who have a reliable reputation in the Australian market and have undergone independent testing to verify long term performance of the solar panels are likely to last for longer duration and yield high performance. The financial stability of the Solar panel Company is also important to ensure that the warranty is honoured well into the future thus making them a reliable option for potential buyers. However, despite the assumed reputation of quality solar panel brands, several large solar manufacturers like SunPower have had serious financial difficulties and some have even become insolvent over the years so there is a growing trend for solar manufacturer warranties to be backed up by large third party insurance companies or organisations like PowerGuard.
Solar panels not only save you money on electricity but they also add value to your home. However, before making the decision to install a solar power system on your room, you need to be sure of certain details as the installation of solar panels may not work for every home design. The direction your home faces and the roofing materials used also play a huge part in determining whether or not your roof can handle the installation of a solar power system. As more advancements have been made in the solar industry, mapping softwares like Nearmaps help identifying whether your roof is eligible for a solar installation or not with more than 90% accuracy rate. Our solar experts at One Solar will then be able to guide you in the right direction to get you the best system for your home.
In conclusion, solar panels can be a solid investment and save you a lot of money in the long run but it is important to invest in the right brands to be guaranteed a good return on your investment. At One Solar, we only deal in quality brands and offer you the best premium options to give you the best returns in terms of savings and longevity of the system.