With over 290,000 solar panels installed in Australia in 2022, solar power is shaping a sustainable future while offering a compelling solution to reduce energy costs. But what exactly is the cost of solar panels? Let’s delve into this crucial aspect of harnessing solar energy.
Before making any steps to go green, you should consider affordability.
In this article, we will discuss how much solar panels cost in 2023 and the financial aid you can access to make this cost more accessible.
How Much Do Solar Panels Cost?
When considering the cost of solar panels, knowing the expense of all components will help you to prepare for the purchase. There are several components in a solar panel system, including:
- Photovoltaic panels – Solar panels contain photovoltaic panels that collect sunlight and harness their power to create DC energy. They are installed on a roof surface but can be installed in any area with sun exposure.
- Solar inverter – you require a solar inverter to ensure the DC energy generated by your solar panels is converted to AC energy. AC energy can be used throughout your home to power your appliances, whereas DC cannot.
- Solar battery – you must purchase a solar battery to use solar energy during dark hours. Using a solar battery allows you to store energy, save it, or even sell it back to the grid to save on your monthly energy bills. You can browse solar battery options on the SolarPath website.
- Solar installation services – don’t forget that you’ll need a solar installer to fit the solar panels on your roof. You should factor these costs into your budget before making your decision.
To help you calculate the total cost of solar panel system installation, below is a list of the solar panel costs in 2023.
| Component | Cost |
| Solar Panels | 3kW – $4000-5000 5kW – $4000-8000 |
| Solar Inverter | $1200-2800 |
| Solar Battery | $4,000-$20,000 |
| Solar Installation | $4000-7000 |
The total cost of your solar panel system will depend on numerous factors:
- The size of your system and the number of solar panels you want to install.
- The brand of solar panels and solar system components you choose.
- The size of the solar battery you wish to install.
- The installation company you choose.
You will generally need 12 solar panels for a 3kW panel system or 24 panels for a 6kW solar system. The cost will vary dramatically depending on the amount of solar power you wish to generate.
How To Fund The Cost Of Solar Panels
To fund the cost of solar panels, you can either save on your own or use the government grants and rebates available. Here are the NSW government grants and rebates you can use to fund your solar system installation in 2023:
- National solar subsidy – you can reduce the upfront cost of your solar panels by up to $2,900 using national solar support. The scheme is based on the number of STC certificates you hold and how much energy your system will produce.
- Solar for low-income households – low-income households can access a 3kW solar system in exchange for forfeiting the Low Income Household Rebate for 10 years.
- Feed-in tariff – if you export excess energy from your solar system to the primary grid, you’ll gain a payment in return for each kW produced.
If you’re interested in switching to an electric vehicle, you might also consider using the electric vehicles rebate, which will provide you with a $3,000 rebate on new vehicle purchases.
Should I Buy Cheap Solar Panels?
The simple answer is “no”. If solar panels are being sold at a low or underpriced value, this indicates that you could be getting scammed. Underpriced solar panels often have faulty or damaged parts. In addition, the components could be replaced with more affordable alternatives, deviating from branded parts.
As a result, your solar panels may not last as long, could cause faults with your home’s electricity system, or could be inefficient. Buying quality, reasonably priced solar panels is a lot safer. At SolarPath, we provide solar panels from reputable installers at a reasonable cost and provide installation services so we can meet all your solar needs.
Are There Maintenance Costs For Solar Panels?
When you invest in solar panels, the maintenance cost is very minimal. However, you might need to invest in cleaning tools and equipment to reach your roof. The only maintenance requirement for solar panels is regular cleaning.
By cleaning your solar panels, you can ensure there is no dirt or debris blocking the sunlight, which could decrease your system’s efficiency. You can clean them yourself to cut costs or pay for your solar panels to be cleaned 1-2 times each year by a professional.
Is It Worth Investing In Solar Panels?
When calculating solar panel costs, you might wonder if it’s worth it. To help you make your decision, here are some of the advantages you’ll gain when you install solar panels:
- More energy independence – at present, energy prices are rapidly fluctuating, leaving many homeowners struggling. Investing in solar panels allows you to mitigate your vulnerability to these fluctuations and gain more energy independence.
- Selling energy – you can improve ROI on your solar panels by investing in a solar battery and selling your extra power back to the grid using the feed-in tariffs system.
- Sustainability – you can go green by investing in solar panels and choosing a renewable energy source, lowering your household’s environmental impact and taking accountability for your carbon footprint.
For the above reasons, it’s worth investing in solar panels for your home.
Summary
When it comes to installing solar panels, the overall cost can vary based on factors such as the size of your system and the brand of components you select. However, the potential benefits and financial returns make it a compelling investment. Moreover, numerous government schemes exist to help you afford the upfront expenses associated with solar panel installation.
Consider SolarPath for solar panel installation – we are your trusted solar system provider and installer in NSW. We can help you to explore funding options for your system and access reliable parts. Contact us today.
Read Also:
How Do I Avoid Solar Panel Installation Scams?
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