Cost and Benefits of Installing Solar PV System in Victoria in 2023

Have you noticed a spike in your energy costs in the past two years? The electricity prices have only moved forward north in the past two years affecting the overall budget and increasing the expenses. Renewable energy is one of the best ways to reduce the energy costs while making a positive environmental impact. However, most of us still refrain from adopting solar energy for our electricity needs. The two most common factors that all of us consider before making a decision to go solar are the costs and benefits associated with it. And why not? After all, it’s an investment. 

There are several costs and benefits to consider when looking forward to installing a solar PV system in Victoria, Australia in 2023. In this article we shall talk about a few common factors to consider:

Costs Analysis:

The upfront cost: 

The upfront cost of installing a solar PV system is one of the biggest factors that stop us from switching to solar for our electricity requirements. The cost of installing a solar PV system in Victoria is based on several factors including but not limited to size of the solar PV system, the property type, the property phase, the location of the property and the brand of solar products preferred. A typical 6.6kW residential solar system can range from $3,500 to $7,500 depending on the system size and the quality of the components. It seems easy and financially viable to pay for electricity bills rather than incur the upfront costs. However, here’s the calculation that you shall consider:

Let’s suppose your quarterly electricity bill is $400-$600. Installing a 6.6kW solar system from Solar Miner might cost you $3300-$4000 (the price may vary depending on the property specifications). Now after getting solar modules on the roof, let’s suppose you save 50-70% on your electricity bills. We assume you save $900-$1500 annually on your electricity bills, which means your system pays back within 3-5 years of time, providing you free electricity for the lifespan of solar. 

However, the question still remains, what if you do not have enough money on hand to pay for the system upfront right now? Reduce the cost of installing solar by claiming your Victorian government solar rebate, solar panel rebates are available of up to $1400 plus the option of an interest free loan. Check your solar rebate eligibility with Solar Miner experts at 1300285885.  

Maintenance Costs: 

It’s easy to invest in solar modules, however, it is difficult to maintain them for the years to come. This is one of the major concerns in the mind of individuals, stopping them from investing in solar energy. Solar panels are pretty low maintenance, however, it is advised to get your solar PV system checked from an experienced professional once every 5 years to ensure everything is up and running for optimum results.

Grid Connection Costs:

You can save significantly on your electricity bills with a solar PV system by feeding back the excess electricity generated by your solar PV system to the grid and receiving credits for the same on your electricity bills. However, most of us think we might need to pay extra for the connection fee to the electricity provider for the same. It’s hassle free from start to end with Solar Miner. Our team takes care of your grid connection and other documentation processes related to rebates. Our package is inclusive of all the formalities and flexible finance options. Get an obligation free customized solar quote today. 

A look at Benefits:

Energy Cost Savings: 

One of the main benefits of installing a solar PV system is the reduction in your electricity bills. The system generates electricity from sunlight, which means you will need to purchase less electricity from your electricity retailer. This can result in significant savings over the life of the system.

Environmental Benefits: 

By generating electricity from a renewable source, a solar PV system can help reduce greenhouse gas emissions and combat climate change. In Victoria, where coal-fired power plants still dominate the electricity grid, the environmental benefits of solar PV are particularly significant.

Property Value: 

Studies have shown that homes with solar PV systems sell for more than homes without them. This is because buyers are increasingly interested in energy-efficient homes and may be willing to pay a premium for them.

Government Incentives: 

The Australian government offers various incentives to encourage the installation of solar PV systems. These incentives can help offset the initial installation costs and make solar PV more affordable for homeowners.

To wrap it up… 

In conclusion, the benefits of installing a solar PV system in Victoria outweigh the costs in the long run. The initial investment may seem high, but the energy cost savings, environmental benefits, and potential increase in property value make it a smart investment. Additionally, with the various government incentives available, solar PV has become more accessible and affordable for homeowners. Solar Miner offers a smart home bundle solution which is a one stop complete solar system solution. Secure your bundle offer now at 1300285885.