Is it worth it to install a solar battery system in Victoria in 2022?

The solar industry and renewable energy in Australia is developing quickly. Instead of relying on energy retailers for the electricity and burning fossil fuels, we are looking at generating our own electricity by installing a rooftop solar PV system. Solar power system has proved to be one of the smartest investments for Australian households and commercials. And why not? It helps save money and contributes to clean energy. 

While solar has favored the individuals in different ways, recently there have been a lot of talks about solar batteries. The latest data from Solar Victoria shows there are now 510,000 small-scale solar PV systems in Victoria – all together they generate almost a third of the state’s total residential electricity demand, with more than 15,000 households also having a solar battery. Now that the solar battery rebates are available, you might be considering hooking a solar battery with your existing solar system or buying a new system with battery. However, the question that might still keep you worried is is it worth it to install solar batteries in Victoria in 2022? To make your solar journey simpler and fruitful, we have talked about everything you need to know about solar panels and solar battery worth in this article.

How much does a solar power system cost in Victoria? 

The Victorian government currently provides a generous solar rebate of $1400 and an option of interest free loan of the same amount. The STCs (Small scale technology certificates) which is the subsidy from the federal government to install solar is also available in Victoria on a purchase of a new solar system. A typical 6.6kW solar system in Victoria costs, out of pocket, around $3299-$4499 (Net of STCs and Vic Solar Panel Rebate), however, the prices are subject to vary depending on the property specifications and the brand of solar products selected. Your customized solar quote is just a call away with Solar Miner , receive your obligation free quotes within minutes at the most competitive prices.

Solar batteries in Victoria

Solar batteries are used to store the excess power generated by your solar PV system, which can then be used at night or when required. Solar Victoria is supporting eligible Victorian households to install a solar battery, by providing a point of sale discount up to a maximum of $3,500. The most common size solar battery installed is 5kWh. A 5kWh battery in Victoria after including rebate might cost around $2500-$8000, depending on the brand of battery installed and the system size. Get in touch with our solar battery expert and learn more about your property’s solar and battery requirements and the solar battery rebate eligibility criteria.

Feed in tariffs in Victoria

If your solar system generates 20kw energy per day and you use only 10kw, the excess 10kw power gets fed back into the grid, for which you receive credits in your bill. And the credits you see in your bills for selling the excess power is known as feed in tariff. If we go down the memory lane, a few years ago the feed-in tariff rates were around 50-55c/kWh. And now the feed in tariff rates are around 6-9c/kWh. However, the bright side to look at is, the system prices a few years ago were around $10000-$12000 for a 6.6kW system and now have almost slashed by 60-70%. So, the solar system still counts as a fruitful investment. With high feed in tariff rates and high system prices, it would take longer for the system to yield fruits and pay back for itself, but now with lower prices and feed in tariffs, it takes less time for the system to pay back for itself. A typical 6.6kW solar system usually pays back within 3-5 years in Victoria. It is good to get into calculations before investing. Speak to one of the Solar Miner consultants and get your investment and savings analysis done for solar at your property. 

Is it worth it to install solar batteries and solar systems in Victoria?

The short answer is YES, solar rooftop systems and solar batteries both are worth it in Victoria right now. As the prices are competitive and the rebates are generous, the best time to install solar and battery storage is now. The prices are set to hike anytime soon due to the coal crisis and raw material shortages and the rebates are set to reduce from June 2022. So why wait to go solar and generate clean energy? Speak to one of our technical solar experts right now to get the most out of your solar deal.