Is it worth it to install solar panels in Victoria in 2022?

According to Solar Victoria, there are roughly 510,000 Victorian residences with solar panels, which provide nearly a third of the state’s total electricity demand. Australia’s energy business is quickly changing. While we’ve traditionally relied on fossil fuel for our energy demands; solar, and the other renewable energy technologies are increasingly assisting homeowners in regaining control of their power. We are prompted to talk about sustainability and the concept of solar energy. Across the years solar rooftop systems have proved to be highly efficient, economically beneficial and environment friendly.

Is Melbourne particularly a good place for solar installation?

Melbourne is known for its changing seasons. You might experience a really hot sunny day, rains and hail all on the same day. So you might doubt if Melbourne is a good place to install solar panels. However, the fact is we receive typically 6-7 hours of sunlight a day during summers which makes Melbourne highly suitable for installing solar panels. If you’re a homeowner in Melbourne or surrounding areas of Victoria considering having solar panels installed, you need to feel confident that they will generate a reliable supply of electricity for your home all year round. 

How much do solar panels cost in Victoria?

With the aid of Victoria government’s solar rebate scheme you can save thousands of dollars on the purchase of your new solar power system. Additionally, you can benefit from the excess electricity fed back to the grid in the form of solar feed in tariffs. A table below lists the prices for common sizes of solar systems in Victoria. It also represents the maximum to minimum amount an individual might pay for the solar power system. However, the prices are subject to vary based on the products, warranties and other factors that affect the pricing.

Solar Victoria program

Solar Victoria is offering a rebate of $1400 plus the option of interest free loan. Eligible homeowners can claim rebates and reduce the cost of installing solar. The criteria for eligibility as follows:

• Income should be under $180,000
• You should be the owner of the property
• The house should be valued under $3 million
• The solar should not already be installed

However, the rebate amount of $1400 is going to change from 1^st July. Last year the rebate was reduced from $1850 to $1400. If you are looking at installing solar, now is the best time to claim the rebates and lock the deal before the changes get applied. 

Is it still worth it to get solar in Victoria in 2022?

The short answer is yes solar is absolutely worth it in Victoria, let us explain it in detail. Solar prices have dropped considerably over the last five years as solar manufacturers have achieved economies of scale in production and installation procedures have been standardized. If you were to install a typical 6.6kW solar system in 2012, it might have cost you $9000-$12000. Everyday new advancements are being made in the field of solar industry and researchers are continuously working on improving the efficiency of solar panels even further. Although the cost of solar panels and rebates are declining, the payback period still remains the same (For a 6.6kW system it is 3-5 years, it may vary depending on location and brands installed). On average the cost of electricity in Victoria is 22c/kWh. Let’s suppose your system generates 16-20kWh of electricity every day, with this calculation you might save $106 per month on your electricity bill. It can get technical to understand these calculations. Our friendly team at Solar Miner can help you analyze your bills and calculate the savings you can get after investing in solar.