Saving With Solar In 2024

Are Solar Panels Really Worth It?

The past few years have been monumental for Australians looking to take back control of their electricity usage all while making a positive (and massive!) impact on the environment. Across all major states, solar installation has surged, with more households than ever choosing to take advantage of the power of the sun.

If you’ve been considering going solar, now might be the perfect time to take the plunge. In this post, we’ll break down why investing in solar sooner rather than later makes smart financial sense and how it can benefit your household in 2024 and beyond.

The Sooner You Switch, the Sooner You Save

With rising electricity costs and growing environmental awareness, it’s no surprise that more Aussies are making the switch to solar. By tapping into renewable energy, homeowners and businesses are alike are drastically cutting their electricity bills. In 2023 alone, renewable sources accounted for 35% of Australia’s electricity generation, with solar energy making up a significant 16% of that total.

The sooner you make the switch to solar, the sooner you start saving too.

Consider your current electricity usage and annual spending (although it’s not usually a fun thought). Many are surprised to learn that a good quality solar system can pay for itself in as little as 3-5 years, leading to significant long-term savings.

What Does This Mean?

Understanding the potential return on investment for solar can seem complex. Let’s take a closer look at how switching to solar can significantly impact your savings.

According to the Clean Energy Council, the average sunlight exposure across Australia is about 4.2 hours per day. Using this figure, a typical 6.6kW solar system can generate around 28kW of clean energy each day. If you self-consume 50% of this energy—equivalent to 14kW—you’ll reduce your reliance on grid electricity by half.

With average electricity charges at 40.4 cents per kW, this translates to a daily saving of $5.65. While this might seem modest at first glance, over a year, it adds up to $2,062 back in your pocket.

Additionally, the remaining 50% of your solar energy, which you export back to the grid, can earn you further savings. Solar feed-in tariffs vary, but let’s assume an average rate of 5 cents per kW. Exporting this surplus can provide an extra $0.70 per day, or $255 annually.

That’s a whopping $2,317 per year on electricity costs alone!

Financing Options That Make Switching Easier

Switching to solar is a significant step, but with the right financing options, it can be a smooth and accessible process for everyone. That’s why, at SAE group, we have searched the market to find the best possible finance options to make it possible to affordably install solar on your home.

Brighte Financing

Brighte is our go-to financing partner, offering straightforward and affordable payment solutions for both solar panels and battery storage. Their process is quick and easy, with an online application that’s fast and simple—subject to lending criteria. Brighte is known for its transparency: no hidden fees, no gimmicks, and no added interest.

Community First Credit Union

For those seeking flexible investment options, Community First Credit Union offers financing with no monthly or account-keeping fees. Their plans are designed to be user-friendly and are backed by FCS, making it a great choice for those who want a reliable and cost-effective financing solution.

Zip Financing

Zip also provides a fantastic option for larger solar projects, offering up to $30,000 in financing with no upfront payment required. Their interest-free plans range from 3 to 60 months, allowing you to choose a repayment term that fits your budget. Applying is a breeze, with results available in under 5 minutes!

Not sure which option is right for you? Get in touch with us today. Our friendly team will work with you to determine the best options to suit your budget and solar needs.

Federal Government Financial Incentive Is Only Set to Decrease

When you buy a solar system in Australia, the government subsidizes a hefty amount of the retail price based on the STC price on the day of installation. However, it’s important to know that this incentive is designed to decrease over time and is set to phase out completely by 2032.

To give you an idea of how much this financial incentive can save you, let’s take a recent example: The STC financial incentive which has already added to this amount is $3,700*, with the original retail price prior to discount and incentive being $8,541*. Now that’s a saving not to be sneezed at!

This incentive is designed to be self-regulated, and as such the amount you can claim depends on the current market price of an STC.

For example, when demand is high for solar systems, more STC’s (small-scale certificates) are created, which in turn reduces the STC price and your subsidy amount. With demand for solar expected to increase over time, the STC price is also expected to decrease and lower the claimable amount for this incentive.

*STC value based on $35.00.

Selling, Staying or Letting?

Whether you’re planning to sell, stay, or let your property in the coming years, investing in solar is still a smart move. If you’re unsure about your future plans, rest assured that the growing demand for solar among buyers and renters means your investment will likely pay off.

• Staying Put: If you’re not planning to move, investing in solar means you can take advantage of today’s extensive warranty options, which can last up to 25 years. That’s a long time to enjoy reduced electricity bills and peace of mind without having to worry about rising energy costs!
• Selling: For those looking to sell in the near future, adding solar to your property can offer a number of benefits. Not only do you enjoy the advantages now, but you can see a boost in both property value and marketability by installing solar panels before listing your home. More buyers are also looking for properties with solar already in place, making your property more appealing in a competitive market.
• Letting: If renting out your property is on the horizon, solar can also be an advantage. Tenants are often willing to pay a bit more in rent for the benefit of lower electricity bills. By investing in solar, your property offers a feature that can attract quality renters.

Great Quality Has Never Been So Affordable!

Investing in solar energy is now easier and more affordable than ever before. Thanks to recent advancements in technology and research, solar systems are not only safer but also more budget-friendly.

The progress in solar technology has been impressive, removing the guesswork and time spent working out various calculations from the equation. Many modern panels come with smart monitoring features, so you can effortlessly track your energy production and savings. This means you can see exactly how much energy you’re producing and how much you’re saving in real-time, making it simpler to manage and optimise your investment.

As more people embrace solar and battery technology, the cost of solar systems has dropped significantly. This is great news, especially when you compare it to the ever-increasing electricity prices.

Not only have prices decreased, but the average size of solar systems has also increased. Just a few years ago, many households had smaller systems ranging from 1 to 3kW. Now, installing a 6.6kW system is becoming the norm for an average home, offering much better value and efficiency.

With these advancements and cost reductions, high-quality solar systems are more affordable than ever. It’s a prime opportunity to invest in a solar solution that delivers exceptional performance and savings, making it an excellent choice for your home.

Isn’t It Time You Got on Board?

It’s clear that every year you put off investing in solar is another year you miss out on both financial and environmental benefits. The sooner you make the switch, the more you stand to save and the greater your positive impact on the planet.

Don’t let these opportunities pass you by! Take the first step towards enjoying the savings and advantages of solar energy. We offer extensive solutions for residential homes and commercial clients alike. Give us a call today at 1300 18 20 50 to discuss your options or schedule a free, no-obligation energy assessment.