Grappling with the consequences of the high inflation rate (5.1% in Q1 of 2022), Australian homeowners are facing the heat again as Australian Energy Regulator (AER) recently announced a raise in default market offer (DMO) price. This simply means that consumers dealing with cost-of-living pressures will now have to pay more for their energy bills.
For consumers in Victoria, solar energy is the cleanest and the most feasible alternative to end the dependence on coal & fossil fuels. Approximately 15% of Victorian homes run on solar homes, but expectedly, a significant number of homeowners are missing out on solar energy. If you are determined to reduce your home energy spending in Victoria, solar is your only choice. Here’s how switching to solar makes a difference to your financial budget.
- Gain direct from rebates
The Victorian government initiated the “Solar Homes Program” in 2018, assuring incredible rebates for homeowners installing solar power systems. If your home is eligible for the rebate, you could save huge on the upfront costs of installing a solar system. Besides the program rebate, you could also gain from Australia’s PV subsidy that’s available for most homes.
- Myriad financial benefits
Besides the reduced cost of installing a solar system, Victorian homeowners can also gain huge by “selling” the excess energy back to the grid. Via the feed-in tariff, the savings can be huge. Before investing in solar, homeowners, however, need to find a reliable residential solar installer and discuss the payback time of the chosen system. For instance, Solar Miner offers Tier-1 Premium 6.6kw Family System for as low as $3151*, and a customer can save as much as $2200* in yearly savings. Consumers can get an assured feed-in tariff for every kilowatt-hour (kWh) exported from their provider.
- Saving with Solar PV rebate
So, what’s the expected payback time for a 6.6kw Family System? Top solar installers agree that the grid-connected PV systems in Australia should be able to achieve that within three to five years with the current Solar PV rebate. Even without the rebate, consumers can expect a payback time within seven to nine years. Select Tier-1 solar panels come with 25-year panel performance warranties, which allows a consumer to recover their initial investments. Victorians can check eligibility for Solar Homes Program at https://www.solar.vic.gov.au/
- Direct energy savings
An average household in Victoria can save at least $1200 per year, which is a direct reduction in energy bills. These savings can extend for up to 25 years, which takes the savings to over $50,000 for the entire period. Of course, there are additional savings for consumers investing in solar batteries. Excess energy can be stored for later use, which unswervingly minimizes grid dependency.
- Saving through limited maintenance needs
Solar systems, once installed, need minimum maintenance support. While panels don’t need much attention, consumers may have to replace the inverter, but that’s only after 15 years for most homes.
Investing in solar is the most cost-effective way of powering homes in Victoria without environmental concerns. Call Solar Miner today for a consultation and obligation-free estimates.