By now you’ve probably heard the buzz around solar powered energy, boasting that it can save you thousands of dollars on your energy bill. Between the rising cost of electricity derived from traditional sources, and the declining cost of solar panels over the last several years, making the switch to solar power seems like a no-brainer for many homeowners.
But is solar energy really worth the investment? The answer to that question depends on a few key factors, including your location and current energy bill. We’ll explore whether or not solar panels are worth the investment below.
The Cost of Solar Power Panels
To determine if solar energy is worth your investment, it’s important that you understand the costs associated with solar energy panel installation.
As solar technology has advanced significantly over the past few years, the cost of solar energy panels has decreased, making them affordable for everyday Australian homeowners. In fact, you could be looking at a return on your investment in just 3-5 years.
Solar energy can reduce your power bill around $400 per year per kW of solar. So, if your home has a 5kW solar system in place, you could save around $2,000 a year on energy costs, which is a significant reduction.
A good quality, 5kW solar system will cost you anywhere from $6,000-$10,000 to install. If you save $2,000 per year on your energy bill, your solar system could pay for itself within 3 years.
It wasn’t too long ago that the cost of solar systems would take 7-8 years for homeowners to see a return on their investment. The lower cost of solar technology shows that it has really improved over the last few years, making it more accessible and profitable than ever
Choosing The Right Solar Panels For Your Home
There are many options when it comes to buying solar equipment and installation services for your home, and you certainly need to do your research before making a decision.
You can buy a cheap solar system for $2,000, but it won’t be worth your investment. The cheaper end of the solar power industry is plagued with issues ranging from poor-quality panels, unprofessional installers, and a lack of support and warranties.
When it comes to installing solar energy panels on your home, you want to make sure you are buying high-quality panels from a reputable and professional company. Otherwise, your time and money will be wasted.
So, Are Solar Panels Really Worth The Investment?
The answer is, yes– if you have the budget for a high-quality system from a reliable installer. A quality solar system can last you over 25 years and give you a return on your investment in just 3-5 years. A 5kW system could save you up to $50,000 off your energy bills over the course of its lifetime.
If you’re looking for a way to harness sustainable energy and reduce your carbon footprint, all while saving money in the long run, solar energy may be a great investment for you.
Interested in seeing if solar energy is a good fit for your home? Give the professionals at Pulse Electrical a call today. Our team is on the cutting edge of solar technology, providing only the best panels and most professional service around, guaranteed.