Solar power is an eco-friendly and economical way to provide power for your home. Depending on the size, your annual power bill can be saved thousands of dollars. There are many incentives available from the federal and state governments for solar power. Melbourne residents can apply for a Solar Homes rebate through the state government. This rebate covers up to $1400 in the cost installation of a solar panel system.
Solar panel installation cost
A solar panel installation will save you money on your electric bills. In addition, it adds tax-exempt value to your property. It can lower your monthly loans payments. Average savings from a solar panel installation are 4.1%. Talk to an energy consultant if there are any questions.
There are many factors that determine the cost of solar panels. The system must be mounted on your roof and should last at least 25 year. Cheap systems usually break down after five to six years, which can cost thousands to repair or replace. To avoid this, you should look for a solar installation that comes with a guarantee.
The cost for solar panel installation in Melbourne depends on the size of your system. A five-kilowatt system can cost anywhere from $5,550 to $10,000. The cost of a 10kW system is approximately $12,440. This figure includes the inverter. For the average home, a 5-kW system should suffice. You may need a system with ten kW if you have a larger house.
Solar panels have a high return on investment (ROI).
You may be wondering if installing solar panels to your Melbourne home is worthwhile. Solar panels are much more affordable now than they were ten year ago. During this time, they've fallen in price by 80% and are still subsidized by the federal tax credit and net metering law. This means that you can save a significant amount of money each year by installing solar panels. Solar panels are a great investment and eco-friendly. Solar panels offer a better return on investment than property and the stock market. And if you're thinking long-term, solar panels can deliver a high return over 25 years.
You can reduce your energy costs by installing solar panels in Melbourne. This will also help you get a great return on investment. For solar power, you can get tax credits or low-interest loans. Keep in mind that solar panels can cost a lot so make sure to evaluate the benefits and costs.
Solar panels eligible for rebates
Australia has many government rebate programs that are available for solar panels. There are two types of rebate programs: the small-scale solar energy scheme and the solar feed-in tariffs. These programs are described on the climate options website. Other than solar panels, hydro power and small-scale turbines can also produce energy.
The Victorian government currently offers rebates as high as 50% for residential solar power systems. Rebates are also available for solar hot-water systems and solar batteries. These rebates could help you save significant money. A household in Melbourne, for example, may be eligible for an $1,400 rebate to purchase a PV system, and a $2950 rebate to buy a solar hotwater system.
STC and the Retailer Energy Productivity Scheme are financial incentives that can be used to reduce the initial cost for solar panels. These incentives can significantly reduce the cost of installation. A typical 5kW solar power system would qualify for up to $4000 in financial rebates.