If you’re thinking about getting solar, you’ve probably done your research and know it’s one of the best ways to save money on energy.
Historically, this is because solar owners not only buy less electricity from their power company (they’re using their own free solar power during the day instead) but they also get paid for their excess solar power going back into the grid.
If you’re getting solar in 2020 though, the story is a bit different. Solar is still one of the best ways to save money, but the way it saves you money is changing.
Solar feed-in tariffs are decreasing
When people first started installing rooftop solar 10-15 years ago, the state governments were offering premium feed-in tariffs of around 40-6c per kWh to incentivise people to install solar panels. The schemes rewarded solar owners with a high feed-in tariff for their solar exports.
The eligibility for these ended around 2011-12 and people who installed solar after this time instead receive a standard feed-in tariff.
Since then, feed-in tariffs have been steadily declining. Today, solar owners receive, on average, around 7-10c per kWh for their solar feed-in tariff. In many cases, a household’s feed-in tariff might be up to three times less than the rate they buy electricity for (often 25-35c per kWh).
In fact last month, the Australian Energy Regulator revived talks of plans to actually charge solar households for their solar exports.
It pays to use your own solar energy
If you’re paying three times more to buy electricity in the evening than you’re receiving for your solar exports during the day, it makes sense to focus on using as much solar power in your home as possible.
But this might have you wondering whether solar is really worth it?
The thing is, energy prices have been trending upwards, skyrocketing almost 120% between 2008-2018. So yes, getting a solar system, using free solar power in your home and minimising the amount of electricity you have to buy is a fantastic way to save money.
And the key to using your own free solar power at night, even when the sun isn’t shining? A solar battery.
The future of solar: solar panels + a battery
Solar batteries store the excess solar power your panels are generating during the day to use later on. So you can power your home with free solar power day and night, reduce the amount of electricity you need to buy and save on energy.
The even better news? If you’re getting solar panels installed, now is the most cost effective time to add a solar battery – our mid-sized solar and battery package (including installation) could pay for itself in less than 7 years*.
Designed specifically for households adding solar panels and a battery at the same time, the DC Power Co solar and battery package brings world-leading, tier 1 solar panels together with an Australian-designed battery solution in one streamlined, cost-effective package.
The package comes in a range of sizes depending on your energy needs, household set-up and budget. Plus there are financing options available so you can start saving with your solar and battery system now, and pay it off over time.
If you already have solar, but want to add a battery, check out our solar battery package.
*This scenario is the 6.6kW system and a mid sized battery (7kWh). Assuming typical generation in Victoria and assuming battery gets cycled 90% of the time at 90% depth, solar savings are estimated at $1,734 ($0.20 average value of the solar generated, which could be 10c FiT and 30c usage rate at 50/50% as an example). Battery savings would be an additional $440 per annum, for total savings of $2,174.