If you’ve ever considered adding a solar battery to your solar system, you’ve probably thought about the potential savings it could deliver on your electricity bill. After all, energy can be expensive. Between 2008-2018, power prices rose 117% – that’s over 4 times the average price increase across other sectors!
Now more than ever, people are thinking about long-term savings, security, independence and control.
How much could I save with a solar battery?
An average solar home could save around $550 a year by adding a solar battery to their existing solar system*.
Of course, every household is different so we can’t say for sure how much you personally could save. The exact savings will vary significantly based on:
- The size of your solar battery (in usable kWh)
- How many times the battery is charged and discharged each day (usually once)
- Your energy rates and feed-in tariff
- How much electricity you use in your home
- When you use electricity
- How much value you place on the other benefits a battery can deliver, including blackout protection, increased energy independence and environmental impact
How can you work out your own savings?
To understand your own potential savings with a solar battery, look at the difference between your energy rate and your solar feed-in tariff.
Batteries allow you to store any excess solar power you’re not using during the day to use during the evening peak. This is instead of exporting that excess solar power for a relatively low feed-in tariff and having to buy electricity back in the evening for a higher price.
So essentially these savings are the difference between your energy rate and your solar feed-in tariff, multiplied by the number of kWh cycled through the battery over a year.
What does this mean for the long term?
Energy prices and feed-in tariffs are continuously changing. If electricity prices continue to trend upwards and feed-in tariffs continue to drop, the difference between your energy rate and feed-in tariff would get bigger. This means the savings you’d see from a solar battery would also increase.
There are also the other benefits of a battery to consider, like protection from blackouts, greater energy independence and reducing your environmental impact. Different people place more value on these benefits than others.
For example, someone in a bushfire-prone area might value blackout protection above anything else, as a battery could keep them connected to the latest news and advice.
On the other hand, someone who’s fed up with the low feed-in tariff their power company is giving them might value the greater independence and security a battery offers.
Times are tough, so financing might be a good option
We know it may feel like a tough time to make a financial commitment, so we’ve pulled together some information about solar battery financing here.
With financing, you could secure your solar battery and start saving now, but pay it off over time.
There are dedicated loans for green products like batteries that have lower interest rates than other personal loans. Homeowners may also have the option of adding their battery cost to their home loan.
We’ve also looked at pricing and designed a solar battery package that’s one of the cheapest available in the market.
A cost-effective battery solution
The Redback Smart Battery is a powerful yet simple and affordable battery that’s compatible with any existing solar system. Using leading battery technology and blackout protection included, it’s quality that doesn’t break the bank.
Don’t have solar panels yet? Our solar and battery package is designed for people adding solar and a battery at the same time. It combines world leading solar panels, an Australian-designed battery system and local, experienced installers. Find out more here.
*Assumes a typical solar home, currently exporting >9kWh per day in winter months, and able to self-consume 9kWh of electricity from the battery. VIC electricity rates, 12c feed-in tariff.