The exact payback of a solar and battery system will depend on the size of the solar system and battery you get, the brand, the set up of your home (such as whether you’re on single or three-phase power), your energy rates and how you use energy in your home.
For example, if you pay 20 cents more to buy energy from your power company than you get for your solar feed-in tariff, a solar and battery system at your home could pay for itself in around 8 years.
This is much shorter than many people expect, largely due to the decreasing costs of the system components along with the battery’s ability to save households up to 80% or more on their energy bill.
The key is getting your battery at the same time as your solar panels. It’s more cost effective to do it then, rather than adding a battery down the track. This is because you’ll cut out extra installation costs and combine the two components’ payback into one, shorter payback period.
For example, our mid-sized Solar and Redback Battery Package can pay for itself in 7 years*.
*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.