You may have heard us on the radio promoting the fact that an 8 panel Neco Solar Power system can deliver an 18 per cent return in the first year, and pay for itself in 5 years. In order to arrive at this fantastic result we made the following realistic assumptions:
- - The household uses 15kWh of electricity per day
- - The household purchases electricity at a cost of $0.25 per kWh
- - The 8 panel solar power system (1.6kW) produces 5.8kWh per day
- - Of the 5.8kWh produced per day, 3.0kWh of this is exported to the grid for $0.25 per kWh
- - The purchase price of this system is $2990 after rebates (STCs)
If the household had no solar power, then the average daily cost of power would be 15kWh x $0.25 = $3.75. If the household had solar power they would only need to buy 15kWh - 5.8kWh = 9.2kWh of electricity per day, at a cost of 9.2kWh x $0.25 = $2.30. In other words, by going solar the household has reduced their power bill by $1.45 a day. Over the course of a year, the household will save $529.25.
Expressed another way, and putting aside the cost of the investment for a moment, the household will receive an 18% (17.7%) return based on $529.25/$2990.00 (ie. the gain from investment divided by the cost of investment). The payback period will also be $2990/$529.25 = 5.6 years, and probably less by the time you factor in the increasing cost of electricity.
So there you have - the figures are real, and it's a fact! Solar power really is a tremendous investment. And the great thing is, it's an investment that will deliver for years to come. A solar power system has a 30 year life, which means that after your system has paid for itself, it's all money in the black!
To find out how solar power can help you save, and how solar power can be an investment that makes sense to you, call us on 1300 882 640, or request a quote on our website.
