The Cost of Solar Panel Installation for a Home in Byron Bay
Byron Bay benefits from year-round sunshine and a temperate climate. To get technical, this area experiences 4.5 kW hours of solar irradiation per square meter every day, averaged out for the year. This makes Byron Bay a great place to take advantage of renewable solar energy!
Byron Bay’s Renewable Energy Strategy
Around 22% of Byron Bay’s homes already have a solar power system installed. This is greater than the national average, but not enough for the area to meet its 2025 goal of net zero emissions. If Byron Bay can pull it off, it will be the first town in Australia to successfully adopt the renewable strategy created by Beyond Zero Emissions. This strategy involves creating the country’s first community energy retailer and encouraging home and business owners to invest in solar power.
But, if you support the renewable strategy and have a new solar power system installed, what is the cost to you?
Cost of a Solar Power System in Byron Bay
The cost of a solar power system depends on these factors:
Size of the system and roof space available
Type of system (off grid or grid connect)
Need for a battery system
Amount of power you hope to generate
Quality of components used
After-care of installation provider
Government discounts or rebates
The cost of a solar panel system for a medium-sized home is between $12,000 and $15,000. However, this figure does not include government discounts, which can account for up to 30% of the total cost. Government discount is calculated using STCs (small-scale technology certificates). These certificates are like a government-issued currency. The amount of currency you receive is based on how many megawatt-hours of power your system can generate and the current market price of the STCs.
Only systems installed by accredited technicians are eligible for STCs. In some regions, no-interest loans are also offered to home-owners. The loan covers the initial cost of a solar power system upfront, without homeowners needing to take on debt.
Potential Solar Power System Savings in Byron Bay
According to solarchoice.net, the average 5kW solar power system in Byron Bay can generate around 19kWh of power per day. This sum is based on the assumption that the system is working to 80% of its capacity and receiving 4.8 hours of peak sun per day.
There are dozens of companies in Byron Bay offering to install a solar power system in your home. Each company is likely to offer a slightly different quote but the potential savings offered by your system are the same.
Solar Power Can Lower Electricity Bills
Electricity prices in Australia are among the highest in the world and are showing no sign of becoming more affordable any time soon. Most solar power systems offer a return on your investment within 3 to 5 years. But this return depends on your energy consumption, wholesale energy prices and the amount of initial investment you make. Once you've covered initial costs, the return on your solar power system will spike and continue to grow decades into the future.
Solar Power Can Generate Income
If you choose to stay connected to the grid, as most home-owners do, your solar power system could generate income. Say it’s been a very sunny day and no-one in your home has used the electricity you generated. That electricity is transferred back to the main grid. Via the grid your electricity will be used in the home of one of your energy company's customers, generating credit for you. This is known as a feed-in tariff and can boost your household income or minimize your wholesale energy bills.
Energy self-sufficiency is a dream for many. Byron Bay is the perfect place to invest in solar panel technology and start living the dream today.