Households can now save substantially on their electricity bills by installing solar panels and batteries, as shown by new federal government data. In Victoria, solar panels can reduce the average electricity bill of $1756 by $687, a 39% saving. With the addition of an 8.5 kilowatt-hour battery, these savings can increase to $1322, or 75%.
In NSW, the benefits are even more significant, with solar panels cutting the average bill of $2106 by $1015 (48%). By adding a battery, households could potentially eliminate their bill with a 101% saving, totaling $2123, considering the additional income from selling excess energy back to the grid.
Despite the costs associated with switching to solar, the long-term savings are compelling. Solar panels cost between $4000 and $14,000, depending on the system size, and battery systems range from $10,000 to $14,000. Yet, with one in three Australian households already harnessing solar energy, the trend is clear.
The government is pushing for 82% renewable energy by 2030, currently at 63% coal, 5% gas, 9% hydro, 8% solar, and 15% wind. This ambition faces challenges, including opposition calls to pause renewable rollouts in favor of nuclear energy investigations.
Government rebates are helping to counteract rising retail electricity prices, which have increased by $352 in Victoria and $435 in NSW. The promised rebates aim to reduce bills by $275 annually by 2025 for vulnerable households.
Switch to Solar — Cost-Saving Analysis: Investing in solar technology offers not only environmental benefits but also significant financial returns. Victorian households can save around $687 per year with solar panels alone, and when combined with a battery, the savings can be as high as $1322 annually. In NSW, the savings can completely cover the yearly bill when solar panels are used with a battery system. With these savings, the cost of solar installation can be recovered within several years, making solar a wise economic decision for those looking to cut costs and invest in sustainable energy.