The most appealing advantages for homeowners to go for solar is saving money on the energy bill, increasing the property value and most importantly reducing the carbon footprint. There are certain factors that are required to be considered to help you estimate your savings potential through solar energy generation.
Solar generation depends on several factors such as location, type of rood and orientation, panel orientation, seasonal and daily weather, and lastly your system size. For this reason, we use averages for making its simple and CEC guidelines.
The CEC advises that an in Queensland and New South Wales an average 6.6kW solar system generates approximately 26.4 kWh energy on average daily. The average daily sun exposure taken into account is 4 hours, thus a simple way to estimate the output of a solar system is to multiply the system size by 4. On any given day, this figure can be extremely different for example during harsh weather conditions such as rainy /cloudy day. On the other hand, in Melbourne an average of 24.4 kWh of energy is generated per day for a 6.6 kW solar system, because of less sun exposure in Victoria.
As an example, a 3kW system will generate approximately 12kWh of power per day. This may differ during summer and winter, which works well in Queensland and New South Wales households and businesses due to hot summer days. Here is the average daily output figure for a 6.6 kW solar system in Queensland.
It is very vital when selecting the best solar panels when installing your solar power system. The decision you make on your solar purchase is crucial, because it is the best investment decision you make. There are several factors other than cost when making product selection (panels and inverter) such as:
1. Solar generation capacity (in Watts)
2. Physical size
4. 4.Quality of materials and technology of panels (such as mono-crystalline or polycrystalline)
5. Durability / longevity (or warranty period)
6. Tier 1 and CEC approved solar panel
7. CEC approved inverter and racking system
The final cost of installing a residential solar PV system depends the products, the size of the system, and product brand you use, for residential 6.6kW system it ranges between $4,500 and $7,000. The simplest payment method is paying in cash, however if you don’t have this huge amount in cash it is advised to go for solar loans. The solar loans are similar to any other loans, with you paying small down payments initially followed by covering the remainder through monthly payment. Target solar provides lots of financing options. For more information, click here.
Other financing options are for commercial clients. The actual cost of commercial Solar PV system highly depends on the system size and products. If you are running short of funds or do not want to buy the system straightway, you can enter into to solar power purchase agreement (PPA) or lease the solar system. PPA allows you to buy discounted energy from the company who installs and maintain the solar power system. On the other hand, in lease option you own the system instead you pay small rental payments. For more information, click here.
In order to counter fossil fuel power generation, RECs act as a financial tool making it more cost friendly as compared to the former. It helps electricity generators and retailers to meet their target requirements under RET policy by boosting the amount of renewable energy produced. Renewable Energy Certificates (RECs) are divided into two categories: Small Scale Technology Certificates (STCs), which apply to domestic and commercial solar PV power systems under 100 kW and Large Scale Generation Certificates (LGCs), industries or solar farms having solar PV power system above 100 kW are applicable for LGCs. For more information, click here.
There are other South Australia battery schemes and Solar Victorian solar home programs which are available for homeowners in South Australia and Victoria. Rebates can considerably reduce the final system cost, it is recommended to research on the state rebate options and federal options beforehand to have a better option on the savings. For more information, click here.