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What are the factors that impact the cost of home solar in 2022?

Energy costs will always be a hot discussion in Australia. Over the last several years, power prices have soared and this trend is likely to continue. This issue brings most homeowners to consider making the switch to solar as a more economical energy source. Most home solar systems, in Queensland, give an amazing 20% return on investment.

Solar panels typically pay back during the first decade. The larger your system, the bigger your savings and the shorter your payback period. For example, a 20kw solar system cost in Australia is initially higher than a 6.6kw solar system in Brisbane or a 10kw solar system in Brisbane. However, it will be recovered faster than a smaller system because a bigger system generates more power to give you larger savings on your energy bills.

Obviously, though you should go for a bigger system if your energy usage and electricity bills are very high.

At the time of seeking the best solar quotes from the top solar companies in Gold Coast and Brisbane, you should ask them for system size recommendations. To best analyse your requirements, they will enquire about your energy usage and timings, the power bills you get, and your roof space. Only after sufficient analysis will they suggest to you, the best solar packages in Brisbane, Queensland.

Factors that impact the cost of home solar in 2022

1) In 2022, there has been a 17% fall in solar costs as compared to prices from last year. This is due to new solar companies emerging on the Australian solar market every year that bring leading-edge technologies in their products, better warranties, and services. The already existing reputable solar manufacturers have to survive this cut-throat competition by improving their products, and services as well as offering them at competitive prices.

2) The Federal government’s solar tax credit impacts the cost of home solar in Australia in a big way. A solar tax credit of 26% (2022) reduces a 20kw solar system cost in Australia $55,400 to $40,996 with a whopping rebate of approximately $14,400 which is a significant amount of deduction in the total price of a solar installation.

Although the tax credits are phasing out every year, the prevailing rebates are still very handsome and a great way to begin with solar.

3) The State government’s financial incentives – Some states also offer Net Metering which permits utility companies to purchase surplus power from solar users. These are monetary benefits a solar user receives from their solar investment.

4) Whether it is the price of a 6.6kw solar system in a Brisbane home or a 10kw solar system, the best packages on solar systems vary in cost depending upon the size of the system, energy usage, geographical location of the property, labour costs in the area, solar brands that are chosen, and the installation expenses.

5) Although there has been a continual decline in solar prices over the last few years, prices can sometimes moderately increase due to shortages of solar modules and other components due to the rising demand for solar.

Conclusion

Despite some factors that cause the cost of home solar to go up and down, more residents in Australia are desiring to opt for solar than ever before owing to its various merits. Enough research on the best solar companies in Brisbane and Gold Coast in Queensland, gathering and weighing multiple solar quotes, and choosing the best solar package in Australia will get you a powerful and successful solar system to serve and save money for decades.

Do get in touch with Solar Power Nation for the best solar deals in Australia today!

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