We expect high quality panels to last in excess of 25 years so for your return on investment calculations we have assumed 25 years. Your return will be affected by a wide range of factors which will continue to change, such as annual cost of electricity in kW/h, the feed in tariff return you can expect and where you are located and therefore the amount of sun your system is likely to receive.
Other factors to consider are: How much electricity you consume during the day, which you would have had to pay for in the past and which is now generated by your solar system. Also how much electricity consumption can you transfer to the daylight hours? eg using delay timers on your dishwasher, washing machine, dryer. Purchasing a remote controlled robotic vacuum cleaner. Try our solar payback calculator in the calculator section.
Lets also use a specific example. In our sample, in a city in NSW a 5kW solar system can generate approximately 7,000kWh of electricity per year. 5,000kWh are used during the year by the owner. Normally they pay 28c per kWh to the energy retailer. Therefore the value of this electricity is $1,400. The remaining 2,000kWh are exported to the grid and the energy retailer can pay the owner 8c per kWh. Therefore, the value of the exported electricity is $160. In total, the value of the one year solar generation is therefore $1,560 ($1,400 self consumption + $160 export feed in tariff payment). If this 5kW system cost $9000, the Return on investment will be 5 3/4 years, as 5.75*$1560 = $9,000
To learn more about solar panels, call us on 1300 732 679 or Click Here to book an appointment.