Solar technology keeps on growing every year. If a solar panel now in 2020 costs an average of $5250 in Australia. By 2025, the cost of solar panels will surprisingly be cheaper than it is now. This is because as every year goes there is a development in Chinese production and hyper-consumption in the market. The government’s Small-scale Renewable Energy Scheme (SRES) has also kept up with the demand in recent years. As the competition increases, so do the number of solar panels hence the prices will be cheaper in the coming years.
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The Current Price of Solar Panels
Solar panels now as of 2020 go for about $5,250 in Australia. The common size system (5kWh) goes this price since the Australian government provided rebates. You should know the size of the solar panel your home requires. The size depends on how much energy your home consumes and the size of your house. Other costs you may also incur include costs to cover inverter brands and solar panels.
Current Rebate By System Size
A megawatt per hour in energy production qualifies for a REC (Renewable energy certificate). The STCs are issued only for solar power systems and solar panels that meet the required standards. The rate of rebate you get to buy solar power is dependent on three main factors. These include the deeming period as the price goes up every year, the rising and falling value of the Small Scale Technology Certificates (STCs), and the location or state.
You can also use an STC calculator to know how much STC you qualify for. The following is how you calculate the number of STCs you can get: the postal code rating multiplied the size of the solar system multiplied the deeming period. When the deeming product is short, the lesser the STCs you get. In 2018 for example the deeming period was 13 years whereas in 2019 it was 12 years.
Projected Rebate in 2025
As solar rebates depend on how large the solar system in your house is and the state where you live. Electricity is fast changing in Australia, 2025, there will be solar panels on every roof. With the solar on the roof, you are likely to have an energy storage system. The solar rebate will reduce a 1/15th every year until the time it ends in 2032. So since the rebate keeps reducing every year, 2025 the rebate would have reduced significantly and keep reducing. It is advisable to get your rebate today and get your solar early enough since there is still a lot of time and a lot of government money left to make getting it worthwhile. The sooner the better.
Projected Cost in 2025
The projected costs of solar keeps on reducing every year. Thanks to the hungry market and the Chinese spike in production. The Australian government also supports the solar industry courtesy of SRES (Small Scale Renewable Energy Scheme) which has made an effort to meet the demands of their consumers in recent years.
Even though the price will probably go down the year 2025, there is no reason to wait. The cost of power is slowly rising and the government has provided interest-free finances to help Australians install solar power systems. With this in mind, there is no reason why you should not take advantage of this golden situation while it presents itself and has your home powered a cheaper form of energy production.
Projected Efficiency of Solar Panels
Studies indicate that solar panels can last between 25-30 years. The average span is however 25 years. In most cases, panels come with a warranty of 25 years, after which they start degrading slowly. From about 0.5% to 0.8%, your solar panels will operate at around 80-88% of its initial capacity after it’s out of warranty.
There are different types of solar panels. There are monocrystalline solar panels that last for about 25-30 years, polycrystalline solar panels that go for 20 years, thin-film amorphous silicon solar panels that have a life expectancy of 15 years. Finally, there is a concentrated PV cell that can go for 20 years. Monocrystalline solar panels live the longest and have the highest efficiency since they are made from high-grade silicon.
Benefits of a More Efficient Solar Panel
The monocrystalline solar panels have one of the highest efficiency rates courtesy of their high-grade silicon. These solar panels also take the least amount of space and even though it is more expensive than other solar panels it will be providing you with power for the longest time. This is because they are more durable than others and can survive high temperatures. Monocrystalline solar panels are not only the oldest but also the most developed solar panels in the market.
Solar Battery Affordability in 2025
A solar battery of 14kWh which is perfect for a solar system of 5kWh can go for $14,000. The cost however can depend on the brand you choose and location. The Australian government provides rebates in some of the states to help you cover the costs involved. The price of the solar battery is still high right now. In 2025 however, technology would have advanced and the price is sure to drop and made it a worthwhile investment.
Solar batteries also do not favor the returns on investments and they last for 10 years given the present battery technology. For a solar system, it would take about 3 years for it to bring back the money you invested it in but for the solar battery, it will take you approximately over 10 years.
Feed-in Tariffs in Australia
Feed-in tariffs encourage using solar energy to help reduce pollution and greenhouse gases. It brings about a win-win environment where people can cut down their energy costs installing solar power and getting refunds for the production of excess energy. Feed-in tariffs however are applicable to residential installations, and unfortunately do not apply to the commercial energy producers. Feed-in tariffs are also referred to as solar buyback rate or solar bonus scheme.
Is it Worth Getting Solar now or Waiting?
Solar keeps getting cheaper as every year passes courtesy of improved technologies and a ready market. However, getting solar now is worth it given the interest-free rates provided the governments for specifically installing solar systems. There is no good reason why you should not get a solar system and take advantage of this cheaper source of energy.
