In every Australian state, no matter your electricity consumption, solar panels are worth buying in 2022. While there are many variables that impact the cost, savings and payback of solar panels, the upshot is that in Australia they are a good investment.
Typically, solar panel systems will pay back within five to six years and it is not uncommon for systems to pay for themselves within only four short years. If you buy well, a good solar power system should deliver you savings for 25 years.
Costs and benefits of solar in NSW
According to Solarcalculator.com.au, The most common system that was installed nationwide in Australia in 2021 was a 6.6kW solar panel system. A system this size costs anywhere between $6,000 – $8,500 for a high quality system. It can deliver savings of between $1,200 – $2,000 (sometimes even more) depending on how much electricity you use and when you use it. Payback periods also vary according to electricity usage habits and other variables like your location, roof orientation and tilt.
In New South Wales, it costs between $3,900 and $8,600 for a standard solar power system depending on the size of the system. Generally speaking, a small system (less than 3kW) will set you back up to $3,000, whereas a larger system can cost over $8,000.
While solar is by no means cheap, solar in New South Wales is considerably cheaper than the national average. Better yet, solar has become considerably cheaper in recent years and prices are expected to continue to come down. Below you can see just how much you can expect to pay for a solar system and how it compares to the rest of the nation.
How many households have solar in NSW?
There are around 650,000 rooftop solar PV installations in New South Wales, accounting for about 21% of households. This makes New South Wales the Australia’s second largest solar state, behind Queensland. According to a recent report by Australian Energy Council, NSW is leading the way with rooftop PV systems, with 116,368 installed as of 29 July 2021.
NSW solar rebates and incentives
New South Wales residents have access to two solar incentives: Small-scale Technology Certificates (STCs) and feed-in tariffs (FiTs). Granted, the solar incentives are not as generous as they once were, but they can still save you thousands of dollars over the life of your system.
Is it worth getting solar panels in NSW?
While solar might not be the same sure-fire investment that it once was under previous generous government incentives, the falling price of solar, plus rising electricity rates and competitive feed-in tariffs, means a solar system can still save you money.
Get in touch with the friendly team at Quantum Solar today to discuss the types of solar systems we offer. We can discuss your needs and help you assess which option will suit you best, whether you are new to solar or wanting to upgrade your existing system. Give us a call on 1300 4 SOLAR, or contact us online here.