2 Facts About The Cost Of Solar Power For Homes

Solar power for homes can be a confusing market to navigate for the average consumer. Most of us are only concerned with one of two things:

  • Will solar power save me money? 
  • What is the Cost of a PV solar system?

Let’s dive right into some of the truths about photovoltaic solar power for home and whether it is right for you.

What is the Cost of a PV Solar System?

Cost can be a real limiting factor for those interested in installing solar. The quick answer is not cheap, but not ridiculous. We advertise a small 2kWp Grid tie solar system as costing from $7200. This includes eight 250 watt panels and installation. A 2kWp system can produce roughly 2600 – 3000 kWh of energy every year.

What does this actually mean? According to LG energy, a New Zealand family of 3 uses roughly 6700 kWh of energy in a year. So with a 2kWp system one could expect to save ⅓ to ½ of their annual power bill depending on energy use.

How will Solar Power save me money?

Depending on the size of your household, energy consumption and location your savings from solar may vary. However, it is generally the case that solar power for homes provides significant savings for homeowners.

One challenge with saving money with solar can be the fact that solar panels produce peak energy at midday when the house is empty. Batteries are an excellent solution as they allow homeowners to store the energy for use later once the sun is set. However some may find the upfront cost of batteries to be too great.

To overcome this one may export this excess daytime electricity to their power provider, in exchange for a credit on their power bill. For Example, Genesis Energy offers such a rebate to owners of solar panels. Offering 12 cents per kWh of electricity exported to the grid. This can help offset the cost of energy consumed at night time. How it works is a two way meter is installed alongside your solar panels, allowing excess power to go into the grid. When the sun sets power is then drawn in from the grid to power your home.

Overall, solar power for homes in New Zealand offers a lot in terms of financial freedom for homeowners. The catch is a significant upfront installation cost. To find out if solar power is right for your home contact the team at ESolar online or call 0508 449 274.