Should I get solar installed in my new home?

We know solar powered energy is greener and more sustainable when compared to traditional grid power but what about the other costs and benefits that come with solar?

For most households the advantages of installing solar greatly outweigh the disadvantages, but there’s a lot to consider, so let’s take a look at the pros and cons to help you weigh up your options…

Pros

100% renewable energy source - unlike coal fired energy, while the sun still shines, solar energy will always be available making it a renewable energy source.

Save money on power bills - using solar for more of your household energy consumption can mean lower power bills and big savings - from hundreds per year for smaller households to thousands per year for a big family with a larger system. Over the life of your solar system? You could be looking at thousands of dollars in savings - not a bad investment!

You may be able to sell energy back to the grid - if your system is connected to the grid and you produce more energy than you use, you can sell that surplus back to the grid and receive bonus payments. So you’ll not only be saving money on power but you could make a little extra to help pay for those annual holidays, kids education or a new car.

Lower carbon emissions - unlike coal-fired power, solar is a clean energy source so installing solar in your new home will put a big dent in your household carbon emissions too - that’s a big tick for the environment.

Did you know Teachers Mutual Bank runs on 100% solar power and never lends money to the fossil fuel industry? Find out more here about how we’re creating a better tomorrow through climate action and socially responsible products. 

Government subsidies - you could be eligible for federal and state government solar rebates which help subsidise your solar purchase and installation costs to make going solar that much more affordable. 

Low maintenance costs - one of the big benefits of solar is its low ongoing maintenance costs. You really only need to keep solar systems clean - a couple of times a year will do the job! Plus, with most solar manufacturers offering warranties of 20-25 years, the inverter is usually the only component that will need changing after 5-10 years of use.

Cons

Upfront costs - buying and installing your solar system can be costly - think $5k on average, though that will vary from household to household based on a range of factors including system size. Don’t forget though, that you may be eligible for government solar subsidies, so make sure you do your rebate homework to find out how much you could get back before you make a decision.

Roof space - Not all roofs and locations are suited to solar. High-density urban environments, for example, can impact a roof's exposure to the sun because your roof may be shaded for parts of the day by nearby buildings, trees or other structures. The best way to find out if solar is doable for your particular location is to arrange a professional inspection at your property.

Weather dependent - when the sun goes down at night or on overcast days, your solar panel output is reduced which means you may need to rely on the grid to meet your household usage needs. Fortunately, Australia has an ideal climate for solar but night time usage could still be an issue without solar battery storage. More and more people are taking advantage of lithium battery technology that lets you store surplus energy produced by your system for use at night-time or on those cloudy days when output is lower. Batteries aren’t cheap but many solar companies run offers that bundle batteries with solar panel purchase and installation up front to make it more cost effective.

Keen to factor solar costs into your home loan?

If you’re interested in getting solar in your new home but worried about upfront costs, factoring solar into your home loan could be one way to get up and running sooner rather than later.

Explore some sustainable home loan options here.