Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.
LIFESTYLE
A guide to solar power in Australia
Not so long ago, rooftop solar panels were a novel sight in suburban Australia. Although solar hot water units enjoyed a surge of popularity in the 1970s, powering an entire household from the sun seemed unthinkable — until recently.
Today, Australia has the highest uptake of household solar power systems in the world, as homeowners reap the benefit of clean, green energy while slashing their electricity bills.
Despite the impact of COVID-19, the sale of household solar units surged by 40 per cent between 2019 and 2020, resulting in long wait times for consumers in some capital cities. And although 21 per cent of all houses in Australia have already installed photovoltaic (PV) panels, industry experts believe that demand will continue to grow with the advent of more advanced battery systems and a shift towards electric cars.
“As more and more homes purchase electric cars, they will want power systems at home capable of charging them and powering the entire household,” according to the sustainable power company Energy Matters.
While all of this may sound pretty rosy, choosing the right solar system and storage solution for your home is not easy. The sheer range of product options are mind-boggling. Plus, each state and territory has its own subsidies and incentives, as well as unique ‘feed-in’ programs that allow you to sell any excess power back to your electricity provider.
What will it cost? Well, prices are coming down. PV systems (panels and inverter only) start at around $3,500 — but solar power remains a long-term investment for most homeowners, so it’s best to do plenty of research before you buy.
Do a power audit
There’s no such thing as a one-size-fits-all household solar system. Before delving into the latest systems, battery technology and feed-in options, consider what you really need.
Are you looking for cheap hot water? Or are you hoping to power an entire household, including heating and cooling?
Those wishing to become fully self-sufficient may need to re-configure their property by replacing gas-powered heaters, cookers and other equipment with electric ones.
Do you want to sell any excess power back to the grid? If so, you need to install rechargeable solar batteries. But budget wisely — good quality lithium-ion batteries are pretty pricey.
Which solar panel is best?
Photovoltaic panels are available in a huge variety of wattages and power levels, with new brands regularly appearing on the market. Your installer will be able to take you through the options and find the one most suitable for your roof.
Much will depend on the solar values of the roof. Is it fully exposed to sunlight or partly in shadow? Is it north facing? According to Energy Matters, solar modules should be positioned so that the glass face is 90 degrees to the sun most days in order for the solar array to reach maximum output. “As an example, in Sydney this angle would be approximately 30-40 degrees to the horizontal,” the company says.
What is an inverter?
Inverters are the most mysterious and yet essential part of a household solar power system. In simple terms, the inverter converts the direct current (DC) power from your solar panels into the alternating current (AC) required by your domestic appliances.
Three types of inverters are available in Australia: string inverters, micro inverters and hybrid inverters. String inverters are the most affordable, most common type on the market but are better suited to roofs that enjoy full sun. Micro inverters are ideal if you have intermittent shading on your roof, while hybrid inverters combine the functions of a string inverter and a battery inverter into a single unit. “A solar inverter is an integral part of a system,” according to Energy Matters. “But if your solar inverter is of poor quality, overall system performance can be greatly impacted.”
Ensure your solar system is covered
If you’ve taken a shine to the idea of solar panels at home — we have good news! Suncorp Home Insurance will cover the cost of repairing or replacing them if they’re damaged by an insured event, like storm or fire. Just make sure the cost of doing so is reflected in your sum insured.
Explore Suncorp Home Insurance
Read more:
- 5 ways to save on home and contents insurance
- The benefits of exercising as a family
- Seven great Aussie locations for a family holiday
Things you should know
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. The Target Market Determination (TMD) is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
The information is intended to be of general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Please make your own enquiries.
LIFESTYLE
A guide to solar power in Australia
Not so long ago, rooftop solar panels were a novel sight in suburban Australia. Although solar hot water units enjoyed a surge of popularity in the 1970s, powering an entire household from the sun seemed unthinkable — until recently.
Today, Australia has the highest uptake of household solar power systems in the world, as homeowners reap the benefit of clean, green energy while slashing their electricity bills.
Despite the impact of COVID-19, the sale of household solar units surged by 40 per cent between 2019 and 2020, resulting in long wait times for consumers in some capital cities. And although 21 per cent of all houses in Australia have already installed photovoltaic (PV) panels, industry experts believe that demand will continue to grow with the advent of more advanced battery systems and a shift towards electric cars.
“As more and more homes purchase electric cars, they will want power systems at home capable of charging them and powering the entire household,” according to the sustainable power company Energy Matters.
While all of this may sound pretty rosy, choosing the right solar system and storage solution for your home is not easy. The sheer range of product options are mind-boggling. Plus, each state and territory has its own subsidies and incentives, as well as unique ‘feed-in’ programs that allow you to sell any excess power back to your electricity provider.
What will it cost? Well, prices are coming down. PV systems (panels and inverter only) start at around $3,500 — but solar power remains a long-term investment for most homeowners, so it’s best to do plenty of research before you buy.
Thinking about making eco-upgrades to your home?
Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.
Do a power audit
There’s no such thing as a one-size-fits-all household solar system. Before delving into the latest systems, battery technology and feed-in options, consider what you really need.
Are you looking for cheap hot water? Or are you hoping to power an entire household, including heating and cooling?
Those wishing to become fully self-sufficient may need to re-configure their property by replacing gas-powered heaters, cookers and other equipment with electric ones.
Do you want to sell any excess power back to the grid? If so, you need to install rechargeable solar batteries. But budget wisely — good quality lithium-ion batteries are pretty pricey.
Which solar panel is best?
Photovoltaic panels are available in a huge variety of wattages and power levels, with new brands regularly appearing on the market. Your installer will be able to take you through the options and find the one most suitable for your roof.
Much will depend on the solar values of the roof. Is it fully exposed to sunlight or partly in shadow? Is it north facing? According to Energy Matters, solar modules should be positioned so that the glass face is 90 degrees to the sun most days in order for the solar array to reach maximum output. “As an example, in Sydney this angle would be approximately 30-40 degrees to the horizontal,” the company says.
What is an inverter?
Inverters are the most mysterious and yet essential part of a household solar power system. In simple terms, the inverter converts the direct current (DC) power from your solar panels into the alternating current (AC) required by your domestic appliances.
Three types of inverters are available in Australia: string inverters, micro inverters and hybrid inverters. String inverters are the most affordable, most common type on the market but are better suited to roofs that enjoy full sun. Micro inverters are ideal if you have intermittent shading on your roof, while hybrid inverters combine the functions of a string inverter and a battery inverter into a single unit. “A solar inverter is an integral part of a system,” according to Energy Matters. “But if your solar inverter is of poor quality, overall system performance can be greatly impacted.”
Ensure your solar system is covered
If you’ve taken a shine to the idea of solar panels at home — we have good news! Suncorp Home Insurance will cover the cost of repairing or replacing them if they’re damaged by an insured event, like storm or fire. Just make sure the cost of doing so is reflected in your sum insured.
Explore Suncorp Home Insurance
Read more:
- 5 ways to save on home and contents insurance
- The benefits of exercising as a family
- Seven great Aussie locations for a family holiday
Things you should know
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
Comparison Rate Warning specific to this offer:
##The comparison rate is based on $150,000 and over 25 years. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 5.82% p.a) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate (currently 9.07% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023 until 28 February 2025 unless withdrawn earlier.
Variable Rate
A rate that is variable and is subject to change over the loan term.
Comparison Rate
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.
