With a profound ability to cut your monthly power bills, a switch to solar is a great way of easing the strains and burdens on your bank account.
Small wonder then, that the adoption rate of solar panels in New Zealand is growing at an astounding rate. In fact, the total energy generated from solar panels in New Zealand in 2016 was estimated to be 51.7 GWh - a rise of 52% from the preceding 12 months!*
In this article, we take a look at 5 different ways the installation of solar panels to your home will help you to both make and save money, immediately and in the longer term.
- The most notable and obvious benefit of a switch to solar is that it will lower your power bills each month, and these saving work to offset your installation costs, from day one of install. While the exact savings will look a little different from household to household, we have customers who regularly save 50% or more each month on their power bill. Some have even gone as far to save as much as 90% over the summer by making their home as energy efficient as possible, with a little help from our secret tips and tricks.
- Most New Zealand energy companies offer a buy back rate for households which generate excess energy with solar panels. Here’s what the following energy retailers offer (as of December 2016):
- Contact: 8 cents per unit
- Mercury: 8 cents per unit, or 12 cents for newly supplied solar customers that enter into a 3 year contract
- Trustpower: 7 cents per unit
- Meridian: 8 cents per unit
- Genesis: 8 cents per unit
- Ecotricity: 7-8 cents per unit
- PS Power: 16 cents per unit for the first 50kWh exported each fortnight, 8 cents thereafter - Solar panels will very often increase the value of your home. As an overseas (yet very relevant) example, a study in the United States from 2003 to 2010 in San Diego and Sacramento found that solar panels added an extra US $20,000 on average to the value of properties.
- Your heating bills can be reduced in winter by connecting your solar panels to your home heating system. With heat being a significant contributor to power bills in most NZ households, this is a superb way to reduce those costly winter expenses.
- At World Solar we offer systems that include battery storage. This stores excess power which can then be saved and applied in times of low daylight - meaning none of the energy you absorb will ever go to waste.
There’s a range of great financial benefits to going solar, all of which are kind to both your bank and the environment.
The 5 advantages described above will quickly work to offset your installation costs from day one of install, all while providing you with clean, green renewable energy that will save you significant amounts of money in both the short and long term.
* Reference:
“Energy in New Zealand” report. Ministry of Business, Innovation & Employment, NZ Government.
