The final cost of your solar installation project will be a sum of several hard and soft costs. The hard costs include the cost of the solar panels, inverters, batteries, and mounting equipment. Soft costs include the solar system installation labour costs, and any administration costs your installer will incur.
Whether the solar installation is for your home or business, you no doubt are concerned about how to lessen the cost and what you can do to ensure that you get a return on your investment. To that end, here are a few crucial pointers to keep in mind.
1. Consider Incentives and Rebates
There are a number of state- and territory-offered incentives and rebates that can help to make your solar installation cost-effective. The eligibility criteria vary from one program to the next, and you will need to check against these requirements to see if you qualify.
Small-scale technology certificates (STCs), feed-in-tariffs (FITs), grants and interest-free loans are among some of these incentives and rebates.
2. Do Not Skimp
Cheap may quickly turn expensive, especially where there are quality concerns. You wouldn't want to skimp on the hardware for your solar installation, such as the panels. They may not be as efficient or last as long as the panels of superior quality.
Similarly, you want to make sure you get the best team working on your solar system installation. A highly skilled and experienced installer may give you a higher quote than others, but in the end, it will be money well spent.
3. The System Will Pay For Itself
As you look at the initial upfront cost, it is crucial to keep in mind that your solar installation will pay for itself. It should only be a couple of years before you recoup this initial investment. Precisely how long it will be will depend on many factors, the most important of which is the efficiency of your solar system installation.
You can expect to see your electricity bills drop to all-time lows once your solar system installation is up and running. With a grid-tied system, you will be able to earn from every unit of power that you inject back to the grid.
It will certainly cost you quite a bit to finance a solar installation project. That the system will pay for itself is also a big plus that you should not lose sight of as you consider installing a solar system at your home or business.