FINANCEOF SOLAR
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How the finance of solar worked for a family in Queensland.
The Green family installed their solar system a year ago. The family of two adults and two young children live in a south-facing two-bedroom house on the Sunshine Coast.
From Day One of their journey, the Green’s energy bills were lower, and their solar system reduced their consumption of electricity from the grid from 21kWh per day to just 6kWh.
They pay 35c/kWh for the electricity from the grid, so the 15kWh they now use from their solar system, instead of from the grid, saves them $5.25/day.
Plus, they get paid for any energy they produce but don’t use because they’re selling their surplus electricity back to the grid for a substantial FiT.
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A Feed-in Tariff (FiT) is what an electricity supplier pays the Greens, per kWh, for feeding their excess solar electricity back into the grid during peak-usage times of 9am to 5pm.
The FiT earns the Greens 15c per kWh for the 10-18kWh they export.
The Green’s solar system cost them a total of $5,400, after they took the STC rebate off the up-front cost of the solar system.
A Small-scale Technology Certificate (STC) is a federal-government discount on a solar system. You’re allocated a number of STCs based on the size of your solar system and the location of your house. Queensland is in zone 3 for the STC rebate scheme and each certificate is worth about $30.
Based on their usage and current rates, the Greens’ pay-back time (to pay off their solar system) is 4 to 5 years.
As an added bonus, having solar has increased the value of the Green’s Queensland property.
Adding battery storage to their solar system will reduce their electricity bills even further. A solar battery stores electricity produced by a solar system, so the Green’s will be able to use the energy when they need it most.
