Is Solar Power Worth it in 2024?

Is Solar Power Worth it

Is Solar Power Worth It?

One in five homeowners has installed the Solar system Sydney all over Australia, which keeps increasing every year. Like any common person, we look forward to saving more money on our high energy bills. Taking a step toward solar means more sustainability awareness and also reducing our carbon footprint. It’s a win-win for us, as we are saving money and saving the environment by going solar.

It’s still a fuss about solar panels, as sometimes people tend to think about whether solar panels will still be an economical choice in 2024. This decision can be challenging to wrap our heads around.

We can assure you that the answer to this is a ‘yes.’ Solar system Sydney’s cost has decreased now more than ever, and this can be a perfect time for you to make that decision to go solar. 

Drop-in Solar panel prices compared to early 2000s

Switching to solar was relatively inaccessible for many people due to the prices of solar panels in the early 2000s when people were adopting renewable energy solutions. To get solar panels in Sydney, you can expect $5 and $10 per watt. This means a premium solar system Sydney will cost you tens of thousands of dollars.

Prices have come down since then and have a massive difference in now and then prices. By 2012, the average was around $2.50 per watt. This led to bringing solar systems at somewhat affordable prices for some Australian homeowners. By the end of 2024, the cost of solar was under $1 per watt. And this has led to many homeowners going solar and installing rooftop solar systems in Sydney.

Massive savings through Government solar rebates scheme

The Federal Government’s small-scale technology certificates (STCs) have gained significant popularity as it allows you to save a huge amount on your solar installation in Sydney. You can now get up to 40 percent off the cost of installing your solar system altogether, depending on your geographic location and other factors.

These certificates are paid directly to your solar company Sydney, and they deliver the reduced rate to you. That means that the price now in 2024 is under $1 per watt. 

Solar panels are a more efficient solution.

In 2012, the best efficiency rate that you could get from your solar panel Sydney was 17.8 percent. The rate has been steadily improving, and any solar solution you invest in nowadays is far more advanced.

Most modern panels in the market now are around 20 percent efficiency. And we can indeed say by the graph that This efficiency rate will only improve over the coming years.

What can be expected for solar panels in the future?

The downward trend of prices on solar systems Sydney is expected to continue as technology improves and the manufacturing process becomes more affordable. But the STC system is also shifting, with the Federal Government phasing it out through a system called the ‘deeming period.’ This deeming period dictates how many STCs you are entitled to base on the expected life cycle of the solar system Sydney installed.

Every year until 2030, this deeming period will decline, which means fewer STCs available annually. While this sounds like a bad thing, it is in line with the expected drops in prices, so costs should remain relatively stable during this time.

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