Are you thinking of going solar with your home? Well the first thing to say is congratulations, it is a smart investment.

That said, there are some finer points of solar energy that need careful consideration. There are technical aspects, but also some financial planning to ensure you know the full solar panel costs in advance. Overlooking the planning can leave your project high and dry before it even gets started.

Solar panel costs – how to make it affordable for you

It’s true, solar panel installations can run into thousands of dollars. Even still, there are ways of minimising your upfront investment, and ways you can quickly realise rapid returns on your cash.

Whether you can afford to fund your solar installation 100% or want to put as little capital in as possible, the first step is to look into what financing programs are available. Whether you prefer 0% financing, grants or other types of incentive, there is almost certainly a program to suit you. By using financing, you can absorb most of the solar panels for home cost, while benefitting from the longer-term savings more quickly.

How much will solar panels cost?

The answer to this question varies depending on the nature of your property, the area you live in, and the quality of system you want to install.

In simple terms, the larger the property you need to power, the more solar panels you will need. This also means a more robust system to support the panels and store the power they generate.

Another factor is the area you live in. Although you clearly need decent amounts of sunshine to generate adequate power, you will be surprised how much you can capture even during periods of lower sunlight hours.

Lastly, as with everything, the better-quality equipment you buy, the more you will need to invest upfront. Better equipment lasts for longer, with expected lifespans of up to 30 years for the best quality.

Getting your home ready for solar panels

Although solar equipment is relatively low maintenance, you will also need to factor in a little preparation in advance of your installation. This can reduce solar panel cost by ensuring you do not need to move them around later to maintain your roof or reinforce it.

If you choose to work with a local specialist, you can seek their assistance to align your energy requirements with the number of panels you need. You then have a choice between getting surplus panels or opting for the minimum number. If funds are tight at the beginning of your project, you can get the minimum number of panels installed from the start and plan to add more in later. For smaller properties, you may also be able to utilise spaces such as sheds or garages.

Another benefit of a local specialist is that they can obtain trade prices on solar for your home. This will always be cheaper than buying them at retail prices, and is another way of offsetting the cost of expert help.

Calculating your return on investment

Get rich schemes are usually too good to be true. The benefit of home solar panels is that you will be free of electricity bills in around four years from your panels being installed. Depending on how much financial help you can get, this is the approximate time it will take to pay for your investment and start seeing the benefits.

After four years is up, your panels will be paid for and they will still have another 20-25 years expected lifespan. In the intervening years, you will save approximately $1,200 per year. Roughly speaking, that’s a return of around $24,000 for an initial outlay of around $5,000. These numbers obviously vary depending on a few factors, but give a reasonable guide for considering your rewards for going solar.

Let the sun shine!

Once you have built your plan, the sooner you get started with your solar investment, the sooner you can start getting into returns. Consider options such as extra batteries to store more surplus energy in peak sunlight periods. Alternatively, opt for a scheme such as net metering to allow yourself to draw from the grid in times you need it.

Lastly, make sure you get everything signed off for safety by an expert. You can never be too careful with electrics, and solar is no different.

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