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Solar Panels Save Homes 40% On Energy Costs

Homes with solar panels may save over 40% on electricity bills, according to new research by the federal Department of Energy, but installation is costly at around $15,000.

Federal Climate Change and Energy Minister Chris Bowen said households with solar panels and the addition of an 8.5kWh battery, many households would likely not have to pay for power.

“Renewable energy is the cheapest form of energy, and this new data highlights the real difference rooftop solar, and batteries are having on household power bills,” Bowen said.

After the news released, experts say the data is expected to increase the pressure on rapid adoption of renewable energy on a household level.

Australia has the world’s greatest penetration of rooftop solar, the growth has happened quickly in recent years as bills skyrocket and a rising number of Aussies move to shrink their carbon footprint.

The research found that in sunny Queensland, homes could save about 60% on their electricity bill, whereas Victorians would see a 39% savings.

Earlier this year, the federal government said it would assign $1 billion for household energy upgrades, but experts say more than this amount may needed to enable a widescale adoption of solar and batteries.

When considering the upfront costs for households to adopt solar, families need assistance from the federal government to make renewable energy a viable option.

Australia will need the public’s help to meet a target of 82% renewable energy by 2030, and there is still a long way to go with the nation having less than 40% of the country’s energy needs met by renewable energy.