Should I invest in a solar energy system now, or am I best to wait until it gets cheaper?

The cost of powering your home is only set to increase. With more demand due to the number of devices that each home uses, as well as electrifying our transport, we have more demand for energy than our networks are able to service. This often increases the price of power. On the opposite end, solar power has only decreased, with solar prices now lower than they were 20 years ago. This means that installing a solar energy system has never made more sense for Kiwi homes.

When thinking about whether you should wait to get solar installed, or invest now, it can depend on different factors. Here’s a look at this in more detail:

Solar panels

The price of solar has decreased rapidly over the last 20 years. The price of solar panels has now largely stabilised, so we no longer expect to see the same changes in pricing that we have seen previously. However, the price of power is doing the opposite – with many homes noticing steady increases in power prices. When you install solar panels, this reduces the amount of energy you need to purchase from the grid, lowering your overall power bill. During the summer months, your solar panels will generate more energy as the sunshine hours are much longer. During these months, you will notice greater export credits and overall, much lower power bills. The savings you can make from solar on your monthly power bill will outweigh any additional savings made from waiting for solar panel prices to decrease.

Battery storage

You can add a battery to your solar set up at almost any point. Unlike solar panels, the cost of batteries is coming down each year. Likewise, the efficiency of batteries is also increasing as batteries are still a relatively emerging technology. However, unlike solar panels that are designed to last for over 20 years, the battery will need to be replaced at some point, often around 10 years. This allows you to make the most of battery storage now and get an upgrade to the very best of battery technology in 10 years or so. Current battery technology will allow you to buy and store energy when it makes most sense to your power bill, as well as giving you some backup power for key circuits in your home when there is a power cut.

Investing in a solar energy set up now, whether you include a battery or not, will help decrease your power bills for many years to come. The sooner you install solar panels, the sooner you will start to save on your power bill and reduce your carbon emissions. To get started, reach out to your local solar installer who will be able to provide a quote to install solar for your home. Find one here.