How solar can help reduce your cost of living

The continuously rising cost of living is one of the key concerns for Australians. According to recent research by finder.com.au, the percentage of households stressed about energy has increased from 18% to 23% between March 2021 and 2023.

Soaring electricity prices continue to put pressure on households. The wholesale cost of electricity saw a significant increase, more than doubling in all states and nearly tripling in Queensland from 2021 to 2022. As a consequence, Australians are faced with significant cost increases from their energy retailer.

The good news is that switching to renewable energy can reduce your living expenses. Embracing solar power, adopting renewable hot water solutions, and integrating battery storage are all smart ways to generate your own energy. This shift substantially reduces your dependence on the grid, allowing you to retain more money in your pocket.

How much could solar reduce my cost of living?

1. Start with a solar or heat pump water heater to reduce hot water energy consumption.

Did you know that hot water makes up around 25% of an average Australian household’s energy consumption? Reducing the amount of energy you use to produce hot water is a great start towards more savings.

A solar water heater consists of collector panels and a storage tank designed to harness energy from the sun and transfer it to your water, making it readily available for use. The installation of a solar hot water system has the potential to cut your energy consumption by up to 65%¹. The amount of money you save will depend on the system you are replacing, your location, how much hot water you use, and your hot water tariff.

ALSO READ: Learn how a solar hot water system works

If your home is unsuitable for solar due to constraints like limited roof space or shading, a heat pump water heater is an alternative smart renewable solution. This system extracts heat from the ambient air and transfers it to the water in the tank. By replacing a similar-sized electric water heater with a Solahart Atmos® Frost Heat Pump, you could save up to 73% on your energy consumption², with dollar savings dependent on factors mentioned above.

ALSO READ: How a heat pump water heater works

2. Generate energy free from the sun with solar power.

Solar panels generate electricity from sunlight, reducing your reliance on the grid. This can result in significant savings on your electricity bills, especially if you consider that there is a shift towards the electrification of everything, including home appliances and vehicles. By generating your electricity, you become less dependent on external energy sources and the associated price fluctuations. This independence provides stability and control over your energy expenses.

According to data released by the Australian Federal Government in October 2023, households with solar power could save more than $1,000 a year on their electricity bills. And, research by Solar Citizens found that households with solar power have energy bills that are up to 20 per cent lower than those without³.

solahart savings calculator

3. Battery storage can provide even more savings

A home battery system stores excess solar power that you can use when the sun isn’t shining, helping you save more on your energy consumption as you rely even less on the grid. If you use higher amounts of energy at night, a battery can be a smart investment as you can tap into clean, renewable energy for longer periods to protect yourself further from rising electricity costs.

According to the Federal Government data, households with both solar power and battery storage systems could save up to $2,000 per year. How much you can save depends on a number of factors such as the size of your solar power system, the size of your battery, and your energy habits. Solahart Sunshine Coast will help determine which option is best for you.

What about the upfront cost?

Solahart offers generous interest-free payment terms which provide you the flexibility to buy now and pay later with an interest-free plan.This means you can start saving now while paying off your solar system over time.

  • Simple and convenient way to pay for your system.
  • Weekly, fortnightly, or monthly payment schedule depending on your needs.
  • There is no penalty if you pay off your plan early.

Also, you can take advantage of several government incentives to encourage the adoption of solar energy, to further offset the upfront costs.

Other benefits of going solar:

Long-Term Investment: While the initial setup costs may be significant, solar panels are a long-term investment. Over time, the savings on electricity bills can outweigh the initial investment, contributing to a more sustainable and cost-effective living situation.

Increased Property Value: Homes equipped with solar panels often have higher resale values, providing more equity in your home. Potential buyers are attracted to energy-efficient features that can save them money in the long run.

Environmental Benefits: Choosing solar energy aligns with environmental sustainability, contributing to a cleaner environment that can have long-term benefits for the planet and future generations.

Solahart Sunshine Coast will advise on a solution tailored to your needs by assessing your roof orientation and any shading issues, energy bills, and much more. To learn about Solahart’s free in-home solar assessment, contact us below.

Contact us today to find out more

Whether you need a simple solution to get back into hot water quickly, a solar water heater from day one, or the option to upgrade to energy-saving solar in the future, you’re in control.

And no matter which option you choose, enjoy the extra peace of mind with a 10-year cylinder warranty.

Disclaimers

  1. Energy savings of up to 65% shown is based on Australian Government approved TRNSYS simulation modelling of a Solahart 302L and using a medium load in Zone 3 and apply when replacing an electric water heater. Any savings will vary depending upon your location, type of Solahart system installed, orientation and inclination of the solar collectors, type of water heater being replaced, hot water consumption and fuel tariff. Maximum financial savings off your hot water bill are achievable when replacing an electric water heater on continuous tariff. Refer to solahart.com.au for further information.
  2. Energy savings of up to 73% shown is based on Australian Government approved TRNSYS simulation modelling of a Solahart Atmos 325HAV heat pump and using a medium load in Zone 3 and apply when replacing an electric water heater. Any savings will vary depending upon your location, type of Solahart system installed, orientation and inclination of the solar collectors, type of water heater being replaced, hot water consumption and fuel tariff. Maximum financial savings off your hot water bill are achievable when replacing an electric water heater on continuous tariff.
  3. Solar Citizens, (2018). Using electricity bills to shine a light on rooftop solar photovoltaics in Australia. [online] Available at: https://drive.google.com/file/d/19U5nhop6H-vR2RTke9geHOkUsw6r7qzA/view [Accessed 30 November 2020].

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