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Does investing in solar for my home or business really save me money?

Transcript

Many people ring me up and say, "How real is that whole solar thing?" The truth is, it works. I have a system myself. I see a big difference in the electricity bill.

You have to invest a bit of money upfront to really get a good system, to not later on ring around, trying to chase it. One of my colleagues bought a relatively cheap system. For the third time in November, just when it gets hot, the inverter packed it in. And so then, they took three months for somebody to come out to fix it.

They bought it mainly to help with the air conditioning costs during the summer. And so, the irony is that during the summer months, when they could make the most money, the system is actually flat lining, because the company who sold cheap stuff is overwhelmed with repair work and it takes a long time.

So our advice is you buy high quality first, don't muck around, pay a little bit more, but get the better long-term outcome.

What solar allows you to be is to actually be more autonomous. You can actually, even later on with a battery, if you go big enough, you can actually, at one stage, decide to go off the grid, if that's really what you want to do.

But most people, I would advise, to stay with the grid because you can export and get some feed-in tariff. But solar can really make you serious money. You're spending for high quality system, let's say, $8,500, $9,000, you make $1,600 on a 6.6 kilowatt if you use 60% of the electricity.

So there's a $40,000 income for $8,000, $9,000 investment. If you buy a cheaper system, out of a $3,600 system, you will not get a $40,000 return. I say to people, at Bunnings or other places, you see the $29 little orange drills, you're not going to buy that to build a hardwood deck. You should have really possibly bought at Makita. And if you bought that $29 one, you get six times back because it's smoked out, so you actually still spend $180. So you might as well got to Makita. So it's kind of similar thing.

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