Are you looking to upgrade your home with a new electric vehicle (EV) and a solar-battery system? You're definitely not alone. In fact, almost one-third of Australian homes now have a rooftop solar system installed.1 With so many Australians already saving big on their power bills, here’s how to find out what you could save with a home solar-battery system.
The initial costs
The cost of an EV and solar-battery system can vary depending on several factors, including (but not limited to) the type of vehicle and charger required, the size of the battery, the quality of the system you select and your installer’s labour costs.
The costs of each element of the installation can vary significantly, but you could typically expect to pay:
- Solar panels: $2800 - $14,0002
- Home battery: $5000 - $20,000 (but a good rule of thumb is $1000 - $2000 per kWh of storage)3
- EV charger: between $1600 - $60004
While a full solar, battery and EV charger system can be a large upfront cost, the good news is that you'll start saving money on energy bills and fuel right away. In addition, you'll also be reducing your carbon footprint and helping to protect the environment.
How Much Could You Save?
Your potential savings will depend on several factors, including your current energy usage, the size of your battery, and the number of solar panels you’re able to install.
A handy new tool, SunSPOT* (which is a calculator developed by the University of New South Wales and supported by the Australian Government) has recently been made available to the public free of charge and can help you get a better idea of what your energy bill could look like with solar power.5 Once you’ve input your address, energy usage according to your most recent electricity bill, and a few other final details, it will generate an estimation of the following, among other things:
- A system cost
- System size
- Your annual bill with solar
- Annual bill savings with solar
While the results provided by this calculator won’t be 100% accurate, it can help you make a more informed decision when meeting with and getting quotes from local installers.*
Government programs and rebates
They won’t necessarily save you money on your bills, but there are a number of federal and state government initiatives that are helping make solar and renewable energy installations more affordable. The federal Small-Scale Renewable Energy Scheme is designed to help bring down the cost of equipment and installation, meaning less upfront costs for you.6 There are also a number of state-led programs including the Energy Saver Loan Scheme in Tasmania, the Solar Homes Program in Victoria and the Home and Business Battery Scheme in the Northern Territory. Find out more about the federal and state initiatives here.
Making the switch to an EV and solar-battery system can be a smart investment as it may save you some money while protecting the environment. By researching and comparing your options, you can make the transition as smooth and affordable as possible. You can also speak with local installers and energy providers to get more information and guidance.