Save money with solar power is a real possibility. Depending on the number of solar panels, a 1 KW system can potentially pay it self off in about 6-7 years. There are number of variables to consider when calculating the savings over a 10 year period. The cost of conventional electricity power is very likely to keep going up and up, as it has over the last 25 years. Therefore, it is said to be true that the solar energy purchase cost is 75% less than conventional electricity power grid cost.
How much power will my solar power system produce?
“Each solar power system has its own nameplate capacity, in kilowatts (kW). Real solar system output relative to this figure will ultimately depend on the quality of the components (are they functioning to specification?), the weather, and shading.
Depending on the details of their situation, system owners can expect their system to produce 3.5-4.5 kilowatt-hours (kWh) of solar energy daily, averaged across the year. For example, a 5kW solar system would produce between about 18 and 22kWh on an average sunny day.
Assuming an electricity rate of 25c/kWh, self-consumption of all this power would result in a maximum power bill savings of $4.50 and $5.50 per day – as compared to a savings of only about $1.45 for sending all the energy into the grid (for an assumed feed-in rate of 8c/kWh). With electricity rates set to continue rising significantly in the medium to long-term future, solar PV will become an increasingly effective way for system owners to protect themselves against soaring power bills.
More realistically, a home may only be able to use about 30%-60% of the energy that their system produces (we recommend that you use at least 30%). In you have a 5kW system and use 30% of the energy, you could save roughly $1.35-$1.65/day in avoided electricity bill charges plus about $1-$1.20/day in feed-in credits.”
Source: https://www.solarchoice.net.au/blog/solar-power-nsw/
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