As the third most populated location in Queensland, the Sunshine Coast has many households looking for a way to reduce power costs. Around 30 to 40% of homeowners have already installed solar panel technology on their rooftops. How does solar stack up on the Sunshine Coast as an investment? Let’s see!
Before, when solar panel technology was very expensive, the government rebate was really good. Today, the rebate is smaller – as solar technology costs less than it used to.
Because of this, many homeowners ask themselves if solar systems are still worth the investment. How does solar stack up as an investment on the Sunshine Coast?
Solar panel rebates on the Sunshine Coast
Access to financial incentives is relevant for everyone who is wondering whether a solar power system is worth investing in or not. With rebates, you can reduce your initial installation costs, and save a great amount of money.
So, what kind of rebates are available for residents living on the Sunshine Coast?
Federal STC rebate
The government introduced a federal rebate back in 2017, to make a solar panel system investment more accessible for Australian households. The rebate will give a certain amount of Small-scale Technology Certificates, or STCs.
The value of every STC you gain will contribute to your total rebate. The STC value is not constant and will vary based on the market. If your system is generating a lot of power (a high kW system), this will give you more STCs – and also a bigger rebate.
Australia is divided into four separate STC zones. The lower the zone, the more STCs your system will generate. Luckily, the Sunshine Coast happens to be located in STC zone 1. This is great news for all households in the area, as it will give you the best possible rebate scheme.
If you install a solar panel system on the Sunshine Coast, you can expect a very generous rebate – although it is smaller today than it was in 2017. The rebate is reduced every January, by around 4%.
By installing a 6 kW solar panel system, you may expect to receive a rebate of around $2,850.
Battery Booster rebate
Eligible Queenslanders can also apply for a rebate when they buy and install a home battery energy storage system to use with new or existing rooftop solar systems.
The Battery Booster program rebate will help you better manage your electricity use and save on your energy bills.
If you are eligible, the rebates will offset the upfront cost of purchasing and installing a home battery system to use with a new or existing solar PV system.
Standard rebate: A rebate of up to $3,000 is available for applicants with an income of less than $180,000 for the most recently ended financial year.
If the applicant has a spouse, the combined income of the applicant and the applicant’s spouse must not have exceeded $180,000 for the most recently ended financial year.
Low-income rebate: A rebate up to $4,000 is available for households where the highest income earner earned $66,667 or less for the most recently ended financial year.
The program is now open and will remain so until funding is exhausted.
You must apply for conditional approval before applying for the rebate. The application must include a quote for an Approved Battery System from an Approved Installer or another retailer.
For more information on the program including eligibility please visit the Queensland Government website.
Is solar power effective on the Sunshine Coast?
Yes! As the name may suggest, the Sunshine Coast has a lot of sun throughout the year. In one year, you might expect around 300 sunny days in total. It is no coincidence that the Sunshine Coast is located in STC zone 1. This is the sunniest zone in Australia.
And, as you might know, solar power systems generate electricity through sunlight.
For anyone living on the Sunshine Coast, a solar panel energy system is an excellent choice. If you install a 6 to 7 kW system, this will generally give you a daily output of around 25.3 to 38.6 kW. So, it might be possible to produce all the power you need through your solar system.
Reduce your electricity costs
Thanks to the warm and sunny climate on the Sunshine Coast, your system is likely to produce all the electricity you need. This makes it possible for you to cut your electricity power costs.
It is also possible to receive a generous feed-in tariff on the Sunshine Coast. If your solar system were to produce more power than you spend, the extra power can be sent to the grid. Your power provider will pay you a feed-in tariff per kW transferred.
Thanks to savings and feed-in tariffs, your investment will most likely be financially favourable in the long run.
If you invest in a 6.6 kW solar energy system, you can expect a payback period that ranges somewhere between three to four years. In other words, the system will eventually pay for itself.
Conclusion: How does solar stack up on the Sunshine Coast as an investment?
As many as 40,000 households on the Sunshine Coast have already invested in solar panel systems. If you would like to join them, there is no reason to hesitate. Although the rebate is not as generous as it previously was, you can still expect significant financial help.
The fact that you live on the Sunshine Coast is a good reason to invest. As the system most likely will produce electricity effectively, you will save money and the solar panels will pay for themselves.
Install a solar system that will fit your needs, and enjoy the benefits!