How long is the pay back period?
It depends (Don’t you just hate that?). Every switch to solar is effectively an investment decision and given the way that the cost of electricity is heading over coming years (up!), for most households and businesses its a worthwhile one. After all, in the current economic climate with cost of living challenges and uncertainty about future energy price volatility who wouldn’t want to effectively lock in the cost of their power at a set rate for decades to come? We definitely would!
The economics or business case for solar rests on your energy consumption profile. So first we need to take a close look at how much power you use, when you use it and how much you are paying for it, along with projections of what you are likely to pay in coming years. After that we marry that up against the type of rooftop you have or area of ground you have spare (for ground mounted systems) and how much energy you can produce with that area to offset your power bills.
As you can imagine every household and business energy consumption profile is very different so there is no ‘one size fits all’ solution. Having said that we can confidently say that for a typical residential household in New Zealand the pay back on a rooftop solar system is generally in the 7-10 year range with a BESS installed and for commercial properties without a BESS we have seen payback periods as low as 4 years. After that you are effectively turning a profit for the rest of the duration of the 25 year project (and beyond). Winning!
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