Getting solar in your new home – the pros and cons

There’s no doubt that going solar is a great option for the planet and with big potential savings on those power bills, it can make a lot of financial sense too...but what are the pros and cons of installing solar in your new home and is it worth the up front investment?

Let’s take a look...

Pros of going solar

100% renewable energy - as long as the sun still shines, solar energy will be 100% renewable which makes it a much more sustainable source of energy than coal fired power sources.

Save a packet on bills - going solar to power your household energy usage can mean big savings on your power bills - from hundreds of dollars a year for small households to as much as thousands a year for a big household with a larger system. In fact, you could be looking at savings of around $40k over the life of your solar system. 

Selling it back to the grid - generating more solar than you use? Chink chink! With solar you can sell your surplus energy back to the grid for extra cash - hello savings, hello holiday fund - we could all use a few extra dollars in the bank to put towards our savings goals right?

Greener choice - installing solar can make a big difference to your household carbon emissions so you’ll be doing your bit for the planet too. Unlike coal-fired power, solar is a clean energy source - that’s a big green tick for the environment.

Fun fact: Did you know UniBank runs on 100% solar power? Plus, we never lend money to the fossil fuel industry. Find out more here about how we’re creating a better tomorrow. 

Solar rebates - depending on timing and where you live, you might be able to make the most of any government rebates on offer to help subsidise the upfront costs of installing solar in your new home. 

Super low maintenance  - another big thumbs up for solar is how low maintenance it is - with solar you really just need to clean your system a couple of times a year and you’re good to go. Most solar panel manufacturers offer 20-25 year warranties too, with the inverter usually the only component that needs changing after 5-10 years.

Cons of going solar

Up front cost - it’s definitely not cheap to get up and running on solar with purchase and installation costs coming in at an average of around $5k+ - but that will vary depending on a bunch of factors including system size. Don’t forget though, taking advantage of any government solar rebates or subsidies that might be on offer will make those upfront costs a whole lot more affordable.

Roof space and location - unfortunately not all locations are well suited for installing solar. For example, urban environments can impact a roof's exposure to the sun with shade from nearby buildings, trees or other structures often an issue. The best way to find out if solar is doable for your home and location, is to arrange a professional inspection at your property.

Weather - because solar is sun-powered when the sun’s not shining there’s no (or reduced) power. So at night time or on those bad weather days you’ll likely need to rely on the grid to meet your household energy needs without solar battery storage. Which is why more and more people are opting for lithium batteries that let you store surplus energy produced by your system for use at night-time or on those cloudy days when output is going to be lower. Batteries can be expensive though. On the upside - many solar companies run offers that bundle batteries in with your upfront solar panel purchase and installation to make it more cost effective.

Keen to factor solar costs into a home loan?

If you want to go solar in your new home but you’re not sure you can meet the up front costs, factoring solar installation into your borrowings could be one way to get up and running sooner.

Explore some sustainable home loan options here.