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Solar offers NSW residents a chance to combat escalating energy costs
Energy prices have been tipped to rise by an overwhelming 80 per cent over the next four years according to the Australian Energy Regulator, the independent regulator for Australia’s electricity and gas networks. This is a frightening prospect for any householder, and with a rise of 64% already announced in April by IPART, NSW residents need to find a solution or pay up to an average additional $934 per year for their electricity*.
The NSW Government’s Solar Bonus Scheme offers householders the chance to convert sunshine into savings when you plug solar panels into the mains electricity grid. Since January 2010, eligible NSW households and businesses have been able to receive up to 60 cents back for every kilowatt hour of electricity generated through their solar energy system for the next seven years. This is what the government calls the ‘gross feed-in tariff’, a term easiest to understand if you think of the tariff as a credit.
To put the scheme’s savings in real terms, it means cutting the annual electricity bills for an average NSW household by possibly up to 60 per cent. Early adopters will be able to reap the rewards and look forward to making even greater returns on their solar investment as the costs of conventional energy escalate.
Leading solar solutions company Nu Energy is strongly behind the scheme.
“Imagine being able to cut your quarterly electricity bill and continue to see the benefits every year” says Nu Energy CEO, Simon Schauble. “This is now possible simply by installing a basic 1.5kW solar PV system in your home.”
“The combination of Federal Government rebates and the NSW gross feed-in tariffs have made going solar more affordable than ever before. A Nu Energy 1.5kW solar PV system at $2999**, which is designed to suit most households, makes it possible to recoup your investment in just over two years through the gross feed-in tariffs. In the first year alone, this is potentially up to a 44% return on investment with the ability to also get $1,330*** for each of the remaining years of the NSW government’s Solar Bonus Scheme.”
“We have seen an increase in customers upgrading to 2kW and 3kW solar PV systems over recent weeks as the pressure to manage household expenses grows.”
Mr Schauble said big hikes in electricity costs made moving to solar more urgent, and encouraged NSW householders to take advantage of both the federal and state government’s schemes while they are available.
“The window of opportunity is closing fast and may end or change sooner due to stronger than anticipated demand. So we urge people to get informed about what is currently on offer and take action before the Solar Bonus scheme’s overall cap of 50 megawatts capacity is reached.”
*Based on an average charge of 20c/kW hr for 20kW hr of electricity used per day. If the annual electricity bill is $1460, a 64% increase will equal $934
**$2999 is the standard installation price of a Nu Energy 1.5kW solar PV system. This assumes that the install will take place within 125km of the metro area, on a single storey tin/colourbond roof with no framing or splitting of the system required on a building with no heritage overlays or cathedral ceilings and is a single story premises. This offer subject to terms and conditions (including some additional charges for non-standard installations) available at nuenergy.com.au.
***Savings of $1330 are based upon a NSW Gross Feed-In Tariff of $0.60/kWh over a standard year (365 days) at an average daily output of a 1.5kW system in Sydney of 6.0732kWh/day. Estimate calculated for an average installation. Savings may vary due to sunlight levels and other factors. To receive feed-in tariffs you must connect to grid with a smart meter through your energy retailer.
