POWER prices are on their way up so it is time to follow the Prime Minister’s lead and install solar panels on your roof?
Details of Malcolm Turnbull’s heavy-duty solar set up were revealed on Monday, after an eventful week where South Australia lost power and NSW residents also came very close to forced outages as high temperatures sent electricity consumption soaring.
According to the Australian Financial Review, Mr Turnbull upgraded the solar panels on his Point Piper mansion last year to a 14.5 hour kilowatt system, and also added a 14 kilowatt hour LG Chem battery stack, that would likely shield him from potential blackouts.
While most Australians may not be able to afford the estimated $25,000 the PM’s system cost, with power prices expected to keep rising, is it time to consider a solar set up?
THINGS HAVE CHANGED …
There have been changes to federal government subsidies for solar panels and feed-in tariffs offered by the states that reduce some of the money you get back.
Some of these changes took effect on January 1 and it seems the Prime Minister wasn’t the only one who wanted to get solar installed before the changes took effect.
Warwick Johnston, the managing director of Sunwiz, a market analyst for the solar industry, said there was a record amount of solar installed in December, more than any month in the previous four years.
While the January 1 change was probably a factor, it has only reduced the government subsidy by about 7 per cent, equal to about $150 on the cost of a system.
Mr Johnston believes rising electricity prices are more of a driving factor.
“(Price increases) had tampered off in recent years but are now rising again particularly in Queensland and Western Australia,” he told news.com.au.
He said Western Australian solar installation companies recorded their best year ever in 2016.