The Brilliant, Hassle-Free Way To Calculate Solar's Savings
See The Amount You Could Save Each Year With Solar
You can use this calculator to get a "No BS" calculation of the cash flows and financial payback that you can expect if you invest in a solar system. Please read the 6 points underneath before you use it!
Simply enter your state, system size, and the price you have been quoted on the left (if you haven't yet gotten quotes for solar, you can find approximate prices here), and the chart will show you whether you will be better or worse off with solar (assuming all the assumptions are correct which can be seen and adjusted by clicking "Show Advanced Options").
Unlike any other solar power calculator that I am aware of, this tool includes all the things that you need to consider to get an accurate ROI (Return On Investment) calculation like the "Opportunity Cost" of not being able to invest your cash elsewhere, system degradation and inverter replacement after 15 years.
Hover your mouse over a year to see the savings for that year.
6 things you should know before using this solar power calculator:
1) The savings shown by the green bars are net savings, not gross savings. Which means they are the gross savings minus the costs of owning solar. If you buy cash, those costs are mostly lost interest on your savings. If you borrow money to buy solar those costs are the interest + repayments.
2) If the bar is green, then your net savings are positive in that year - assuming the assumptions are correct. In other words you are losing money not having solar in those years.
3) Click on "Show Advanced Options" to see all the assumptions, they make a big difference to your savings. Especially the % of "energy exported to grid", for this reason.
4) Notice there are 3 tabs depending on how you pay for your solar. I encourage you to try the "Add to mortgage" tab. This is often the cheapest source of money for homeowners, and can often give you the most savings going forward.
5) Notice that big drop in year 16? That is me assuming that your inverter will need replacing after 15 years. You can turn off this assumption in the Advanced options.
6) There is nowhere to enter your electricity bill. This is because the only variable that matters is how much of your solar is exported. The bigger your bill, the less will get exported and vice versa. Counterintuitive as it seems - we don't need to know your bill to calculate your savings, we just need to know how much of your solar is self consumed and how much is exported.
(Of course, you are unlikely to be able to guess this, so my advice is to use a worst case and best case scenario and make sure you are happy with the savings for both scenarios. For example, worst case may be that you export 80% and best case might be that you export 15%. If that all sounds too difficult then a solar installer can work this out for you, I can put you in contact with up to 3 locals I trust here.)
If you're considering installing solar panels for your home or business, SolarQuotes can help you get quotes from high-quality installers within our trusted network:
My lawyer said I need a disclaimer - so here it is!
These calculators are intended to provide illustrative examples based on stated assumptions and your inputs.
Be aware that the default settings will most likely not be applicable to your situation, and you should ensure that you change all the inputs (including the "Advanced Settings") to reflect your own circumstances. You should also check that the Feed In Tariff settings are correct for your State, as they change regularly.
Changing any of the inputs can have a large impact on the outputs. It is particularly difficult to estimate the % of energy you will export, so you should try the calculator with a range of scenarios, e.g. 10% export, 50% export, 90% export etc, to ensure you understand the consequences of exporting more or less as your usage patterns change.
Also no one knows what the Feed In Tariff rates will be after the current state legislated tariffs end. So you can only guess. This is in the Advanced options. You should always model the effect of a 0c FiT after the current one ends, as that is a possibility (especially with the current crop of politicians)!
Calculations are meant as estimates only and are not intended to be kept or used for any practical purpose. They are based on information from sources believed to be reliable and accurate and are not intended to be used as a substitute for professional advice.
The calculators are not intended to be relied on for the purposes of making a decision in relation to a solar product or finance deal.
Consumers should consider obtaining advice from an Australian Financial Services licensee before making any financial decision regarding mortgages, loans or solar financing.
Actual outcomes will depend on a range of factors outside the control of SolarQuotes.