As electricity costs in Australia continue to rise, the payback times for solar panel + battery systems and battery retrofits have dropped to levels that make them a great way to save* big money on electricity costs.  Combo panel + battery payback times have dropped to a staggeringly low 3+ years in many parts of the country.  Adding a battery to an existing solar panel system (called a battery retrofit) has dropped to around 6 years.

To help you see what your payback might look like, we’ve created a simple calculator**. You can input the numbers to see how payback is affected by variables such as the anticipated percentage increase in energy costs, your daily kWh usage, and expected percentage savings from installing a solar battery system.

We will go through a few examples for the most common systems below, and provide links to the savings calculator.  Please keep in mind that these are rough estimates based on example pricing and we will confirm everything with your solar consultant after you request a quote for your home.  

To use the calculator yourself, click the links below to download.  This will give you a personal copy that you can edit to your heart’s content.  You can edit the inputs in the black cells and see what happens to the payback and total savings figures with different system costs and cost of energy for the plan you are interested in. We have used a default of 24kWh/day home energy use and a 7% yearly electricity rate for the calculations you’ll see when first click on the link. Put in different inputs and see what happens to the savings and payback times. You can only edit the black cells, as the others are all calculated based on the black cell inputs. 

NSW & SA calculator: Get the NSW/SA calculator

VIC calculator: Get the VIC calculator

New South Wales & South Australia example payback and savings

6.6kW panels + 10kWh battery

10kWh battery retrofit

To see what p/kWh rate applies to you visit: Energy Made Easy. 

Variables /Assumptions used for initial calculations:

• ShineHub system sale price at the time of publishing (for NSW & SA). 
• 35c/kWh flat energy cost (excluding all other charges and Solar Feed In)
• Energy price increase: 7% every year for 10 years
• Savings from solar: 90% on yearly energy bill
• Postcode: Sydney, NSW 2000. 
• Household size: 2-3 person household
• No bill or meter data provided
• Air Conditioning: Yes, 
• Smart meter: yes, 
• Pool: No. 

Victoria Examples

6.6kW panels + 10kWh battery

10kWh battery retrofit

To see what p/kWh rate applies to you visit Energy Compare VIC.

Variables /Assumptions used: 

• ShineHub system sale price at the time of publishing (For VIC). 
• 35c/kWh flat energy cost (excluding all other charges and Solar Feed In)
• Energy price increase: 7% every year for 10 years
• Savings from solar: 90% on yearly energy bill
• Postcode: Melbourne, VIC 3000  
• Household size: 3 person household
• No bill or meter data provided
• Split system air conditioning and heating
• Pool: No
• Hot water: gas instantaneous

Virtual Power Plant participation can increase savings even further

Finally, consider joining the ShineHub Virtual Power Plant^. Participants get paid $0.55 for energy discharged from their battery, providing additional passive savings of up to $120 per year. And because the ShineHub VPP is retailer agnostic unlike a lot of VPP offerings that are directly tied to a retailer, where you must be on their electricity plan to participate, the ShineHub VPP allows you to shop around for the best deal and still stay part of the ShineHub VPP irrespective of which energy plan you end up choosing. This flexibility gives you even more saving potential. 

Conclusion

In conclusion, solar battery system payback periods are becoming shorter due to increasing energy costs and more affordable solar systems. 

But remember, the cost of the system is key. Some brands, like Tesla, charge a premium for their products which will of course increase your payback time. There are also other things to consider such as the type of battery, its chemistry, number of cycles and the warranty conditions (some warranties are compromised by VPP participation for example). You can read more about this here. 

Request a ShineHub quote today and one of our friendly solar sales consultants will be in touch to talk to you about your needs and help you design a solar system solution that will help you maximise your solar savings. 

*Savings vary according to individual circumstances. Terms and Conditions apply.

**The calculation tool provided is for general informational purposes and can produce diverse outcomes based on regional factors and energy-related variables. It is not intended as financial advice, and users are advised to consult our qualified professionals for personalized assessments.^Must sign up to the ShineHub VPP. Assumes Virtual Power Plant participation. ShineHub VPP terms and conditions apply.