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Are Solar Batteries Worth it in 2023?
Are solar batteries worth it in 2023

Are Solar Batteries Worth it in 2023?

Published on:
November 27, 2023

Back in 2010, Australia saw a surge in solar battery installations all around the country. And from then onwards, we have about 3 million homes enjoying the perks of rooftop solar, including low electricity bills, than those with just grid connection.  To paint a clearer picture, it is estimated that in NSW, per kilowatt of energy generated by solar panels saves you about $400 per annum. Let’s suppose you have a standard 6.6kW solar system on your rooftop, your savings for the said year will be about $2640, which is $660 in a quarter! There is a way in which you could get even more out of your solar panel system; wondering what might that be? Adding a solar battery system is the answer. However, as we might all know, batteries for solar systems are by no means a small investment, so the question remains, are solar batteries worth it in 2023 as a homeowner? Let‘s find out. 

solar battery

Reasons Why You Should Get Solar Batteries

There is no denying that solar battery prices are not low, but the payback period goes down with the price hike of energy in Australia every day and in my opinion, due to the current economic environment, I can only see energy prices to rise. 

According to the Australian Energy Market Operator (AEMO), the wholesale cost of power in the National Electricity Market (NEM) jumped by a whopping 141 per cent in the first three months of 2022 compared to the same quarter last year. That said, storing the surplus of energy generated by your solar panels sounds like a sound investment, doesn’t it?
Here are some more reasons-

End of Net Metering in Australia

Net metering is a system that allows you to send the excess power generated by your solar panels to the grid and get a portion or the exact amount back on demand. People were utilizing the grid practically as a storage facility when the net metering system was still in place, but that luxury is no longer available.
Net metering was available until April 2020 in the Northern Territory; however, the benefit is no longer at one’s disposal for solar systems constructed after that date. Essentially with the end of net metering, you no longer have the freedom to get a one-to-one net metering service (a kW received for per kW given).
solar panel battery
That doesn’t mean you don’t have other means to store the energy in the grid; you do; however, that is not as beneficial as net metering and not certainly as profitable as having your own solar battery.
Solar panels don’t have the ability to generate the same amount of energy all day long as the sun doesn’t shine just as bright from sunrise to sunset. The maximum amount of electricity generated by the solar panels is between 12 to 3 pm. An average Australian household does not consume a lot of electricity during that time since they are the majority at work.
Studies have shown that, with the surge of electric prices off the grid, it doesn’t make any financial sense to store the excess energy in the grid; rather, having your own solar battery and using it on demand is much more profitable in 2022.

Electricity Prices are Higher at Night

As a storage unit does require significant investment, you decided to export the surplus of electricity to the grid. But, keeping in mind that an average household requires more energy at night than in the day, you will be paying more to buy back that exact amount of electricity you exported at night.
So, it’s obvious that storing the surplus in a solar battery makes more sense than buying it back at a higher price point.
solar battery charger

Grid Outages

There are occasions in which people suffer from grid outages. It can be during a scheduled check-up of the grid, or a devastating storm or just about any other reason. It’s more common than you would think. In those cases, a solar battery can be your resolve.

I am positive you would not like to come home to a fridge full of rotten food. To have an uninterrupted supply of energy that you have all the control over, having a battery storage unit makes perfect sense.
Yes, of course, you could opt for a backup generator, but they are noisy, and it defeats the purpose of having installed solar on your rooftop in the first place. It runs on diesel, a non-renewable source of energy that definitely contributes to carbon emissions.
solar battery cost

Are Solar Batteries Worth it in 2023? The Truth

It makes sense for a large energy user to opt for solar batteries. They definitely are worth the price and here is why-  

  • Solar battery cost is significantly coming down as we speak, for instance back in 2020 a 6kw solar battery cost was about $10,000 which now is about $7,700 
  • It is the only way to go for those who live off the grid  
  • Without the benefit of Fit, having own storage system saves on power bill even more  
  • Complete control over your energy consumption  
  • Power backup for days in an event of power outage and with the addition of solar panels you can forget the grid  

Solar Battery Price – Are Solar Batteries for You?

It’s tough to give you a figure for solar battery price because it depends on a lot of variables. For example, it will depend on your power needs, if you have any power-hungry appliances, the size of your household, geographic location etc. Depending on these variables, you can determine how big of a storage unit you would need; thus, the cost of solar batteries will be estimated.
But to give you a rough idea, a kWh of residential solar battery storage price can hover over the $1000 mark. This includes the cost of installation and GST. Remember that the brand of the battery, along with all the other factors mentioned, does matter in the end, and prices vary depending on those factors.
To conclude, with the rising price of electricity nowadays, it makes complete financial sense to get solar batteries. The payback period of batteries has shortened in recent days, and with the end of net metering, the debate of are solar panel batteries worth it 2022 comes to an end.

If you would like to sit down with one of our solar experts and get to see if solar batteries make sense for you, then get in touch with us today! It’s 

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