The cost of getting solar has dropped massively over the last 20 years with prices around 80% lower now than they were 20 years ago. Solar is more affordable than ever before and as a result we’re seeing many more Kiwis enjoying the benefits of solar in their homes and businesses. As we try to be greener and more sustainable with our choices, going solar makes sense, and even better that it’s good for your pocket too.
Why has going solar gotten cheaper?
Like many technologies, things have come a long way in the last couple of decades and solar is no exception. The way that solar panels are produced has become more efficient as have the panels themselves which also lengthens their life span. There’s a much larger global supply chain for solar panels today which has driven prices down as more countries around the world increase their use of solar.
Will the cost of solar keep be decreasing?
- Panels
Potentially, yes, but not at the same rate that we’ve seen in recent years. Solar panel prices actually increased for the first time in 2021. In 2022 and 2023, Prices have begun to stabilise for solar and while a further decrease in cost is predicted long term it won’t be a dramatic reduction. Like many other markets that have matured over time, pricing on panels has settled into an average bracket. What would continue to drive it down is further advances in technology and a decrease in price to manufacture solar panels, however with demand increasing, and global supply chain issues persisting, it is difficult to predict the impact this will have on solar panel pricing.
- Batteries
Home solar battery technology is still in its infancy, and makes up for a large part of the cost of a modern solar system. With advances in battery technology we can see these prices being driven down and becoming more accessible over time. Batteries are optional addons, but can provide amazing value and energy security. Today, all solar system installs should be built battery ready, so if you don’t go for one now, you can add one when you are ready.
Should I invest in solar now or wait?
The sooner the better. Now is definitely a good time to get solar, why pay more for monthly power bills than you need to? With Aotearoa New Zealand’s electricity prices continuing to rise, you will lock in your savings for the next 25 years or more by switching to solar. Solar can save you money and add value to your property so it’s definitely win-win.
