The short answer is yes, solar will save you money and for many years to come. You start saving money as soon as the system is turned on as your power bills are reduced or in some cases, eliminated. You will even earn credit if your surplus power is exported to the grid.
The cost of power is continuing to rise in Aotearoa New Zealand but if you switch to solar and reduce your reliance on the grid you will lock in savings for the life of your solar system. Solar can reduce your monthly bills by 50 – 80%, and in some cases your monthly bill cost is eliminated completely. The economics of installing your own solar system just makes sense.
If you decide to put the upfront cost of the system onto your mortgage, you save money from day one, as long as your power bill is over $150 per month on average. If you own your home, and have a bill of over $100 per month, we recommend investigating solar as an option.
With a $300 a week average power bill, the mortgage repayment would be around $170 per month. This means each month you have gained $130 of money you otherwise would have spent. If you can afford to pay for your system outright that is a great idea but finance options are also available. Whichever way you decide to pay for your system, the savings are real and immediate.
Check out this solar calculator to see how much you could potentially save with solar.