When should you install solar? Many people keep asking themselves whether now is the right time or whether they should wait. According to our experts, the cost of installing solar on residential buildings is almost 13% lower than it was five years ago — good news for today’s solar shoppers.
But this steady fall in prices creates a dilemma: should you go solar now, or wait for prices to drop further? For many, headlines about falling prices are reason enough to act, while others hold off for a few more years in the hope of saving even more.
Does Waiting to Install Solar Make Sense?
Logically, it doesn’t — and here’s why. Say you’re spending $1,000 a year on energy bills and you wait four or five years for solar prices to drop. That’s $4,000–$5,000 spent on electricity in the meantime.
What’s worse, that money is simply gone — not invested. If you had installed a solar system over those four or five years, you could have paid it off, or at least a large chunk of it.
The point is to think it through. If you wait five years purely for price drops, consider how much you’ll have spent on electricity bills that give you no return at all. Our guide on why solar is a smart investment explains the return side in more detail.
Rising Energy Prices — Don’t Wait!
Energy prices have been rising steadily, and that trend looks set to continue. With ongoing economic pressures, prices could climb sharply in the next few years.
One of the best ways to say goodbye to your energy bills is to generate your own energy instead. Don’t lock yourself into contracts with suppliers who can raise their rates at any time. For more ideas, see our tips to reduce your electricity bills.
Evolving Solar Costs: A Visual Analysis
A survey by Solar Choice tracks the historic cost of solar and how it has fallen over time. Looking at the graph, the cost per watt dropped very quickly at first, but that decline has since slowed considerably.
The difference in price between 2017 and 2022 is only $2,000–$3,000 (based on 370W solar panels and a 6.6kW system).
Final Verdict
In short, waiting for solar prices to fall rarely pays off. Given the savings you forgo on electricity bills in the meantime, the answer to the question is clear: there’s little sense in delaying your installation. If you’re still unsure about timing, our look at why solar quotes are so different can help you compare your options.
Contact the Solar Air Energy team for more information on solar systems, or get a free quote from Brisbane’s leading solar energy company for your installation.