Is Solar Worth It? Real Costs, Real Savings, and What You Need to Know

By Molly Benjamin, Founder of Ladies Finance Club

Listen to the full podcast here.

Thinking about installing solar but not sure if it’s really worth it? In this episode of Get Rich, I sat down with Leigh Storr, CEO of RESINC, to get the lowdown on solar energy in Australia. Leigh breaks down everything from solar panel installation costs, to long-term energy savings, battery systems, and how to access government rebates and green loans.

Whether you're a solar sceptic or a curious homeowner, this guide will help you understand if solar power is a smart move for your household.

How Does Solar Energy Work? A Simple Breakdown for Beginners

Solar panels convert sunlight into electricity that powers your home. During daylight hours, your solar system reduces the energy you pull from the grid. If you generate more than you use, the excess is fed back into the grid and your energy provider may give you credit (known as a feed-in tariff).

And yes, solar panels still work on cloudy days thanks to solar radiation!

Can Any Property Install Solar Panels? What You Need to Know Before You Buy

About 90% of Australian homes are a good fit for solar panels. Key factors include:

• Roof size and angle (your "solar real estate")
  
• Shading from trees or other buildings
  
• Apartment access (can be trickier but not impossible)
  

If you're a property owner with a standalone home, you’re likely eligible for solar installation, and possibly even battery storage down the line.

Solar Panels and Cloudy Weather: Do You Still Save on Energy Bills?

Yes! Solar power systems still produce electricity on cloudy days. Solar panels rely on solar irradiation (not direct heat), so even filtered sunlight can help reduce your energy bills.

What Happens to Extra Solar Power? How Solar Batteries and Grid Feed-In Work

Any excess energy your solar system generates during the day goes back into the grid and you get credit for it. If you install solar batteries, you can store that excess power for use at night, helping you become more energy independent.

This also means potential credits on your power bill, or even eliminating your electricity costs entirely.

Solar Installation Costs in Australia: What You Can Expect in 2025

The average solar panel installation cost in Australia ranges from $6,000 to $30,000 for residential systems, depending on:

• System size
  
• Whether you include solar batteries
  
• Your home’s energy consumption
  

Even larger systems (with batteries) can pay for themselves in under five years through bill savings. Smaller setups typically break even in 4–6 years.

How Much Can You Save With Solar Power? Real Savings and ROI

Here’s the math:

• An average household could save $35,000 over 10 years
  
• Over 25 years, you could save $100,000+ on electricity
  
• That’s a 10x return on investment, making solar one of the best energy efficiency upgrades for your home
  

And remember: these are after-tax savings, so it’s like giving yourself a tax-free raise.

Solar Panel Lifespan and Maintenance: What to Expect Long-Term

High-quality solar panels come with:

• 25-year warranties
  
• Expected lifespan up to 40 years
  
• Minimal maintenance (just occasional cleaning)
  

Inverters may need replacing around the 15-year mark, but overall, maintenance is low and costs are minimal.

Government Rebates and Incentives for Solar Panels and Batteries in 2025

There are two major government rebates currently available:

• Solar panel rebate: Covers 25–30% of your installation costs
  
• Battery rebate (from July 1, 2025): Covers 30–35% of battery installation costs
  

These discounts are automatically applied by your installer, meaning lower upfront costs without the admin headache.

What Are Green Loans and How Can They Help Finance Your Solar Investment?

If you don’t have the upfront cash, green loans are a game-changer. These are low-interest loans (often between 3.75%–6.5%) designed to help households invest in renewable energy systems.

In many cases, your monthly solar loan repayment is less than your current power bill—which means you can start saving from day one.

Solar Investment as a Property Owner: How It Affects Property Value and Rent Returns

Installing solar can:

• Boost your property value
  
• Make your rental more appealing to tenants
  
• Allow landlords to charge slightly higher rent due to reduced energy costs
  

And yes, rentvestors can also access rebates and enjoy tax benefits from the depreciation of their solar system.

Solar Batteries 101: How They Work and Why They Matter

Solar batteries store unused solar energy for nighttime use, giving you more energy independence and blackout protection. They’re typically installed outside or in the garage and now come with generous government rebates that make them more affordable than ever.

Is Solar Worth It? Debunking Common Solar Myths

One of the biggest myths? “I can’t afford solar.”
The truth: If you can afford your energy bill, you can afford solar.

With green loans, rebates, and monthly savings, the cost of a system is often covered by your energy savings—plus, you avoid future price hikes.

Energy Hacks: How to Reduce Your Power Bill Even Without Solar

Even if you’re not quite ready for installation, here are two quick ways to save:

1. Compare and switch energy providers – Many Australians can save $400+ per year just by changing plans.
   
2. Identify energy-draining appliances – Monitor usage and check for things like broken hot water systems or unused devices that are running constantly.
   

With the rise in energy bills, the introduction of battery rebates, and the long-term benefits of solar power, it’s hard to argue against solar as a smart investment. Whether you’re a homeowner or a rentvestor, solar could help you save thousands and gain more control over your finances.

Want to Talk to a Real Person About Solar?

Leigh and his team at RESINC offer free, customised consultations to help you design a solar system that fits your needs. Book a custom solar consultation using the link in the show notes—and get an exclusive discount for Ladies Finance Club listeners.

Catch the full episode of Get Rich on your favourite podcast platform, and follow us on Instagram @ladiesfinanceclub for more money-smart tips like these.

Plus, a huge shoutout to our sponsor, InvestorKit! Australia’s #1 Buyers Agency for 2023 and 2024. They specialise in helping investors find high-growth properties utilising industry leading AI and data driven research process across Australia. 70%+ of the properties they purchase are off-market and they have consistently outperformed national average capital growth rates by over 49%. Whether you’re looking to build your property portfolio or secure your first investment. Check them out here.