Solar grants and rebates: a Victorian case study

Ever wondered how solar grants and rebates actually make a difference when installing a solar system in Victoria? Let's break down the process and benefits of the Solar Vic and Federal STC rebates for a typical installation in 2024.

Our average solar system size installed has been steadily increasing and now sits at almost 10kw. Sorry to our install crews… The panels are getting bigger too so spare them a thought! 

Lets say you decide to install a 10kW solar only system. 

Example grants, rebates and loans for a standard solar system

The ballpark figure for such a system, featuring a string inverter setup like a Goodwe inverter paired with 23 x Trina 440w panels (totaling 10.1kW), would be around $12,750, before solar rebates, GST included. This setup is designed for solid performance and an attractive return on investment (ROI).

Here's where the solar rebates come into play:

• Federal STC Rebate: For a 10.1kW system installed in Victoria in 2024, you could see an upfront reduction of $2,988 (calculated as 83 x $36), courtesy of the Federal Government.
• Solar Vic Grant: This solar grant could further reduce your upfront cost by $1,400.
• Solar Vic Interest-Free Loan: Highly recommended, this loan mirrors the grant amount and can be repaid with the savings from your solar system

Now your initial outlay is only $6,970.

So, for an investment initially valued at $12,750, government incentives contribute $5,780. This not only affords you a valuable asset for your home but also promises to slash your electricity bills, as detailed in the personalised proposal that Winki provides you. Our customers typically see a positive ROI in 4 years, equating to annual savings of $1,445 (this varies based on several factors like usage and location).

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The savings from your solar system don't stop there

Considering a 25-year performance warranty on panels and a 10-year warranty on inverters, plus the potential for increased savings with rising electricity prices or higher energy consumption (shoutout to EV owners!), the financial case for solar is strong. For those planning to stay in their home for more than 5 years, the return is compelling—about a 23% annual return on investment, far surpassing traditional savings, offset accounts or index funds.

Besides the financial benefits of solar, there are other reasons to invest in your future

Beyond the financials, choosing solar has a significant environmental impact. The energy produced by a 10.1kW system in one year would otherwise require burning approximately 4,500kg of coal in Victoria!

While we're passionate about the environmental benefits of solar energy, we recognise that many of our customers are motivated by financial savings as well! Solar presents a rare win-win scenario, benefiting both your wallet and the planet. By optimising solar grants rebates and loans, you're not only making a smart financial move but also contributing to a sustainable future.

And if you ever have any questions, do not hesitate to call the experts at Winki, who will be more than happy to talk through your specific situation in detail.

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