Solar boom set to accelerate as electricity and gas prices soar and payback times shorten

Solar companies have reported a spike in inquiries, some by as much as 750 per cent, since the October 25 federal budget revealed electricity would jump 56 per cent and gas by 44 per cent over the next couple of years.

Nigel Morris from Solar Analytics said higher energy prices reduced the payback time of solar and batteries, because of increased savings on bills."The economics are getting better over time, and the more electricity prices go up, the better the payback is," Mr Morris said.

He said a solar system typically took around five years to payback, compared to 10 years if you add a battery. The difference that higher energy prices make to the time it takes to repay a solar and battery system is more dramatic than solar on its own.

Mr Morris said using a conservative estimate of a 10 per cent annual increase in energy bills, the payback time for a solar and battery system would be two years shorter than when compared to a 3 per cent increase.

https://www.abc.net.au/news/2022-11-07/solar-boom-accelerates-as-energy-prices-soar/101611880