How Much Does A Solar Panel System Cost In 2021
By Kristy Hoare on in Solar Power News In New Zealand
Read the updated version for 2023 here.
When considering solar power for your home or workplace one of the first questions will surely be, how much do solar panel systems actually cost? And of course, we get asked this question daily. The article below gives you the short and long answer to this burning question.
Firstly, a little insight. Many New Zealanders are choosing to have solar power installed and for multiple reasons. Increase in demand seems to go hand and hand with the first few weeks of the year. Folks tend to rave about solar to their friends and family during the festive season, so it’s seems pertinent to discuss this topic now as we get more and more enquires.
What is the solar power system installation cost for the typical New Zealand home in 2021?
The average cost for a residential grid-connected solar power system in New Zealand is $10,000.
According to New Zealand's Electricity Authority, the average-sized solar panel system currently being installed is a 4kW system, roughly 13 solar panels. My Solar Quotes solar power prices guide indicates that a 4kW grid-connected solar power system with standard specifications costs around $10,000 installed.
Interested in getting in getting 3 free quotes for solar power installed? Click here and fill in our quote request form.
Has Solar Power Gotten Cheaper In New Zealand Over The Last Few Years?
Solar power is cheaper than ever! Solar power is almost always getting cheaper ever year. Back in 2008 a 4kW system cost over $50,000 installed. Jump a head a few years where in 2014 a 4kW system cost roughly $13,000. Now today in 2021 a 4kW solar power system will only set you back by $10,000.
Going Solar? Get Multiple Quotes Before Installing!
We highly recommend to any person or company looking to install a solar power system to get quotes before settling for one system/installer; prices can vary significantly between solar power companies. Two systems of the same size could be thousands of dollars of difference between companies. Click here to get 3, free quotes for solar power now.
The True Price Of Solar?
An 8-panel solar power system isn’t going to cost the same for all kiwi families, there may be unavoidable extra costs because of the layout of the house, if extra features or premium products are chosen then prices rise accordingly.
Optional Solar Power System Costs:
- Choosing more expensive brands of solar panels and solar inverter
- Choosing micro-inverters over a string inverter
- Adding a battery to the solar power system (this can double the price, but comes with obvious benefits).
- Premium monitoring screens and services
- Adding in a hot water diverter or timer
Potential Unavoidable Solar Power System Costs:
- If the house is 2 stories or more, scaffolding may be needed
- Meter upgrade if the house still has an old analogue meter
- Switchboard upgrade if the switchboard is too small or poorly configured
- Extra for tilted roof mounting equipment - A house with a flat roof will require this
- Extra mounting components for tile roofs
How Much Does One Solar Panel Cost?
One solar panel costs roughly $300. Solar panel sizes typically installed on New Zealand roofs range from 280W to 370W.
Solar panels are between ⅓ and ¼ of the total cost of a solar power system. The other main costs of a solar power system can include the inverter, mounting, connecting components and physical labor.
Can The Cost Of Solar Power Be Financed?
Yes, many financing options now exist for solar power. The cheapest way to finance a solar power system is through a mortgage top-up, paying roughly 2-4% bank interest rates.
The Hawkes Bay and Marlborough council offer solar power loans. The Hawkes Bay offers ratepayers to borrow up to $20,000, with an interest rate of 4%, paid off over 10 years.
Marlborough council also offers funding for the cost of an approved solar power system with an interest rate of 5.5%, repaid over 9 years, plus an administration fee.
Many solar companies have made exclusive deals with finance companies, so when you request 3 quotes from solar companies in your area, make sure to ask about financing options.
Solar power systems in 2021 are the cheapest they’ve ever been in New Zealand’s history. Competitive financing, along with a great return on investment makes solar power a highly attractive asset. If you have the means to do so, purchasing a solar power system in 2021 is the best way to start saving on electricity bills whilst being savvy with your investments.