Solar Power Pricing – Banksmeadow, NSW, 2019

Banksmeadow Solar Power Systems

As at August 2022, Banksmeadow solar power installations have taken place on 447 homes (postcode area 2019).

Banksmeadow has 2,427 homes so that equals a solar penetration of 18%.

This is lower than the state average of New South Wales which has a statewide solar household penetration of 31%. So Banksmeadow is a fair way behind compared to the rest of the state.

The best performing suburb in New South Wales when it comes to the proportion of homes that have had solar power systems installed is Berrigal with a solar household penetration of 66%.

With statewide solar household penetration of 31%, New South Wales is almost there compared to the rest of the country which has solar penetration of 34%.

 

Banksmeadow Solar Power Statistics:

Number of homes: 2,427

Number of homes with solar: 447

Household solar power system penetration: 18%

Statewide household solar power penetration: 31%

National household solar  power penetration: 34%

We estimate that last year, the homeowners in Banksmeadow collectively saved $1,234,454 off their power bills! That’s money going straight back into the local Banksmeadow community.

 

Solar Panels Banksmeadow Pricing Information

According to our research, the average price for a 6.6kW solar system in Banksmeadow is $4,000.

For a well performing solar system in Banksmeadow, we estimate that the electricity generated will be approximately 22 kWh/day.

If 50% of the 22kWh is consumed in the home, and the remainder exported into the electricity grid, we estimate that the annual saving on a typical power bill is $1,843 per year.

This represents a simple payback time of 2.2 years which is a pretty good return on investment.

Solar Finance in Banksmeadow

We estimate that when financing a $4,000 solar system in Banksmeadow over 5 years, that the cost of finance in year 1 will be around $973.

This is based on an interest rate of 8% calculated monthly and without taking into account any possible extra charges like establishment fees or admin fees. Of course you need to check these numbers with a professional financial advisor.

Even still this means you may be able to install solar for zero deposit AND it is still cash flow positive. What we mean by “cash flow positive”, is that the amount saved by the solar system installation over one year is greater than the cost of financing that same solar system.

 

Government Solar Rebate in Banksmeadow

Solar systems installed in Banksmeadow on residential and commercial buildings are likely to be eligible for a Government rebate under the Federal Government’s Small Technology Certificate (STC) scheme.

The STC rebate is determined by your location in Australia and the size of the solar system that is being installed.

So if you install a 10kW solar system in Banksmeadow, you are categorised in Zone 3 and likely to be eligible for a $4,588 rebate.

The advertised price and the amount you pay or finance is generally after the STC rebate has been removed from the gross price of the solar system.

The price of the STC does fluctuate so best to keep that in mind too.

Naturally conditions apply to obtaining an STC rebate so it is best to talk to a solar professional.

 

Optimal Solar Panel Placement in Banksmeadow

In Banksmeadow, it is best to face your solar panels north at an angle of 34deg. Having said that, the majority of Australian roofs don’t generally have the perfect roof for panel placement so don’t be too stressed if your roof is not optimally orientated with the correct roof pitch.

 

How Does Banksmeadow Compare with its Neighbours?

Here is how Banksmeadow compares with its neighbours:

Mascot is lagging with a solar penetration of 18%

Centennial Park is lagging with a solar penetration of 6%

Bondi Junction is lagging with a solar penetration of 13%