IMAGE: Melissa Walker-Horn/Unsplash
We keep hearing that many of you love the Savings page on your Solar Analytics dashboard because it brings the dollar value of your solar savings to light. The great news is we’re making significant improvements to these calculations making them ever more accurate.
We’ll share more news about this next month but right now we’ll show you how to use the Savings page to calculate the payback time on your solar PV system.
The Savings page shows your savings from solar for the week, month, year and since installation.
It also shows savings from solar consumed onsite, amount earned from solar exported to the grid and the cost of solar imported from the grid.
For the pennywise amongst us, we suggest checking your Solar Analytics Savings page each week through winter to avoid nasty shocks.
How much are you saving each week?
The image below is from the Savings page of the Solar Analytics Dashboard for a system on a house in the Blue Mountains, NSW. The money they saved with their 6 kW solar system in the past week is $31.33.
Not bad for a 6 kW system in mid winter!
When will your system have paid for itself?
When you bought your PV system you may have been given an estimation of the payback time. With our savings calculations you can see if you’re getting what you were promised.
Open your Savings page and select Total below the Savings heading. This will show you your total savings since your Solar Analytics started monitoring your system. With this figure you can work out the real rate of payback for your solar investment.
This 6kW system in the Blue Mountains cost $8,516 inc GST after rebates. The image below shows Solar Analytics calculations for total savings so far amounting to $2902.
$2902 in savings covers 34% of the cost. The solar system with Solar Analytics monitoring was installed in October 2018, so 34% of the cost was paid back over 21 months.
If the savings continue at this rate, 100% of the system will be paid for through savings in 62 months, or just over 5 years. Nice!
Do the same for your system – maybe it’s already paid itself off?
NOTE: This solar system was paid for outright upfront. If you purchased your solar system on a payment plan that incurs interest include all the interest in your total cost.
We’re making big improvements to the Savings page
Your savings information is much more precise now! This is thanks to the important changes we’re making that allow you to input more details from your energy retailer’s plan.
The first of these changes is the ability for you to input your Daily Supply Charge.
The Daily Supply Charge, also known as a fixed charge, is the price you pay to your energy company to supply electricity to your address. You pay this daily charge even when you don't use any electricity at the property.
We’ll have much more to share on this and further important improvements to the savings calculations next month.