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giantslee

Cost to Install Solar Panel for Corner Terrace

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15 hours ago, snoozee said:

i just standby a 32A isolator at my attic level so that in case need/want to install solar panel, this cable can be used to carry the electricity down to my DB. of cos this isolator may not be able to be used for solar panel but the wiring inside can be used. it's just a matter of changing the isolator to one which is suitable for solar panels.

Thanks snoozee! The 32A isolator should be within reach? And out of weather elements right? 

 

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8 hours ago, ZZEC said:

Thanks snoozee! The 32A isolator should be within reach? And out of weather elements right? 

yes, within reach so easier to install wiring in future.  the isolator should be IP66 rated so doesn't matter if it's indoors or outdoors

 

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13 hours ago, Kellhound said:

I'm considering to install as well but heard that the ROI of the solar panels is not great. Anyone here can share their experience?

industry marketing says ROI is about 7 to 10 years depending on size of installation. assuming a system can last 25 years, this would mean that there would be "free" electricity after 7 to10 years. However, even if the PV panels themselves could possibly last 25 years or more (with some reduction in efficiency), the invertors and other components are most likely to need replacing at least once or twice during this 25 years period. assuming that the electrical components take $2k to replace and needs to be replaced twice during the 25 year period (after 10 years warranty is over), the total cost of the system would be the initial outlay plus this $4k. taking bro cymon's quotation of about $26k as example, the total cost of the system throughout the useful lifespan would be about close to $30K.

so this means that the annual cost of the system is actually about $1.2k which works out to be about $100 per month.

now, if your house electrical usage is more than what the PV panels can produce, you will still need to pay for additional electricity from the grid like during days when the production is very low or at night (assuming that there is no battery storage). even if the PV system is grid tied, the rate which electricity is sold back to the grid is lower than what is being bought from the grid as SP will account for transmission costs and deduct accordingly.

so even if the additional cost of paying electricity from the grid might be lower due to PV panels installation, what essentially is happening is that we are actually paying for the electricity for the next 25 years upfront and this initial lump sum cost is amortised over the next 25 years.

unless oil prices shoots through the roof dramatically over the next few years and/or you use electricity like it's free (eg: aircon and lights on 24/7), the ROI of the PV system may even exceed the 7 to 10 years period.

technology is always evolving and PV panel technology will definitely improve over the years and cost will come down due to production efficiencies. my personal take is that while it's good to go green now, financially it doesn't really make sense now to install a PV system. eg: a PV system which costs about 100k about 10 years ago could now be installed at a fraction of the cost with much better efficiency. So my take is to adopt a wait and see attitude first for PV system installations but at least have the infrastructure in place first such that when the time comes to want to install, it would be much easier rather than having the need to hack and drill through walls to run the main cables.

 

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