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UNDERSTANDING YOUR SOLAR SAVINGS
Some simple tips
Understanding a power bill can be difficult at the best of times and the information can be easily misinterpreted. Below are some tips on how to understand your solar power savings. We are always here to help so if you need a hand just give us a call.
Here is an example power bill. The blue arrow points to the solar credits line. It appears that the savings made from the solar power is only $26.48 The solar credit shown on the power bill is not the total savings from your solar power. This is only the electricity you have sold back to the grid.
To see the total amount of money your solar power has saved, you need to take some readings from your inverter and electricity meter.
Go to your inverter find the display that says E TOTAL and write this figure down. In this example we have 1106 kWh. This is the total amount of electricity your system has generated since the system has been installed.
Next go to your electricity meter. Your meter will have a LCD screen and a scroll button. When the scroll button is pressed the display will change between the amount of electricity you have bought and the amount you have sold back to the grid.
In the top left corner you will see 01 this indicates you are on the electricity bought display. When you press scroll you will now see 40 in the top left corner (sometimes a negative sign is used instead) this display is the electricity sold back to the grid.
In this example we have bought 805kWh’s of electricity and sold 331 kWh’s back to grid
Since the solar power has been installed it has generated 1106kWh’s (E TOTAL)
The electricity meter shows that 331kWh’s(40) have been sold to the grid at $0.08, this gives us the solar credit of $26.48, 331kWh x $0.08 = $26.48. If we take the E TOTAL figure again and deduct the electricity sold to the grid we are left with the amount of solar electricity that has been used in the house. 1106kWh-331kWh=774kWh’s used in the house.
If the solar power had not been installed this 774kWh’s would have had to be bought from the
grid at the rate you pay for electricity plus GST. In this example the rate is $0.28 kWh therefore
774kWh x $0.28 = $216.72 *1.1 (GST) = $238.4
The total solar savings for in this example for the billing period is $238.4 + $26.48 = $264.88
This has reduced the power bill by half. This amount of saving would work out to be a return on investment of over 20%. Far better than any savings accounts and other investments.