KEEPING YOU SAFE: Safeguarding your financial security is our utmost priority. We employ state-of-the-art encryption and advanced security measures to protect your sensitive information. Learn more about how we keep you safe here.

Alex Bank logo - White

Thinking about making your home more energy efficient? A growing number of Australians are turning their back on high power bills and embracing solar power.

Facebook linkLinkedIn linkInstagram link
solar panel installation on house

A growing number of Australians are turning their back on high power bills and embracing solar power. The Australian Renewable Energy Agency says close to one in three (30%) of homes now use rooftop solar panels1.

This makes it worth a look at solar panel installation costs to know how much you could save by making the switch to solar power.

Faced with this sort of power bill increase, there’s scope for saving money with solar power.

Better still, any excess power you generate through your solar panels can be sent back to the grid. This could see you paid a feed-in tariff by your electricity retailer2. In other words, your power provider pays you – that’s a welcome change!

For instance, Solar Choice says a 3kW solar panel system can cost $3,910 if you live in Sydney, or as little as $2,780 if you are in Perth3.







































































Source: SolarChoice3, May 2022

How much it costs to install solar panels

The cost of installing solar panels will vary according to the service provider you use and the size of the system you choose.

The website of the Clean Energy Council (CEC) has an online search tool to help you find accredited installers in your area. It can be a good idea to speak with a few installers to compare prices.

The solar installation cost can also vary depending on your roof. The CEC says factors such as the orientation of your roof, its pitch (slope), and even the material your roof is made from (such as tile, tin or concrete) can all impact how you benefit from solar2 . Even the height and accessibility of your roof could impact solar prices for your home2 .

Solar panel cost calculator

A solar panel cost calculator can help you work out the savings on solar panels for your home. You’ll need to know how much you’re currently paying in electricity bills to get started.

Benefits of using solar panels

Installing solar power does come with an upfront cost. But when it comes to power bills, the cost savings can be impressive.

How much you save depends on the size of the system you install, how much power you typically use around the home and where you live – each state has different rules around power pricing.

In general, it could be possible to cut annual power bills by around $1,478 with a 3kW system – or up to $2,364 with a 5kW solar panel system4.

With savings like this up for grabs, the installation cost of your solar panels could be recouped in just a few years.

Installing solar power delivers other benefits too. It’s good for the environment, it can add value to your home, and solar panels require very little maintenance5.

Getting a solar loan to help you

A solar loan can help you install solar panels, letting you make environmentally-friendly home improvements and start saving on power bills sooner.

A green loan from Alex Bank is a type of personal loan that doesn’t require upfront security. So you can get started with solar panels without having to stump up an asset for security (like a car or house).

With an Alex.Bank solar loan, you save with no ongoing or early repayment fees and the entire application process can be done online. The fixed interest rate means fixed repayments that are easier to budget for over the loan term that suits your situation.

Important information

1Australian Renewable Energy Agency, Solar Energy, date accessed December 2023,

2Clean Energy Council, Is Solar Right for Me, date accessed November 2023,

3Solar Choice, Solar Power System Prices, date accessed May 2022,

4Go Solar Quotes, Do Solar Panels Save you Money, date accessed November 2023,

5Energy Australia, Why Now Is the Right Time to Go Solar, date accessed May 2022, https://energy

The content on this page is general information only, it is not intended to be advice or a substitute for professional financial advice. It does not take into account your situation, needs or objectives, you need to consider whether it’s appropriate for your situation and if you should consult professional advice. You should assess whether an Alex Bank personal loan is the best product based on your needs and situation and read the fine print, terms and conditions and compare different personal loan products on the market or seek professional advice. Finance applications are subject to Alex’s normal credit approval. Terms, conditions, fees and charges apply.