Australia has hit a major milestone—over 4 million solar PV systems have now been installed under the Small-scale Renewable Energy Scheme (SRES). SRES is Australia’s top renewable energy initiative, cutting power bills and driving the country towards 82% renewable energy by 2030.
Why More Australians Are Choosing Solar
More and more Aussies are turning to rooftop solar because it’s one of the best ways to cut electricity costs. Since 2020, over 300,000 solar systems have been installed each year under the SRES, with the average household saving over $1,500 annually on power bills.
The SRES helps cut installation costs by about 30%, making solar more affordable than ever. These savings don’t just apply to rooftop solar but also solar water heaters and air-sourced heat pumps, giving households more ways to reduce energy expenses.
Bigger Solar Systems Are the New Trend
According to the latest Quarterly Carbon Market Report (QCMR), the average system size in Q3 2024 was 9.9 kilowatts (kW)—a 5% increase from 9.4 kW in 2023.
This shows a second wave of solar installations, where homeowners who originally installed smaller systems are now expanding to larger setups. A bigger system means maximising solar energy production, reducing dependence on the grid, and making the most of battery storage solutions.
Solar Pays for Itself Faster Than Ever
With solar panel prices dropping, government incentives, and rising electricity rates, the payback period for solar has shrunk. On average, it now takes just 3.5 years for households and businesses to recover their investment. As electricity prices continue to climb, this payback time could get even shorter, making now the perfect time to switch to solar.
2024: A Huge Year for Solar Installations
Experts predicted that 3.15 gigawatts (GW) of small-scale solar will have been installed in 2024, putting it close to the record-breaking 3.19 GW installed in 2021. Thanks to this solar boom, rooftop systems are now powering over 12% of Australia’s electricity needs.
That means not only are homeowners saving money, but electricity prices across the grid are dropping, which benefits everyone.
SRES Incentives Available Until 2030
The Small-scale Renewable Energy Scheme (SRES), part of the Renewable Energy Target (RET), is here to stay until 2030, continuing to provide financial support for small-scale solar installations. This ensures that solar remains an affordable and smart investment for Aussie households and businesses looking to save money and reduce their carbon footprint.
Get Your Solar Savings Now
With government incentives still available and installation costs dropping, there’s never been a better time to invest in solar. Whether you’re installing solar for the first time or upgrading to a larger system, now is the time to cut your power bills, gain energy independence, and future-proof your home against rising electricity costs.
Thinking about making the switch?
Get a free solar quote today with Solar Market and start saving!
Whether you’re installing a new system, upgrading an existing one or adding a battery, we connect you with three trusted solar providers to ensure you get the best system for your needs.
