Is It Worth Buying Second-Hand Solar Panels?

Second-hand solar panels may seem like an attractive option for budget-conscious homeowners, but are they worth the investment? Let's explore the key factors to consider.

Cost

It may seem intuitive that used panels offer lower upfront costs, but are they often more expensive, especially in the long run. New panels qualify for Small-scale Technology Certificates (STCs), which significantly reduce the cost of new systems. Second-hand panels are ineligible for these benefits, negating potential savings.

Efficiency

Used panels typically have lower efficiency due to age and wear. This means less energy production and smaller electricity bill savings compared to new panels.

Warranty

Most warranties become void when panels change ownership. This leaves you unprotected against potential defects or failures. Additionally, second-hand panels may have hidden damage, increasing the risk of poor performance or safety issues.

Technology Advancements

Solar technology evolves rapidly. New panels offer superior efficiency and features compared to older models, potentially providing better long-term value despite higher initial costs.

Conclusion

While second-hand solar panels might seem cost-effective initially, they often prove less beneficial in the long term. The lack of warranties, reduced efficiency, and ineligibility for government incentives make new panels a more reliable and potentially more cost-effective choice for most homeowners.

*Comparison Rates based on $30,000 green loan repaid over 60 months. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

© Copyright 2024 Solaris Finance – ABN 97 602 722 805. All Rights Reserved.

© Copyright 2024 Solaris Finance

ABN 97 602 722 805. All Rights Reserved.

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