Your actual savings will depend very much on your lifestyle and household hot water consumption pattern.

A thumbnail estimate can be made by noting down your annual hot water bill and expect this to be at least halved. Then calculate the pay-back period by dividing this annual saving into the all-up cost of the solar system — taking into account renewable energy rebates you can apply for.

For a typical home, expect a recovery within 5 years at current prices. Some homes opt to turn off the booster during warmer months and this measure can dramatically shorten your payback period.

However, keep in mind too that grid power prices are mooted to escalate sharply in coming years, and this will further shorten your payback period.

Going solar is an ethical choice, as much as a financial one. But there has never been a better time to go solar even for your hip pocket!