When you are looking at going solar, it is really common to ask yourself if it is worth it to install solar at your property. We all know solar saves us money and contributes towards a cleaner environment, however, while making an investment like solar we want to be sure we make the right choice. There can be a number of reasons why we would install solar at our residential and commercial property but let us highlight some basic points on how solar could benefit the economy, nature while saving you money along.
In our recent article based on the analysis of several reports we have highlighted how Australia might miss its climate commitments target 2030 and how climate change is impacting us. On the other hand, the wholesale electricity prices have swollen by almost 141%, every year. There has been a lot of chattering about the same in the Australian Energy Market Operator’s (AEMO’s) Quarterly Energy Dynamics Q1 2022 report. Electricity generation through fossil fuels is the biggest reason for rising levels of pollution in Australia and the energy costs are expected to hike even further due to rising electricity demands, coal crisis and higher prices for generating electricity. So what’s the way out? Is Solar really going to be helpful to beat the rising energy costs?
- Cost Effectiveness of installing solar power.
According to the data published by Clean Energy Council, Almost 3 million households now enjoy the benefits of rooftop solar across Australia. There has been a huge shift over the years on how we are moving towards renewable energy and replacing fossil fuels. Solar panel and solar inverter technology has advanced with time and is thus proving to be a sustainable source of energy. With the increase in demand and advancing technology the solar prices have dropped by almost 70% since 2015. On top of this the federal and state government rebates and feed in tariffs make it financially effective to install rooftop solar. Solar panel rebates in Victoria are available for up to $1400 with an additional option of an interest free loan of the same amount. However, the prices of solar are all set to increase due to raw material shortage and reduction in the rebates June 2022.
- The cost of fossil fuels is larger to the economy.
We are all aware about the coal crisis the world has been through in recent times. China, the leading manufacturer of almost everything and highest coal consuming country, faced some of the major coal shortages, leading to lesser availability of all the products across the globe. Fossil fuels are continuously depleting and may become extinct any time soon if we keep using them at this pace. Moreover, the costs a country pays for extracting them or sourcing them can be huge which can be lessened to reduce the expenses. And how’s that possible? The answer is simple and known to us: Make use of renewable energy like solar energy. We can decrease our dependence on fossil fuels and energy generated through them by taking control of our own electricity bills and installing a solar PV system on the roof to save money and the environment.
- Solar is a fruitful investment.
Would you buy a house that provides free electricity? Or the one that doesn’t? Definitely the one that does. So, its simple solar increases your property value, if you have solar on your roof your property may sell for a higher price than the property that doesn’t have panels on the roof. Solar PV System is an amazing investment, as it pays back within a few years of time, providing good returns for the lifetime of solar and Solar Victoria has just bettered the payback period of your solar system by infusing additional rebate and no interest loan to it. You can slash your bills by approximately 60-70% by installing solar panels at your commercial or residential property for example a typical 6.6kW solar system in Australia usually pays back within 3-5 years. Solar Miner can help you analyze your power bills and provide your investment analysis. Speak to our team to learn more.
- Solar industry increases employment rate in Australia
According to a new report by the climate council Doubling renewable energy would grow Australia’s GDP by 1.7%. 24 million jobs would be created globally and Australia’s gross domestic product would grow by 1.7% if renewable capacity were to double by 2030. Solar energy is the leading source of renewable energy across our nation and has proven to be highly cost effective. Solar industry increases the jobs in various fields like manufacturing, engineering, sales, marketing and installation thus providing a lot of people bread, butter and weekend booze. So why wait to go solar till the rising energy costs add up to monthly expenses? Now is certainly the best time to install solar. Claim the Victorian government rebate with Solar Miner and take advantage of the available stock before the prices hike for the solar.