There are many financial benefits of going solar in addition to the positive impact this source of power has on our environment. There are various financial incentives offered by the Government of Australia through the Small-scale Renewable Energy Scheme, where you are issued with tradable certificates for eligible solar PV systems. Through this initiation of the government, installing solar panels has become very affordable over the recent years. The Queensland Government’s regional feed-in tariff pays eligible customers for electricity generated and exported to the grid from their solar PV system. So not only can you generate your own power through the installation of a solar PV system but you can also earn credit for all the excess power your system generates and you end up not consuming.
While most of the population is first drawn to solar because of the environmental benefits that switching to solar has, the reason that people ultimately invest in solar is due to the significant financial savings. Residential solar panels not only help you reduce your carbon footprint, they help you save money on your utility bills, as well. Rebates and incentives like the federal solar tax credit can help you save even more and have made installing solar panels even easier.
How much you actually save with solar depends on many factors, including your power usage, local electricity rates, and the size of your solar system. So when you see statistics on how much solar energy saves on average, those numbers aren’t taking all of these personal details into account. Installing a solar power system allows you to reduce or even eliminate your electricity bill. When you pay upfront for the installation of your solar panels, you are effectively paying today for the electricity you’ll use over the next 25 or even 30 years. Calculating your savings from investing in solar is as simple as subtracting the amount you pay for solar from what you would have paid for electricity otherwise.
The solar industry still has a long way to go with more improvements and developments to be made in the near future. Photovoltaic solar energy harvesting is gearing up for widespread adoption all across Australia at a rapid rate. Reductions in manufacturing costs and increases in electrical productivity per panel are also making solar panel systems available to more consumers. The solar power industry is primed for widespread adoption and unprecedented growth in the time to come.
Contact Austra Solar and get a free quote on a system for your home and start saving!