If you’ve ever wondered whether the benefits of solar energy can outweigh the costs, you’re not alone. Interest in this alternative, sustainable energy source has steadily increased since it was first introduced. In fact, the solar panel has found in Australia on the rooftops of residential and commercial buildings. According to the 2019 Energy Transition Index by the World Economic Forum, Australia ranked 43rd in the list of 115 countries. This report focuses on the rates at which the energy performance of the countries improve and their readiness to embrace sustainable energy. In the index, Australia, Canada, and South Korea were the only major economies that scored outside the top 25% of countries.
The renewable energy industry in Australia is on course to install more than 10 GW of new solar and wind power during 2018-19. In 2018, 2 million households in Australia installed rooftop solar panels. It means that one in every five households now have solar power to bring down their electricity bills.
If this rate of solar installations remains, the country will reach 50% renewable capacity in 2025.
According to the Australian Energy Market Operator, rooftop solar will generate 85% more power than the 2017-18 financial year.
On the other hand, solar farms will supply nearly 5,000MW of power, which is an increase from just a few hundred megawatts of power in 2017-18.
A report by Green Energy Markets states that in the first three months of 2019, a record number of solar capacity has been installed in residential and commercial buildings. It is an increase of 46% during the same period last year.
Maybe there’s something to this growing trend.
Top five reasons why you should consider solar panels at home or businesses
Savings on Electricity Bill
Factoring local weather, local net metering policy and your household energy consumption, you could save over 50% on your power bill by installing solar panels at home. Solar panel installation is a one-time investment that has a guaranteed life for a much longer time. A normal electricity connection that you get from the state government is chargeable on a monthly basis which amounts to much more than what one pays for a rooftop solar system at the time of installation. Besides that generally, electricity prices keep on fluctuating from time to time. So, it is difficult to calculate the expenditure on electricity for a certain period of time. However, when it comes to electricity generated by solar rooftops, you also fix your electricity costs and make your monthly bill more predictable. So you can easily maintain your expense forecasting and management capabilities.
Earn Tax Credit
There are many tax advantages to installing solar panels. You’d get government rebates and other financial incentives that help the solar system to make it more cost-effective. The federal government offers Small Scale Technology Certificates (STCs) to business entrepreneurs who invest in a solar panel system. The number of STCs you get depends on the measure of electricity the system creates or displaces, determined in megawatts every hour. Feed-in tariffs (FiTs) are also available for households or businesses. It means you’ll be paid for excess electricity generated by your solar PV systems which send back to the grid. Tax advantage differs by area, so ask for professional guidance. Net metering is another impressive advantage of having solar panels. Net metering is a term which refers to selling energy to conventional grid station in cases of excess production using solar panels. This way electricity bills are reduced by sending electricity back to the grid station.
Increase Your Home Value
The value of your home goes up high as soon as you get the rooftop solar panel system installed. Millions of Australian homeowners are interested in solar panel rooftops but haven’t taken the time to figure out what it takes to install them. This consumer reality and the undeniable benefits of having solar panels on a home complements recent studies that found property values increase after solar is installed. If you invest in solar panel rooftops, then you’ll get the increased resale value of your homes when you sell your home in the future.
Save the Environment
Solar power systems are very friendly to the environment and do not pollute it in any way, they do not have any by-product only electricity is produced. When solar electricity is used in place of energy generated by fossil fuels for meeting needs like lightening homes, office buildings, pumping of water, etc, it will reduce the amount of carbon monoxide, greenhouse gasses, and other pollution emitted into the air. The more electricity from solar panels is used the more it is beneficial for the environment to reduce impurities from our atmosphere.
Almost No Maintenance
It needs low maintenance due to that the moving parts used in the system are low. Solar panels are an extremely reliable source of power that should last 25 years or longer. Of course, not all panels are created equally regarding their reliability or efficiency. The least you’ve to do is to clean the panels occasionally to keep them free from dust so that you get the maximum power from the panels. If your PV system is complicated, then it needs a little bit of maintenance. But in general, it can be called these systems as ‘’ free-maintenance’’.