If you’re still on the fence about installing a home solar system then this is the post for you. We’ve put together four reasons why residential solar panels will save you money in the long (and short) term.
This is especially pertinent to recent events.
We are in the fourth month of a pandemic, and with panic buying in the supermarkets, hospitals overwhelmed, and people losing their jobs by the thousands, becoming self-reliant with your electricity is now a major discussion in many households.
Oil and coal are dying
Renewable energy is now cheaper than coal for most of the Western World.
It’s estimated that in 10 years existing coal plants will be uneconomic to run.
A couple of years ago, the Carbon Tracker Initiative, a non-profit research group, estimated that renewable energy would undercut coal by 2025.
That estimate surprised everyone, but what was even more shocking was that they were off by 5 years. Today, in 2020, renewable energy is cheaper than new coal plants in all major markets.
So what does this mean for coal-powered power plants? Well, quite simply, they’re going to dry up.
No one will be building new plants because it’s cheaper to invest in renewables, and the ones that are going at the moment will become financially unsustainable and eventually close down.
Make no mistake about it, the coal industry is dying, and as it does, the price of fossil fuels will rise, and guess who gets to take the hit on that? The consumer.
Price hikes will be passed down the line to the public, and if you don’t believe this, bear in mind that the following…
The price of electricity has doubled in the past decade
Did you know that Australian electricity bills are amongst the highest in the world?
And to rub salt into the wound, if you’re living in South Australia, you’re likely paying more for power than the rest of the country.
Take a close look at your next power bill. You might be shocked to find that almost half your bill is to cover the cost of the poles and wires needed to bring the electricity to your home.
Australia is a big place, with one of the largest grids in the world.
Unfortunately, this enormous power grid needs to be maintained and repaired, and you can bet the power company aren’t doing it out of their own pocket.
Amazingly, less than 25% of your power bill is from the electricity used – the rest is company costs and logistics, ie, covering the cost of the wires and poles needed to bring you the electricity in the first place.
Now imagine if you had residential solar panels and made your own energy at home. How much would you save by doing that alone, never mind getting it free from the sun?
Residential solar panels increase your house price
Adding a PV System to your roof immediately adds value to your home.
If given the choice, anyone buying a new house will have solar panels already installed, and they’re willing to pay for it.
According to real estate statistics, installing a 5kW solar system adds an average of almost $30,000 to the retail value of a medium-sized home.
That means not only will you get your money back on solar panels if you move house, but that’s on top of the money you save in energy bills.
But there’s more.
Not only do houses with solar panels sell for more, but they also sell faster.
A 2010 article from Cleantechnica estimates that homes with residential solar panels sell approximately 20% faster than those without.
The Government will literally give you money to make the switch
Officially, Australia aimed to have 25% of all the nations energy come from renewables by this year.
To meet this target, the Small-scale Renewable Energy Scheme was launched, offering technologies to homeowners and businesses as an incentive to make the switch.
The South Australian Government recently launched the Home Battery Scheme to encourage more homeowners to make the switch to solar power.
This scheme offers up to $6,000 for homeowners investing in residential solar panels here in SA, along with battery storage.
As well as this grant, the Clean Energy Finance Corporation is offering $100 million in low-interest loans, resulting in savings of around $7,000 – $10,000 per home.
On top of that, there are “feed-in” tariffs in South Australia, so any energy you create from your residential solar panels that you don’t use is fed into the national grid, for which you are paid.
In Adelaide, any solar systems installed in the 5000 and 5006 postcodes are eligible for a generous rebate, paid out after installation.
Save money from today with residential solar panels
Residential solar panels will last for at least 20 years. That’s at least two decades of saving money, avoiding rising energy costs, and being your own supplier.
The Clean Energy Council estimates that the average Australian household will save over a thousand dollars per year on their electricity bill by converting to a small 3 KW PV system.
Being conservative, that’s over twenty thousand dollars saved on electricity bills – not a bad return for the initial investment.
On top of that residential solar panels add value to your home, meaning if you decide to sell, then you can add up to an extra 17% onto your asking price!
Roughly one-third of homes in South Australia have already installed solar panels with that figure rising each year.
There is a reason people are switching to solar by the thousands, and it’s simple; they’re saving money.
Making the switch to solar is the smart thing to do.
Let us help.
We are Adelaide’s experts when it comes to solar panels, ready to handle any job, no matter how big or small.
Our friendly and professional team are experts in a wide range of electrical machinery and solar technology, whether it’s installing, repairing or optimising the latest systems.
We take pride in every part of our work and customer satisfaction is our number one priority.
Making the switch to solar power is just one way to save money, but we will also help you look for other ways you can trim energy bills without compromising on quality.
Contact us today if you have any questions about installing residential solar panels.
Our friendly and experienced engineers will be happy to talk you through any issues you may have or explain things in more detail.
Bright Earth Solar offers a range of exceptional solar products, helping you save money while doing your bit to save the planet. We keep you up to date with new technology, innovation and trends in renewable energy.