We live in a world where electricity is very important. We need electricity to power our home appliances, mobile devices, computers, laptops, and others. Electricity has become an inevitable part of our life. As the demand increases, its cost also hikes. As a result, people look for alternative sources of energy.
Of all the resources of renewable energy, wind and solar are the ones that are widely dependent on. Solar power has become a trend in renewable energy. It is a fast-growing industry in Australia.
The government of Australia has given utmost importance to the green movement. As part of bringing down the power cost, they offer subsidies and incentives to residential and commercial sectors.
By producing their own energy, they can become energy independent. For harnessing the power of the sun and turning it into electricity, one need to install a solar power system.
With over 2.77 million solar PV installations, Australia has changed its energy profile. It is now a strong leader in Solar PV development.
Why do people abandon their utility power companies?
There are many reasons why people abandon their utility power companies and make PV decisions. One of the main reasons why people turn to solar energy is the hefty electricity bill they receive from the utility company. It is a massive shock that one has to undergo every month.
By installing solar panels one can stop worrying about the skyrocketing power prices. It is the aversion to paying high to the utility company that motivates many to install solar panels. Utility companies charge high for the low concern electricity generated by them.
Zero electricity bill
Installing solar panels is a legal alternative to make zero electricity bills. With the judicious use of a solar power system, one can literally eliminate or reduce electricity bills. A top-quality 5kW solar system can reduce around $2000 a year on the electricity bill. Certainly, It saves tens of thousands of dollars over the life of the system.
Another reason why people go for solar panels is to save money. Besides reducing electricity bills, installing solar panels helps to maximize the returns from their investments during the lifetime of solar panels.
In Australia, most solar systems pay for themselves within 3 to 5 years of installation. A 5kW solar system yields a total profit of over $50,000 over its lifetime.
While installing solar panels, the solar company takes into account the roof size and orientation, cost per kW and the energy consumption profile of the client.
Save money in two ways
An apt and efficient solar power system will be cash flow positive from day one. A solar power system helps one to save money in two ways. One is by offsetting the energy consumption and the other is through feed-in-tariff for the excess energy produced by the system.
A solar feed-in tariff is an amount the client is paid for solar electricity exported from their PV system to the mains grid. It varies from state to state and retailers. On average, it is around 10c per kWh.
Net metering is the foundational and most effective solar policy on which the entire residential solar industry is built.
It allows feeding the surplus electricity generated from the solar system back to the electricity grid for later use. Net metering helps one to reduce their electricity bills and save more.
Many people consider installing solar panels as an asset. A good solar system increases the property value.
According to the National Renewable Energy Laboratory, a solar power system that saves $400 per year would add a value of $8,000 to that home.
Almost 57% of homeowners are ready to pay up to $10,000 more for a home equipped with solar. On an average, homes with solar panels sell for 4.1% more price when compared to homes without solar.
A solar power system improves the environmental rating of the property, thereby attracting environmentally conscious buyers.
It increases the potential rental yield. The tenants can benefit from the free energy on the roof.
There are many who look for rental properties with solar panels. It relieves them from depending on fickle public utility companies for power.
Grid power failures
Another motivating factor to go solar is the frequent grid power failures. Climate changes and grid instability cause frequent power outages and blackouts.
Climate changes result in natural calamities like severe storms, heatwaves, wildfires, etc. It can cause the grid to be down for weeks.
An increase in global demand for electricity, aging transmission infrastructure and a change in generation landscape due to the increase in a renewable generation are some of the reasons for grid instability.
If a battery storage system is added to the solar power system, one can have the benefit of having power even during times of power outages or blackouts.
With a battery storage system, one has the ability to operate off-grid. It can make life safer and easier. It can provide light, running water, and heat even if the grid fails.
Many people turn to solar installation with the good intention of saving our environment. Going solar is the first step towards making a cleaner and greener planet.
A solar system protects the environment by reducing global warming and climate change. It is part of reducing our carbon footprint. Solar energy system protects the environment for ourselves and for our future generation too.
It fights climate change in a big way. By replacing fossil fuel-powered electricity with carbon-free electricity produced by the panels one can have an assurance that they are doing their bit to save the planet.
Free from power failure
A solar system allows one to live an extravagant lifestyle. With a solar system, one need not bother about power charges.
One can run Ac whenever they want, light up the garden at night for long, can run swimming pool pump for hours, don’t have to worry about lights and fans being switched on for a while. above all, it helps to improve the lifestyle of the family. They don’t have to be parsimonious with electric usage as it doesn’t cost them a penny.
Hiking power prices, dropping solar prices, reasonable tariffs for solar, tax incentives and available cash for purchase are some of the factors that allure many towards solar. Certainly, installing solar panels will help Australia in its journey to transition to 100% renewable energy sources. It provides a great opportunity for a positive financial and environmental outcome.