Renewable energy has proven to improve the environment, society, and economy of our nation and the world. Australia is among the top countries to switch to renewables and one of the most aggressive ones to pursue the renewable energy goals. Solar is one of the most widely accepted renewable energy sources across our nation. Australia’s initiative to install rooftop solar panels and transition to clean energy has helped individuals to access low cost electricity and generate employment opportunities as well. There are various reasons why residential and commercials choose to go solar, but the two most prevalent are bill savings and environmental benefits.
There have been lot of talks in the previous days about the Australian Energy Market Operator’s (AEMO’s) Quarterly Energy Dynamics Q1 2022 report. The report interprets that the wholesale electricity prices in the national electricity market will increase by more than 50% in 2022. Installing a Solar PV System is the most cost effective option right now as it saves money and benefits the economy. Let’s see how.
- It reduces the electricity bills.
This is the biggest reason why we install solar is it saves us from rising energy costs. Rising electricity costs mean an increase in monthly expenses that add up to overall expenses of the households and businesses. Solar PV systems come with 25 years of warranty meaning you can generate your own power for 25 years. Sun is free, make use of it to produce free electricity. However, how many years you can yield the fruits of your solar investment totally depends on the brand of solar products installed and the way you maintain it. It is advised to do your research on the solar panels and inverter you would like to install at your property. Arise Solar consultants can help you learn about various solar products available in the market and help you design a customized solar package based on your property requirements.
- It increases property value.
We have been hearing this since years and most of us are now aware of the fact that solar does increase property value. Think of it like this, you are planning to buy a new property. Would you select a property that saves you energy bills along and has solar on the roof or a property that doesn’t have its roof working for it? Of course, you would opt for the one that can save you from rising energy costs as well. Homes with solar on it sell at a higher price than the homes without solar.
- It provides a good return on investment.
Solar PV System is one of the smartest investments you can make. An average Australian household sees a return on investment of 20% annually after the system has paid back for itself. A typical 6.6kW system pays for itself in 3-5 years of time, providing the owner the amazing return on investment for the rest of the year over the lifespan of the Solar PV System. Think of it like this you install a 6.6kW solar system with Arise Solar (considering a standard metropolitan based installation only) that might cost you $3891 and on average your quarterly electricity bill is $500 and after installing solar your bills reduces to $200-$250 (The amount of bill reduction you see on your bills depends on the location, size of system installed, energy consumption pattern and the electricity retailer rates for feed in tariff). On average, annually you can save $2400, which means the system pays for itself within 1.5-2 years and the rest of the year you receive the benefits of your investment.
- Solar industry generates more jobs.
As mentioned in the beginning of the article, the solar industry generates employment opportunities across the nation. A recent article published by PV magazine states a new analysis from the Australian Conservation Foundation (ACF) shows renewable energy is the real winner for regional communities that are reliant on coal-fired power stations that are fast approaching their use-by dates. Solar sector provides different kinds of jobs like manufacturing, solar installation, solar technicians, sales and marketing, thus leading to economic growth of the nation as well.