Installing solar panels is the furthest thing from the minds of most consumers and business owners right now. During recessions, it is not uncommon for consumers to tighten their belts and businesses to evaluate their bottom lines. The instinct is to buckle down and ride it out, spending only on the necessities.
Even during times of economic distress, the renewable energy market is a strong investment to consider. It may seem counter-intuitive, but installing solar panels on residences and commercial properties is a great way to save money.
1. Save on electric bills
This is by far the number one reason to invest in solar panels during a recession. Generating your own electricity – with the option of selling any excess power back to the grid – could result in $0 electric bills. Even for consumers and businesses that do not generate enough electricity to sell back to the grid, electricity bills will be much lower with solar panels than without.
For those using solar panels in Brisbane, Sydney, Adelaide, or elsewhere across the country, the solar feed-in tariff is determined by your retailer. Using this solar calculator can help estimate potential savings by selling your unused electricity back to the local power grid.
2. Solar is reliable
Investing in the Australian Securities Exchange is risky. The ASX suffered short-term losses due to the COVID-19 pandemic and continues to struggle to rebound. The payback period for solar varies by state but is typically between four to seven years. Arise Solar can help determine your payback period.
3. Government incentives
In Queensland, NSW, and South Australia, government schemes for residential and commercial properties make solar panels an affordable investment.
Choosing the Right System
For residential customers from Brisbane to Canberra to Adelaide and beyond , a 6.6 kW solar system is ideal for families of four to six. The output is between 9.500 and 10,500 kWh per year. The 6.6 kW solar system is becoming increasingly popular due to their affordability, ample size, and ease of approval when connecting to the power grid. The system consists of between 22 and 24 panels
Commercial customers have a choice among four systems: 12 kW, 30kW, 50kW, and 100kW. Our solar panel experts can work with your business to identify the best option.