When you first think of going solar, it is normal to ask,” Is the solar panel system really paying off?” Well, solar panel systems are a great way to offset your energy cost and contribute towards energy independence coupled with numerous benefits.
Indeed, Australia has the best conditions to produce solar energy in abundance. Public polling by The Australia Institute shows solar is the most popular energy choice of the future, with 63% of people ranking it as their number one preferred energy choice.
This trend will continue to see an upward shift in the coming future because of the numerous benefits provided by solar panels.
Get a More Predictable Energy Bill
Do you feel like your electricity bill gets higher and higher every year? Every year the electricity trend goes upward by almost 16%. Using solar panels for your homes can cut your electricity bill by up to 50% per month.
Your solar energy system is efficient in producing electricity during daylight hours and feedback the excess energy into the grid. After that, an energy provider will credit you for the export of power, and this credit helps offset your power bills.
Moreover, solar companies offer solar plans that offer rates that are lower than what you are currently paying. So it’s never a bad idea to go solar.
Earn Electricity Credit Through Net Metering
Net metering makes a great way to save money!
The net metering system gives you credit for returning solar energy to the grid and offsets the electricity you take from the utility in the future. It helps you give the full economic value of all the solar energy you produce.
When you use more electricity as compared to what the solar panels are producing during the night or on cloudy days, you can easily pull electricity back from the grid to make your meters run forwards. In the end, your electricity provider pays you the net of what you put onto the grid. In this way, you can earn electricity credit.
Help Improve Your Grid Security
Switching to solar panels means less blackout or brownout. Every household in Australia, having solar panels installed, functions as a small power plant to provide us with greater electricity grid security.
Further, solar power contributes towards increasing grid security by:
- Putting power generation close to demand
- Decreasing transmission congestion
- Reducing line loss
- Reducing dependency on fuels
Makes You More Energy Independent
Solar panels are a step ahead of becoming energy independent. You will generate your own power and export the excess back to the grid. Energy dependence measures your reliance on renewable energy, which is the percentage of energy you are consuming directly from solar panels. In this way, you can become more energy independent on solar panel systems.
Take Advantage of Federal and State Incentives
In order to motivate the adoption of solar panels among people, the government offers incentives to help make solar more affordable. These incentives can be availed in the form of rebates, tax benefits, and performance-based incentives.
There are lucrative federal and state tax incentives available that can offset nearly one-third of the purchase of solar panel systems anywhere from 26-50%. The most popular solar incentives are:
- Federal Investment Tax Credit [ ITC]: ITC gives back 26% of what you paid on solar for your taxes. This tax offsets what you actually owe in taxes and can even come back to you as a refund.
- State Tax Credit: This is a kind of additional tax credit for installing solar panels. The state tax credit may vary from state to state.
- Cash Rebates: Some utility-company offers up-front rebates for installing solar panel systems. These rebates can reduce your system cost by 10 to 20 percent.
These rebates act as an encouragement for those planning to switch to solar energy.
Increase Your Property Value
Installing solar panels can help you increase the value of your homes. Potential buyers usually prefer homes where solar panels are installed as they can get the benefit of lower electricity bills. A few studies have shown that installing solar panels can increase a home’s resale value by up to $6,000 for each kilowatt of solar panels installed or by 4.1% of your home value.
Earn a Greater Return on Investment
Solar is an ideal investment that will pay off in the future. You can see a return of 20% on your solar investment, with most solar panel systems paying for themselves over the cost of their lifetime. In this way, you can get an ideal return from your investment.
Offers Low-maintenance Cost
The cost of maintaining a solar panel is low and sometimes almost negligible. The annual maintenance and recurring cost are almost negligible as there are no moving parts. Moreover, the moving fuel of solar panels called sunlight is also free. Therefore, you can think of investing in a solar panel.
Renewable Energy Offsets the Cost of Climate Change
Global warming is putting great pressure on our economy and well-being. A study shows that if we reduce our carbon footprint and decrease air pollution, solar panels can save up to $259 dollars in climate change.
Hence, switching to home solar energy can offset the cost of climate change and can save our planet.
Get Most from Sunlight
There is no denying that sunlight will cost you nothing. It is a renewable source that is available in abundance as compared to fossil fuels which can’t be replaced. Therefore, it is among the most economical investments which will pay you later in life
Why Choose Aus-Brite Solar?
Aus-Brite Solar is the best platform to get all the best solar panel deals in NSW. We work towards the vision to make solar systems available for all households in Australia.
Connect with us right away and start your solar journey with us.