Alternative energy hasn’t been a novel idea in the past few decades. However, greater attention to increasing energy prices and the earth's sustainability has skyrocketed the appeal of renewable energy sources. For this reason, many households in Australia are becoming more open to installing solar panels for their homes.
The past few years have shown an extended interest in alternative energy due to technical innovations focusing on green motives. The earth's condition is a prevalent condition that's now more widely accepted than ever. This prompts businesses and consumers to take a united stand to find better ways to save the environment. One method that's equally beneficial to consumers and service providers is the installation of solar panels.
A standard 6.6kW solar panel system can seem like an expensive purchase starting at $6,000. However, its potential energy savings can reach $1,000 in the first year alone. A good solar power system will typically pay back its user for five to six years. However, it's not uncommon for modern models to easily return your energy expenses in just four years. With the reluctance of everyday households to invest in such a steep investment, it's important to bring attention to a solar panel system's benefits and the variables a buyer needs to consider.
In this article, we'll share seven variables you should consider when buying solar panels.
1. Energy Savings
A standard 6.6kW system can save you around $300–$500 every quarter. Since you'll generate energy directly from your solar panels, you'll save around 30c per kWh or your standard rate for electricity. Additionally, any excess energy you generate gets fed back to the grid. This gives you a feed-in tariff as credit for your excess power. While it typically amounts to 10c per kWh, this value adds up per month to make a sizable investment.
2. State Differences
Besides the kind of solar power systems you buy, you should also consider where you live. All solar systems installed with CEC-approved panels can receive an Australian government solar rebate. For example, the Victorian rebate lets you save over $1,850 off the cost of installing a system. This is in addition to the federal rebate you can receive. It's a valuable incentive for households to start making the switch to solar power by setting an earlier payback date.
3. Lifetime Solar Savings
Most homeowners weigh their willingness to buy a solar panel system based on the cost and time it takes to earn back the investment. However, this is just the tip of the iceberg in realising the benefits of switching to a solar panel system. A good investment in the right product should typically last you for 25 years. This is why it's vital to invest in modern models with more reliable features.
Instead of purchasing cheaper solar panel systems in the market, you'll greatly benefit from buying products designed to last. In the long-term, your energy savings will largely affect your retirement goals as well. This is why it's ill-advised for homeowners to be hasty about getting the soonest possible payback for their investment.
4. Electricity Bill Payments
It's a common misconception that getting a considerably powerful energy system will prevent you from paying electricity bills entirely. Remember that solar energy systems don't disconnect you from the electrical grid. Instead, your energy costs are substantially reduced. Remember that staying connected to the electrical grid is necessary to ensure that you're eligible for feed-in tariff credits.
5. Roofing Orientation
Simply pointing your solar panel towards the sky isn't the best way to generate a high amount of power. If your home's roof doesn't point north, it can be more challenging to gain the best value out of your solar panel system. Alternatively, you can opt for an east / west orientation to generate power during the morning and afternoon peak periods. Since most homeowners are at home during these periods, this high exposure to sunlight matches the peak usage of electricity as well.
6. System Size
A 5kW or 6.6kW system is typically suitable for most households. Even if you're a low-energy user, solar panel systems are still worth the purchase. Although you're not making as much solar savings, you'll instead get higher feed-in tariffs. This complementary benefit means investing in solar power is a win-win situation, regardless of your electricity usage.
7. Future Investment
If you're planning to move out of your home in the next few years, a solar panel system is still a wise investment. While you won't receive the full benefit of solar savings beyond your payback deadline, you can still pass on this advantage to the person buying your home. Competition in the real estate market remains tight, with property prices steadily increasing. This makes it more difficult to buy a home in the future, which is why homebuyers in the market want to make the best value for their money.
Highlighting your home's solar panel system is an excellent feature to market to prospective homebuyers. It will make your property listing more appealing to energy-conscious buyers while giving you an incentive to ramp up your initial offer.
It's common for many consumers to wait until certain fads and trends die down. After the initial surge in interest in specific products or services, price ranges generally fall off for a better bargain. However, it's important to realise the urgency and added benefits of getting a solar panel in 2021. While there aren't strict market trends depicting solar panels' continual rise in the next few years, there are other statistics people should consider.
For example, the federal solar rebate continually increases per year. This means homeowners will pay a little more for every year a household waits to get their own solar energy system. In regions like Melbourne, the Victorian rebate is already up for adjustments.
Remember that the glaring advantage of getting solar panels for your home is the chance of saving money off your next bill, with the added benefit of protecting the environment. With solar panels becoming more efficient each year and energy rates steadily increasing, the projected payback for installation costs will eventually come much sooner. This is why it's essential to get with the times and support this alternative energy.
At Hybrid Energy Concepts, we're committed to helping your home adapt to alternative energy sources. Our high-quality craftsmanship is reflected in the wide variety of energy-saving products we offer. If you're looking for a solar energy company in Australia that sells residential solar panels, contact us today!