Electricity prices are at an all time high in Australia.

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Electricity prices are at an all time high in Australia

Australians are concerned about the rising cost of electricity consumption and thus are actively installing solar panels at their homes. This is all the more a logical development as solar panel prices on the other hand are now at a record all-time low. As per an article published by National Geographic Society, the electricity generation using PV solar systems has lower greenhouse gas emissions as compared to other sources of electricity generation. Installation of solar panel systems not only allows households to reduce their bills but also generates greener energy.

Read on further to assess whether solar power will still be worthwhile in Australia in 2020:

How Does Solar power Work for Your Home?

Solar power systems are made up of panels & an inverter to produce electricity. During the day, the solar panels convert sunlight into electricity. When it flows into an inverter, it can be used to power the home. If all the electricity produced is not used, the surplus can be transmitted to the grid or stored in a battery system for later use.

Is it Expensive or Affordable to Install Solar Panels in Homes?

The price for solar will depend on the size & type of system that is installed in a home. The cost for solar panel for home also includes an array of isolators, switches, cables, inverter and others. For instance, the price of a 3kW system in Sydney costs $3,000 to $ 5000 & a 10kW system could be around $8000 to $ 12,000.  The best advantage of installing a power solar system is that it is an investment that can last up to 25 years and it pays for itself over time.

What Benefits Accrue in Having Solar panels system?

  • Reduces Electricity Bills

The energy bills will be lower if you get solar power for the home. The total savings will depend on the size of the home solar systems and the electricity consumption of the family. The smallest solar system will be at least 5kW with a capacity to produce 20kWh per day of uninterrupted electricity. This enables a saving of as much as $500 on the quarterly electricity bill of an average Australian home, even if all of it is consumed. In addition to this, you can also install a battery to save the surplus electricity generated. This creates an earning potential for households, as it can be exported back to the grid.

  • Progressively Environment Friendly

Solar electricity is an excellent way to power a home. It benefits the environment as sunlight is a renewable and non-polluting energy source. The electricity generated from sunlight ensures no direct greenhouse gas emissions. Once you get to install solar, it will convert sunlight into electricity cleanly & silently. 

  • Solar Panels Increase the Value of your Home

Installing a power solar system could be a great asset.  Upgrading the home with a solar panel system can be an easy & quick way to make the home more attractive for potential buyers. 

  • Long-term investment

The power solar system will begin to save you money the moment it’s switched on. It’s an investment that can last up to 25 years. It not only saves precious dollars but also supports the environment. Even by most conservative estimates, solar systems can pay back for themselves in 6 to 7 years. 

Key Takeaway

Solar is financially feasible as the system gives return on your investment in a few years. Apart from satisfying the homeowners energy needs, the solar energy system also creates an income stream. 

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