How Can Solar Help in Beating the Surge in Electricity Costs?

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How Can Solar Help in Beating the Surge in Electricity Costs?

Australia boasts the highest amount of solar radiation per square metre compared to all other continents, prompting the island nation to harness the best prospects of solar energy usage in the world. The desert regions in the Northwest and central Australia are subject to the highest solar radiation in the continent.

Australian homeowners and commercial establishment owners have adapted and embraced solar fitting a record number of new solar panels in a short span of three months at the beginning of the year. According to Green Energy Markets, this accounts for a 46% increase in solar installations when compared to last year. Similarly, solar panel installations surged 90% in Victoria due to a brilliant incentive scheme. 

Overview of Electricity Production in Australia

In 2019, the total estimate of electric power generated in Australia was 265,117 gigawatt-hours. These figures include electricity produced by homes and businesses for their consumption. In comparison, fossil fuels accounted for 209,636 GWh, which accounts for 79% of the total electricity generation.

How Can Australia Beat Surge in Electricity Costs?

As far as environmental cost is concerned, each kilowatt-hour of electrical energy produced from a coal-based power plant releases more than one kilogram of emissions into the local atmosphere, which costs heavily in terms of environmental degradation. Solar panel installations have a much lower environmental impact in their production and installation while guaranteeing zero emissions. Households, businesses, and big corporations can leverage the perks of solar power. Embracing solar for electricity generation brings massive savings and reduces the environmental footprint of electricity consumers as well.

Australia’s energy system is slowly transitioning into a solar-powered mechanism to displace the use of non-renewable sources of energy like natural gas and coal. 

Before 2010, the price of solar power in Australia was $5 to $10 per watt, which reserved it as a novelty only for early adopters with more significant financial means. An important factor driving the popularity of solar is it’s decreasing costs and other attractive federal STC schemes that sometimes offer up to 40% of cost-saving for solar adopters. During the last few years, the drastic downfall in solar prices has resulted from product manufacturers who have achieved economies of scale with their production and installation procedures. The truth is it’s easier and cheaper than ever to install a Solar power system in Australia today than ever before. Despite an initial investment for installing a solar electric system, the overall savings is worth it to most customers. Australia can cut down on its monthly energy expenses for each household and business through the latest developments in solar technologies. With solar installations, Australian users also leverage energy output efficiency in a given surface area. Most modern solar panels provide an energy efficiency rating between 11 and 15 percent, which describes the amount of solar energy converted to usable electricity.

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