Installing solar panels now offers immediate financial benefits, with savings starting from day one. Waiting for prices to drop may not result in significant savings, as solar system prices are not decreasing much anymore.
In some regions PV system prices have actually increased due to higher labour costs. The decision to install solar now offers numerous advantages, the biggest being that your electricity bills will be lower forthwith.
Government incentives and rebates currently available are most beneficial, a future reductions in rebates have been locked in. Every year the rebate will drop on the 31st of December, till 2030 - when the solar rebate stops.
So the best time is to buy now as solar systems provide energy independence, reduce carbon footprints, and take advantage of highly efficient and reliable technology. Coupling solar with batteries offers backup power during outages.
Here is why you should get solar now
One of the most common statements that we hear from people who do not have solar is that they want to wait until prices come down. But for over a decade panels have been getting cheaper while technology is improving. so we say it’s better to go solar and maybe even solar & battery together and not wait.
Save money immediately
When you go solar and have a battery, you save money from day one. Every kWh of electricity that you use from your panels is a kWh of power you don’t buy from your electricity company. A properly sized and installed system (without batteries) should pay for itself in under 5 years comfortably, giving a 20% per year return. What else can give you a guaranteed return like that?
Even if you buy a system on finance, you will see higher savings than the cost of repayments on finance. Whether you use finance or buy the system outright, you will be saving money from day one.
If you add a battery to your solar system the payback period increases to around 7 years. But if you get an EV and use solar and battery-stored electricity to charge your car with renewable energy, then the saving in petrol can add another $2000 to the yearly savings. This brings the solar and battery combo ROI back to an excellent 5 years and significant savings in years to come.
Electricity prices only go one way
Electricity prices are continually increasing, and are expected to increase even more in the future. Buying a solar system today insulates you from these ever-increasing electricity prices. Saving yourself from these costs means you can budget with more confidence and have fewer power bill shocks.
Prices of solar systems
Prices of Solar systems are not coming down quickly, so you will not save by waiting to buy. You will save far more per year than prices could drop in a year. Therefore, you will be better off financially by buying now and reaping the savings.
In Australia, the Federal Government offers financial incentives for solar owners. These incentives include small-scale technology certificates (STCS), rebates and in case of small business tax credits. The Federal rebate reduces every year, so waiting with the solar purchase might mean you pay more in the future.
To get the most out of the great incentives currently offered, you should go solar today. To find out what incentives apply to you, contact a local professional or check out our rebate calculator.
Small-scale technology certificates (STCs) are also being reduced every year. The earlier you buy, the more you will benefit from the rebates.
Solar system life-cycle
Good quality solar panels will have a long life of at least 25 years, with low maintenance costs. Some inverter solutions such as micro-inverters and optimisers are also expected to last that long. Who would say no to 25 years of savings?
Adding value to your home
Solar systems are shown to add value to a home. Home buyers understand that they reduce the costs of running a home and are looking for solar. Subsequently, they are willing to pay more for homes with solar panels on them.
Having a solar system means you generate your own energy. This removes your dependence on traditional energy sources and the fluctuations in prices that come with them. This increased energy independence means you have a predictable and stable source of electricity. Rising electricity costs affect you much less.
Environmental benefits of a solar system
If you are to go solar today, you will be helping create a more sustainable world. Solar energy is a clean source of power that reduces our reliance on fossil fuels. By installing a solar system, you reduce your carbon footprint. For example, A 6.6kW capacity system will offset 10 tonnes of CO2 per year.
While technology will always continue to advance, the technology behind solar systems has gotten to an extremely efficient and reliable level. If you are waiting for more advanced systems, you are missing out on the benefits that the already advanced systems available today will provide you.
If you couple it with a battery, you will always have backup power. During grid outages or emergencies, you will be able to use your stored energy. Having this set up in place gives you a guarantee of always having available energy. No more money lost via spoiled food in your fridge.