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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.
Why you should get solar right now
One of the most common statements that we hear from people that 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 its better to go solar and maybe even solar & battery together and not wait.
Save money immediately
When you go solar and 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 from solar 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 the 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 going 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 less power bill shocks.
Prices of 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.
Government incentives
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 ever 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 solar 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 solar systems 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.
Energy independence
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
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.
Technological advancements
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 solar systems, you are missing out on the benefits that the already advanced systems available today will provide you.
Backup power
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.
After reading all these reasons, I am sure you agree going solar and battery and maybe even a EV charger now is better than waiting to make the change in the future. However, please remember that the decision is always completely yours and unique to your situation. If you want to make the change, contact a solar professional to assess your home, calculate potential savings and have a detailed consultation before making any purchases.
Should you consider purchasing any electrical products, need electrical services or other renewable products such as solar, batteries, EV car chargers or other products we recommend engaging with a qualified local supplier or installer to provide you with extensive advice. To find the right partner try our company finder and ask our recommended experts to assist you. Using a Your Energy Answer Authorised Partner will give you a well-vetted, experienced, reliable, and trustworthy company to serve your needs.
