The cost of solar power has fallen every year, including in 2016. This is fantastic for job-searchers, manufacturing companies, and solar panel suppliers, but some consumers still have doubts. Why, you ask? Isn’t cheap solar power a good thing?
Well, it could be. But, the ever-decreasing cost has created a large conundrum: should you get solar panels now or wait until the price drops even further?
For many, this is a waiting game in the hope of saving a few dollars in the future. Some people might jump at the chance for a bargain, while others will wait a few more years in the hopes of saving more money. But who is right? And who will have the biggest savings in the long-term?
In this article, we take a look at the benefits of installing solar panels right now, while the timing is perfect!
1. Rising electricity costs
It’s no secret that electricity prices are on the rise. In fact, in 2013 the Australian Bureau of Statistics reported that the average Australian family spends as much as $2028 a year on electricity. That’s between 3% – 10% of an average yearly income!
If you wait to install solar panels, you’ll be stuck paying expensive electricity bills every quarter/, which will only get more expensive as time goes on. However, if you purchase solar panels that meet 100% of your electricity needs, you could decrease your power bills significantly, and have the money saved in your pocket instead of on your electricity account balance. Sounds pretty good, right?
Yep, and the longer you wait, the more money you throw away.
2. Take advantage of schemes and rebates
There are fantastic schemes and financial incentives available right now for installing solar panels. But how long will they last? For example, the Solar Bonus Scheme has already been discontinued, and the end of the Solar Credits Subsidy is on the horizon.
Don’t wait any longer! Some current incentives you can take advantage of today include:
3. Feed-in tariffs – secure a higher rate
Feed-in tariffs are rates paid for excess solar power electricity that is fed back into the grid. In other words, if you have solar panels and excess power, you can sell that back to an electricity company at a special rate. And, if you produce enough solar power, you can even secure a long-term contract!
But wait, it gets better. Any income you make from a residential solar system is usually not taxable, which means you get to keep every penny you earn. The current rate is between 5c and 12c per kWh. The bottom line? By getting solar panels now, you could potentially secure a better tariff rate and have solar panels that pay for themselves.