As the number of homes and businesses installing solar panels across Australia continues to grow by the day, the country reduces its reliance on electricity generated from traditional fossil fuels like oil, natural gas and coal. Electricity generated from solar power is clean and sustainable, and that's the main motivation behind the transition from traditional electricity to solar power electricity systems.
While making the transition is good for the environment, the economic benefits that consumers of solar electricity can gain can't be overlooked. Here are some crucial economic benefits that Australian homeowners and businesses stand to realise by installing solar panels.
Savings on electricity expenses
Solar power electricity saves on electricity costs because solar energy can be tapped free of charge — only the initial installation costs are incurred. Electricity bill savings vary depending on the size and number of panels installed. Bigger solar panels generate more kilowatts than smaller panels, and the higher the number of panels installed, the greater the amount of electricity generated, generally speaking. Hence, homeowners and businesses can save big money by installing bigger and/or more solar panels.
Increased property value
There are very few building improvements that can top solar panel installation. Hence, residential and commercial buildings equipped with solar electricity can attract a premium price when being sold. Thanks to the higher price that sellers will be asking for, they can be sure of recovering 100% of the money they spent initially. Who knows? Someone may even be willing to pay more than the asking price when they realise that the property being sold is on high demand.
Access to solar power incentives
In an effort to encourage uptake of solar electricity systems in homes and businesses, many state and territory governments in Australia offer solar subsidies and rebates. Homes and businesses that qualify for these financial incentives will be entitled to price/cost incentives for choosing to use clean, renewable solar energy. Therefore, installation of solar panel systems shouldn't be a financial challenge.
If you haven't yet installed a solar panel system in your residential or commercial building, it is never too late to make the transition. All you have to do to start enjoying the above economic benefits while using clean electricity harnessed from the Sun is to find a HVAC contractor that specialises in solar panel installation. These professionals can help you choose the right type of solar panels for your property.