In recent years, solar energy has gained popularity as a cost-effective power solution. The financial benefits of investing in solar energy are numerous, and individuals, businesses, and governments worldwide are taking advantage of this opportunity. Here are some of the financial benefits of investing in solar energy.
Reduced Energy Bills
One of the most significant financial benefits of investing in solar energy is the reduced energy bills. Solar energy systems generate electricity from the sun, meaning they don’t require any fuel. This means that once you have installed a solar energy system, you will no longer need to pay for electricity from the grid. The amount of money you save on energy bills will depend on the size of your solar energy system and your energy consumption.
Moreover, any excess energy produced by your solar energy system can be sold back to the grid, reducing energy bills. In Australia, this is known as feed-in tariffs, and the amount you receive for excess energy can vary depending on your location.
Increased Property Value
Installing a solar energy system can also increase the value of your property. Studies have shown that homes with solar energy systems sell for more than those without. This is because potential buyers are attracted to homes with lower energy bills and environmentally-friendly features.
In addition, the savings on energy bills that come with a solar energy system can be a selling point for potential buyers. Installing a solar energy system is, therefore, a good investment for homeowners who plan to sell their property in the future.
Governments worldwide are offering incentives to encourage the use of solar energy. In Australia, the federal government subsidises small-scale solar energy systems known as the Small-scale Renewable Energy Scheme (SRES).
The SRES provides a financial incentive to individuals and businesses who install solar energy systems by issuing small-scale technology certificates (STCs). The number of STCs received depends on the size of the solar energy system and the location.
In addition, some state governments offer additional incentives for installing solar energy systems. For example, the Victorian government provides a rebate for solar energy systems through the Solar Homes program. This rebate can further reduce the cost of installing a solar energy system, making it a more attractive investment.
Reduced Maintenance Costs
Solar energy systems require very little maintenance, which can result in reduced maintenance costs. Once installed, solar panels can last up to 25 years or more and require little to no maintenance. This means that the only costs associated with solar energy systems are the initial installation costs, which are generally recouped within a few years through reduced energy bills.
In addition to the financial benefits, investing in solar energy also has environmental benefits. Solar energy systems generate electricity without emitting greenhouse gases, meaning they are a clean and sustainable energy source. By investing in solar energy, individuals, businesses, and governments can reduce their carbon footprint and contribute to a more sustainable future.
Investing in solar energy is a cost-effective power solution with numerous financial benefits. Solar energy systems can reduce energy bills, increase property value, and attract government incentives. They also require little to no maintenance, which can result in reduced maintenance costs.
In addition, investing in solar energy has environmental benefits, making it a sustainable investment. With the numerous financial and environmental benefits, investing in solar energy is a wise choice for individuals, businesses, and governments.
Invest in a cost-effective power solution like solar energy with the help of Seven20 Electrical. We are committed to providing high-quality solar energy solutions to our clients. Contact us today to learn more about how we can help you invest in solar energy and enjoy its many benefits.