How do solar panels and solar systems save me money?

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Installing a Solar System Can Save You Money

Converting to a solar power source is not only great for the environment, but it can be extremely beneficial for your bank account as well. In more ways than one, installing solar panels to your home can save you money, and essentially recoup the cost of the initial outlay of installation. The following are some of the ways that installing a solar system can save you money.

 

Feed-In Tariffs

By producing excess solar power and feeding it back into the grid, you can stand to receive a rebate. There are rates offered by the retailer, which in South Australia is estimated to be an average of about 15 cents per kWh. So, depending on how big your system is, and how much power you are using, you will be able to reap the benefits of providing power back into the main electricity grid.

 

Price of Electricity

Particularly in South Australia, you may be aware that the cost of electricity is climbing, with South Australia having the highest electricity rate in the world. By implementing a sustainable energy source which will last for years to come, the money you save on quarterly electricity bills will recoup the upfront price of the system, and also allow you to earn money through feed-in tariffs. Having an individual energy source with a storage system also means you aren’t subject to the same level of incapacity as regular power sources during a blackout.

 

Longevity

This system can last a long time. The longevity of a solar system can benefit your financial situation in a number of ways.

  • For commercial businesses, you can lose perishable items and vital business hours through blackouts, not to mention greater issues with safety for business operating during the evening hours. This is particularly relevant in the hospitality industry. By implementing a design with a battery storage failsafe, you can ensure the longevity of your business.
  • When it comes to residential longevity, there is the security of not loosing air conditioning during summer in a home with infants or the elderly with a solar system. A blackout without a reserve power source can also cause damage to food supplies and sustaining systems such as fish tanks. With a solar system you can ensure that this will not happen.

 

Low upfront cost

The upfront cost of installing a system is low. Through savings on electricity bills, and if you’re a company, potential loss of business, this initial price is recouped over time. By paying for the system upfront, you immediately reap the savings by letting the system pay itself off.

If this upfront cost is still daunting, some solar suppliers and installers offer a payment plan option. Simply put, the money you were using to pay your bills, you can now use to pay off your new solar system. Through SunEnergy you can organise a pay-as-you-save system called PAYS. This method takes the money you will save on bills, and uses it to pay off the system. Once it is fully paid off, you will be saving money as you go.

 

There are obvious financial benefits to installing solar panels, with savings on your bills, installation, and the insurance of having a solar system that will work for years to come. If you are interested in organising a PAYS solar system, give SunEnergy a call.