Are you struggling with monthly power costs?
Utility prices continue to soar and according to the latest news, this is going to be the new norm.
Fortunately, there is a solution to combat rising electricity prices.
If you want an efficient means of managing your energy, home solar panels are your best bet.
Not sure how they work? Uncertain of the advantages you get for such a high investment? Here are some benefits of a solar panel investment in your household:
1. Reduce or Cut Off Your Electricity Bills
The main draw of solar energy for most homeowners is the fact that they can eliminate their power costs. On an average, most households spend around $1,000 per year on electric bills. In turn, with solar panels lasting for more than 25 years, you can save $25,000, making it a great investment that can cut off a major household expense.
Depending on a large variety of factors, you can save a lot more energy using solar energy.
Your energy consumption, your roof configuration, and the availability of sunlight in your location can contribute to this. However, the biggest factor is the current rate of your electric utility within your region.
2. Ignore Rising Energy Prices
Over the last ten years, the price of electricity rose by 3%. While that might not sound much, take note that its growth can become unpredictable, making budgeting much more difficult than it used to be. The truth about solar panels is that it can save you money today and protect your household from the continuously rising price for energy in the future.
Getting solar power options for residential homes by either buying or leasing takes a lot of anxiety out of your utility costs. This locks in your rate of power consumption rates within the next 25 years at the least. That means you’re freeing your household from the monopoly of electric utilities.
This is perfect if you’re retired or living with fixed income. Solar energy ensures that your electric bill is predictable and has low rates.
3. Take Advantage of Government Incentives
The rapid growth of solar energy over the last decade is due to the fact that the government gives incentives to individuals and businesses for using clean energy.
In Australia, the Small-Scale Renewable Energy Scheme gives a financial incentive for households and small businesses when installing renewable energy systems like solar panels.
There are entities that have legal obligations to buy your excess energy on a quarterly basis.
4. Have a Guaranteed Return on Investment
Most homeowners use solar energy to ensure that they get long-term savings. Those who want to make great investments view it as a safe investment. Purchasing a good solar panel system might need a large upfront cost, but it delivers reliable returns due to the electricity savings you get for over 25 years.
On an average, the system pays its costs within eight years after installation. What this means is that you only stand to gain more by providing free electricity for more than 17 years. Investing in a solar panel system ensures that you get at least 20% returns on investment, which makes it worth around the same value as stocks and bonds.
5. Increase Your Home’s Value
A lot of studies researched homes that rely on solar power and found that the houses sold for more compared to those that have no solar panel systems. As a matter of fact, installing any sort of solar power system within your home can increase the overall value of your home by 3-4%. The increase in your home’s value can increase more than the upfront cost of buying the solar panel system.
Houses with solar power can sell at a much faster rate compared to their non-solar-powered counterparts. A lot of home buyers see the value of not paying for the electricity they use. This applies especially to people who want to buy a home before they turn 30.
6. Achieve Energy Independence
Having the ability to decrease your energy dependence from the grid can turn any house into an ideal dream home.
The sun is a near-infinite source of energy and has the capacity to give power to the entire world many times. Using this resources and storing it on your batteries can allow you to become independent in terms of energy.
Your household doesn’t have to worry about power failures due to grid interruptions and maintenance. Severe weather conditions won’t cut off your energy source anymore. If all households in Australia switch to solar power, everyone will be free from the mercy of the global energy markets.
7. Reduce Pollution and Save Water
In our current era, a lot of our energy depends on fossil fuel power plants. These have the notoriety of producing chemicals that are toxic and harmful to all living things. In addition, this type of power plant emits large amounts of carbon pollution and contributes to global warming.
When people mine for coal or look for natural gas, they run the risk of polluting the water sources and unleash dangerous toxins. If you use a solar panel system, the energy you produce doesn’t come with pollutants or greenhouse gases. This reduces your household’s carbon footprint and improves a lot of people’s health around your area.
Solar panels don’t need water to give energy unlike its coal and natural gas counterparts. The latter need large amounts of water to produce electricity. Without a doubt, solar power is better for both the environment and human health.
When your solar panel system produces more energy than what you can consume, you can sell it back to your area’s utility company. With the increasing prices of energy, your utility company will have to pay you more for the energy you sell to them. If you think it’s impossible for solar panels to produce more energy than you can consume, you’re wrong.
As long as your area receives a lot of sunlight, it’s possible to produce more energy than your household can use. Selling it to utility companies will give you a nice paycheck for years to come. Check the rules for net-metering in your region or consult a solar power expert to know if you’re qualified to sell your excess solar energy.
9. Diverse Applications
There are a lot of other ways you can use solar energy other than using it to power your home. You can actually produce heat using solar power, ensuring that you can stabilize the temperature in your home.
If you’re in an area without an electrical grid, you can use solar energy to power your household.
You can also use solar power to help purify water if you’re in regions that have limited supplies of clean, potable water.
You can also supply extra power to the government. It’s unlikely you’ll make a big profit per month but it is nice to have an extra source of money.
The great thing about solar panels is that it’s easy to integrate into building materials. In recent times, transparent solar panels allowed your house to have windows that can generate solar energy.
10. Low Maintenance Costs
Solar energy systems don’t need that much maintenance to ensure its functionality. In most cases, you only need to keep them clean, and doing it a few times each year will accomplish this maintenance need. If you’re not sure how to clean them, there are a lot of specialized cleaning companies out there that can maintain them for you at a relatively low price.
In any case, reputable solar panel producers offer 20-25 years of warranty for their products.
The only thing you need to replace within 5-10 years is the inverter since it works non-stop converting the solar power to electricity or heat. Aside from this, the cables need some maintenance to make sure that your system runs at its maximum efficiency.
The system doesn’t have any moving parts so that means you don’t worry about wear and tear.
This minimizes the money you’re expected to spend doing maintenance and repair work for years to come. In the end, you won’t need to shell out that much money after your initial purchase.
Get Home Solar Panels Today!
There are a lot of other benefits you can get by investing in home solar panels. The ones mentioned above are few of them, and it’s often enough to convince people to make the switch.
If you can get rid of electricity costs for your home, you’re eliminating a major cause of expenditure for your family.
With more funds, you can now focus on other pressing concerns. With solar energy, you now have more cash to save in case of emergencies. If you can sell your excess power to the local utility company, you can get your initial investment back at a much faster rate and earn much more.
If you want to know more about other home improvement upgrades you can invest in, you can read this post and get more information.
Investment4 years ago
Investors Compare Residential To Commercial Property
Investment5 years ago
What Do Landlords Fear Most?
Investment5 years ago
AirBnB Your Rental Property Is It Worth It?
Buy4 years ago
How To Get A Property Before You’re 30
Management4 years ago
Top 7 Reasons Why You Should Hire a Property Manager
Legal5 years ago
How to Deal with Tree-Related Neighbour Disputes in Australia
News5 years ago
Real Estate Negotiation Tips For Sellers, Buyers, Renters, Investors
Buy4 years ago
Who Is The Real Estate Agent Working For?
Investment3 years ago
Tips From A Property Investor On How To Improve ROI
Management4 years ago
Healthy Homes For All!
Renovation3 years ago
7 Modern Small Kitchen Design Trends: 2020 Edition
Investment3 years ago
Watch Out Tenants Landlords Selling Up
Technology4 years ago
The Future Is Now: Some of the Most Spectacular Home Automation Upgrades
Rent4 years ago
The 8 Most Common Rental Property Repairs Every Landlord Must Know
Rent3 years ago
A Good Time To Be A Renter In Sydney
Accounting & Finance3 years ago
Money Laundering Through Property