Solar Power Facts You Might Not Know!
Posted: 24 Jan 2020
We all know solar energy is the future of energy production but here are some facts you might not know about the progression and advancement of residential solar power.
Generated Solar Energy Is Free
After installing a solar power system at your household or property any generated electricity is free for your appliances and home to use, at no cost to you! This means less reliance on the electricity grid during the day, which results in fewer charges on your electricity bill. Some households see up to 80% reduction on their electricity bills once switching to solar power for their main source of energy.
Solar Power System Costs Have Reduced Drastically In The Last 10 Years
Solar power system prices have drastically dropped since 2010, meaning the average Australian household can purchase a much larger solar power system at an affordable price. A larger solar power system results in the system being able to cover a bigger portion of your electricity needs which results in lower electricity bills.
Solar Power Systems Increase Property Value
Recent research is showing that to potential home buyers a household with a high-quality solar power system is a favourable selling point due to the opportunity of eliminating high electricity bills at their new property.
In a report by Origin Energy statistics revealed that 57% of homeowners said they would pay up to $10,000 more for a home equipped with solar, and 60% would pay even more for a home with both solar and battery storage.
Those with investment properties could also benefit with results stating that 55% of renters would be willing to pay up to $10 a week more in rent for a property with solar power.
Savings From Reduced Bills Can Cover Repayments If You Take Out Finance
In Australia Government-backed Green Loans are available which are specifically designed for those wanting to invest in green projects. Green Loans provide a much lower rate than standard loans, with some rates as low as 6.9%pa.
This low-interest rate means that the savings you make from using your solar power system (instead of being charged for use of the electricity grid) could cover the loan repayments!
Many of our Solar Market installers are accredited to provide finance through RateSetter’s Green Loans and can assist you with your finance applications.
Be Reimbursed For Excess Solar Energy
If you install a solar power system at your household and your system generates more energy than you need to run your appliances during the day, this excess energy will be sent to the electricity grid to be used elsewhere and you’ll be reimbursed!
In Australia, energy retailers provide feed-in tariffs to homes that are grid-connected with solar power systems. Your energy retailer will buy the excess energy your system has generated at a unit price (per kWh) and you will receive this payment as a credit on your electricity bill.
The Addition Of Battery Means You Could Store Excess Energy
The addition of battery storage to a solar power system means no longer sending your excess electricity to the grid and instead storing it for use at night.
By adding a battery to your solar power system, any excess electricity your system generates during the day will automatically be stored in your battery. This means at night when the sun is no longer out and your solar panels are not able to generate energy your household can run off your excess stored energy, instead of relying on the electricity grid. This results in even fewer charges on your electricity bill.
If you’re interested in tackling high electricity bills with solar power you can start speaking to local installers about your options by requesting obligation free solar quotes!
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