Published on December 10th, 2018
In today’s challenging economic climate everybody’s looking for ways to stretch their dollar a little bit further. Whether you are living alone or you have a large family, it’s important to do what you can to ensure that your hard earned money goes as far as possible.
When it comes to your monthly bills, it can be difficult keeping up with the costs associated with running your home. And, with electricity, in particular, getting more expensive for all of us, keeping to a budget is not always as easy as it sounds.
With the advancements in solar power technology in recent years and the lower costs of solar installations, you have the opportunity to take control of your energy bills. By making the switch to solar power, you can save energy and money with AGL Solar and other energy providers and capitalise on a system that will reward you, instead of taking more of your hard earned cash.
Let’s take a look at how solar power can save you money on your power bill and help you get back in control of your finances.
1. Solar Is A Game Changer
Solar power will not only will you save money but it is also possible for it to make you money. The Feed-in Tariff System (FIT) in Australia, pays non-commercial producers of electricity for their surplus power. Basically, the power that you don’t use for your home is either diverted to your energy storage unit, or gets fed back into the grid to be used by other consumers, and for this, your bill is credited.
Depending on where you are situated in Australia, there are different FIT and incentives available for you to take advantage of. You get a premium rate paid (13 cents per kWh) for electricity that is fed back into the electricity grid from your solar power system. These feed-in tariffs are encouraging users to use this renewable energy source, save money and potentially add a little to your income in the process.
2. You May Be Eligible To Receive A Rebate On Your Installation
Under the Small-scale Renewable Energy Scheme (SRES), the Australian Government can help you with part of the cost of a solar system installation. The process that the Government has put in place will help you to receive a Small-scale Technology Certificate (STC), which in turn can be used to recover a portion of your initial investment. This is a fantastic option as it means you can lower the costs associated with making the switch to solar power while still enjoying all of the benefits.
3. It’s Cheaper Than What You’re Paying Now
With the power generated from photovoltaic panels now cheaper than at any point in history, they’re now beating almost every conventional fossil fuel source including natural gas in some places. In Australia, most electricity retailers charge anywhere between 25 and 40 cents per kWh, depending on your state and electricity tariffs, but if you install solar, the cost per kWh could be as little as 5 cents. This means you can save at least 20 cents per kWh.
For example, if your average bill is 1,600AUD, it could potentially save you 1,280AUD per month. Over 12 months this is a saving of more than 15,000AUD. That’s fifteen thousand fantastic reasons to consider switching to solar. And what’s more, this saving does not include, selling your surplus electricity. If you can sell for 13 cents and it costs you 5 cents, you could make a profit of 8 cents per kWh saving you more money and improving your finances dramatically.
4. The System Can Be Tailor Made For You
If you don’t have the money available to have a complete solar system installed, you can reduce the initial cost by having a system installed without batteries to store your energy. The batteries make up a very large chunk of the initial costs and without them included in your installation, the cost will be greatly reduced. A battery bank is not cheap and it can be always be added on later. The system can be adapted to your needs and upgraded as your needs change.
5. Solar Power Makes Economic Sense
With a state-of-the-art solar system installation and energy storage unit you will essentially have a small power station working for you whenever the sun is shining.
In Australia, we are lucky that sunshine is one of the things that we have in abundance. In fact, the Australian continent has the highest solar radiation per square meter of any continent making it an ideal location for solar energy production.
With solar energy at your disposal, you will save money on your bills going forward and have more disposable income available for the things in your life that matter.