7 Reasons Why Now is the Best Time to Install Solar Energy

Homeowners often have to choose between renewable and non-renewable energy sources for powering their homes. Solar is one renewable source gaining popularity due to its many benefits, such as easy accessibility, scalability, and environmental friendliness. Governments and environmental activist groups worldwide encourage people to transition from non-renewable sources like natural gas and coal to solar energy systems.

But what is the best time to adopt solar energy? Read on to discover why now is the best time to install solar, both in your residential and commercial premises.

Increasing Power Costs

Spending more time indoors has become normal since the emergence of the coronavirus pandemic. Employers were forced to encourage their staff to work from home unless they were essential workers, such as medical practitioners or security officers. Schools are also advising students to enrol in online classes. These measures are focused on curbing the spread of the virus.

As a result of spending most of the time at home, overall power consumption increases. Soon, the electricity demand might exceed the supply, leading to higher power bills. The best way to protect yourself against the price increase is by adopting alternative power sources, such as solar energy.

Also, governments are likely to increase the cost of energy from non-renewable sources to encourage the shift to sustainable sources. Therefore, it makes sense to adopt solar energy before such legislation is enacted.

Reliability

Power outages become a norm when power plants can’t produce enough to sustain the population. As mentioned above, the electricity demand is increasing fast enough that it could overwhelm the existing sources. You might be working on a task with a tight deadline, only for the lights to go out before it’s complete.

Solar panel installation reduces your dependency on the mains grid. Since you can design the system to match your consumption patterns, you’re assured of sufficient power, even on days with a low amount of sunlight. It’s highly unlikely that you’ll experience the detriments of unexpected power outages.

Furthermore, solar energy systems are scalable. You can add more panels and batteries whenever the need arises.

Uncertainties over Foren Rates

Another effect of the COVID-19 pandemic is uncertainty over foreign exchange rates. Since the virus became a global concern, the Australian dollar has had inconsistent performance against other major currencies. So, how does this affect solar energy?

Most components of solar energy systems are imports, meaning that the value of the Aussie dollar against other currencies affects their price. It’s wise to buy the equipment now because you can’t predict the future performance of the currency. Doing so could result in you saving thousands of dollars.

Eco-friendliness

Saving the global environment against climate change is a top agenda for most governments worldwide. It’s the reason why they’re advocating for the abandonment of non-renewable energy sources like coal and other fossils in favour of renewable sources. By installing solar panels in your house or business, you’re contributing towards a cleaner environment.

Unlike fossil fuels, solar doesn’t produce harmful greenhouse gases like carbon dioxide. Transitioning to solar cuts down your carbon footprint. It’s equivalent to planting trees and a practical solution for people who live in arid areas where forestation isn’t viable.

Reducing Financial Incentives

Some governments are offering financial incentives like rebates and tax credits to encourage people to install solar energy systems on their properties. This makes it possible to acquire the equipment at an affordable price.

However, this could change soon. Why? The objective of the incentives was to encourage people to adopt solar energy. Since the initial goal has been achieved, governments will likely remove the subsidies, and the prices will rise again. Therefore, purchasing solar equipment now, before their prices surge, is your best option.

These certificates make you eligible for tax rebates. The deeming period is the assumed lifetime of your solar system from the time of installation. The shorter it is, the lower rebates you get. For instance, the government is slashing the deeming period for small-scale Technologies Certificate holders by a year until 2030.

Cost-effectiveness

Although the upfront cost of installing solar panels and required accessories are higher than connecting your home to the mains grid, the former is cost-effective over an extended period. This is because you won’t have to incur monthly electricity bills. The only costs you’ll cater to are maintenance costs, which are insignificant compared to recurring monthly bills.

Moreover, modern solar energy systems integrate artificial intelligence and machine learning to keep track of your consumption patterns. This function enables the system to switch off appliances that consume a lot of power, like air conditioners and water heating systems, whenever nobody is in the house. Even better, you can configure the system using a smartphone app.

Additionally, your solar panel system can generate extra income. You can sell surplus power to the local electricity company if you have powerful equipment.

Better Technology

Due to technological advancement, solar panel efficiency has increased significantly. A 12v solar panel can now produce up to 10% more energy than a similar-sized unit from 10 years ago. Even better, modern solar batteries like the Tesla Powerwall are maintenance-free and have huge storage capacities.

The improvements mentioned above are enough reason to invest in solar energy. The technology will improve with exciting innovations such as solar cars, solar paint, and translucent solar windows.

Wrapping Up

If you are building a brand new home or renovating an existing one, installing solar equipment is a wise decision. Solar panels are durable and can last for up to 25 years. Batteries have also improved, allowing you to run heavy-duty appliances without risking outages. Smart inverters also enable you to harness energy from the sun during the day while storing some in batteries for use after sunset.

That said, reducing financial incentives and saving the environment are the top reasons to install solar energy. It is recommended to capitalise on the rebates and credits offered by state governments while keeping the surroundings liveable for future generations.