Investing in solar power is one of the best ways that you can save on electricity every month. Solar energy is just free energy that the sun provides us, and if you can pay the money for a solar panel upfront, you won’t have to worry about an electricity bill for a very long time and can even be paid by power companies by selling your power back to the grid. This comes at a pretty hefty upfront cost, but thankfully, with solar panel financing, once it is completely paid off, you won’t have to worry about paying another electricity bill again.

Consider the Costs

Before you think about going full solar power for your home, you need to consider the costs and see if it will actually save you money in the long run. For most solar systems, you will pay up to A$7,500 for the full system, and probably a little more with interest if you are financing the solar system. If you are paying A$50/month on electricity, then the solar panels would need to run for about 12 and a half years before they are fully paid off, assuming you don’t have to use any grid power. Thankfully, the lifespan of solar panels is about 25 years, so you’ll be getting quite a lot of free energy. If you pay more for electricity, then the savings will come even faster when making the switch to solar panel financing.

Selling Your Power Back to the Grid

Selling your excess power back to the grid can bring the cost of solar down quite a bit and makes solar panel financing even more appealing. Every month, you’ll be earning a little bit back from the power companies and that money goes directly into your pocket. The device that allows you to sell your power back to the grid does cost a little bit of money, but it will pay for itself relatively quickly, depending on how much power you are able to sell back to the grid.

Consider the Tax Benefits

Making your own power has a multitude of tax benefits, and since it comes from a renewable resource, the government will allow you to write off a portion of it on your taxes. If you don’t have the money upfront to pay for the installation of solar panels on your property, then you can probably fully finance the solar panel installation through the tax benefits that you will be receiving from swapping over to solar power.

Being Self-Reliant

solar panel

If you are on the power grid, then rolling blackouts are a thing and you can’t do anything about it, but if you are providing your own power, then you can store any of the excess power that you produce into a battery that can be activated any time you aren’t producing any power, such as at night time or on a cloudy day. For people on the grid, they are stuck waiting until the power comes back on, but if you store the power properly, then you won’t have to worry about not ever having power. Plus, you should still be connected to the grid, assuming you are selling power back to them, so even if you run out of energy it’s fine, you can just temporarily use the grids power.

What’s the Verdict?

To see energy savings, swap to solar energy as soon as possible. Solar panel financing is readily available and you will be able to pay it off with just as much as you are spending on your current electricity bill. Solar panel financing is a great way to make the switch.