Australia’s energy sector is undergoing a revolution.
For too long, fossil fuels have been the heavy hitters of energy production. Thankfully (and not a second too soon), team renewables has entered the fray with solar power as a key weapon.
Importantly, the revolution has been consumer-driven. And with technology very much in tune with the energy-saving desires of the people, solar power is flourishing in Australia, even despite the recent tumultuousness caused by Tony Abbott slashing the Renewable Energy Target.
Most homeowners today have the power of choice – that is, the choice of where the energy they use comes from. But what exactly is motivating almost one in six Aussie homeowners to make the switch to solar?
Solar Power Simply Makes Sense
An unprecedented spike in power prices has led to an equally unprecedented boom in the sales of solar power systems.
The Australian Bureau of Statistics (ABS) reported that from 2007 to 2012 the cost of electricity, gas and other household fuels had grown steeply nationwide. The most significant increase in the retail energy price was in Melbourne, where it rose 84 per cent.
Meanwhile, the average solar system now costs less than a third of what it did back in 2007.
Better still, it seems that costs will continue to drop. Canadian Solar, one of the world’s biggest solar PV manufacturers recently delivered a detailed update of its outlook, including some exciting forecasts on the future of solar PV costs.
They predict that the cost of solar PV modules will likely fall 25 per cent in the next three years, from US47c/watt at the end of 2014, to US36c/watt at the end of 2017.
Falling solar power costs, alongside more flexible repayment options available to consumers (including Solargain’s interest-free plan) will help to tackle what is currently one of the main reasons for non-installation; up-front costs.
Then there’s the well-documented, real, in-pocket savings that can be made by generating your own solar energy – see our energy savings calculator to see just how much your home could be saving each month and refer to the graphic below (approximate savings)
A new report by PRD Nationwide has also highlighted another significant benefit – solar panels can increase the value of a house by 27 per cent and a unit by 29 per cent.
According to the study, in some cases house values increased by more than $90,000 and units by $109,000 after solar panels were installed.
While solar is booming, its future prospects look even better. Solar energy is getting cheaper by the day, and some studies are even predicting that in five years solar panels will be capable of producing enough energy in six months to pay back all the energy used in manufacturing (meaning that after six months the panels will be a net source of energy).
So, is now the time to install solar power?
You bet it is.
If you’re interested in taking charge and generating your own power, get in touch with one of our specialists today.