Solar Power vs. Traditional Electricity: A Cost Comparison
You must make smart choices when considering how much energy you use and compare it with how much you can save with solar power.
Not only do these choices help the Earth, but they also save you money. Keep reading to learn about the costs of solar power compared to traditional electricity and why saving energy with solar energy is vital.
If you’re considering solar power, it is crucial to know how it affects your money and the good things it brings compared to regular electricity in Australia.
In this blog, we’ll know about a cost comparison of solar power and traditional electricity so that you can wisely choose the cheapest and most eco-friendly energy for your house.
Overview of Solar Power in Australia
The use of solar power has been growing for many years, and it’s no surprise why. This is especially true in Australia, where we have a lot of sunshine.
Solar energy is made by using unique technology to turn sunlight into power. It’s a great way to get energy without harming the environment because it comes from the sun, which is abundantly available.
Solar energy plays a significant role in Australia’s energy landscape due to its abundant sunlight and commitment to renewable energy. Australia has one of the highest solar radiation levels globally, making it an ideal location for solar power generation.
The use of solar panels on residential rooftops and large-scale solar farms has grown substantially in recent years.
Many households and businesses have installed solar panels to generate electricity, with excess energy often fed back into the grid for credits or payment.
Government Rebates
Government rebates, feed-in tariffs, and incentives have encouraged the adoption of solar energy systems nationwide. These policies aim to make solar power more accessible and affordable for homeowners and businesses, driving further uptake.
Solar Installation Costing
One of the main things to consider when considering solar power is how much it costs to install. Solar panel systems need panels, inverters, wires, and people to install them.
The initial cost of setting up a solar panel system can be between $10,000 and $30,000, depending on how big and complicated it is. That might sound like a lot, but you should consider the incentives and rebates available, which can bring these costs down significantly.
There are incentives from the government that can make the upfront costs much lower. The Federal Investment Tax Credit (ITC) can give you back up to 30% of what you paid for the installation as a tax credit.
On the other hand, when you move into a new home or business, you don’t have to pay upfront for the electricity infrastructure.
Usually, the power plants and wires are already paid for by utility companies. But this means you’ll keep paying for the electricity you use over time.
Furthermore, advancements in solar technology, including efficiency improvements and cost reductions, have contributed to the widespread adoption of solar energy in Australia. As a result, solar power has become an integral part of Australia’s renewable energy.
Why Solar is Better?
Read More about the Benefits of Solar Power in Australia
