Power Prices to rise by almost 100% – Installing Solar now can help save money. - Solar Bridge

Power Prices to rise by almost 100% – Installing Solar now can help save money.

May 06, 2022

Over the years, step by step, bit by bit, Australia has moved towards becoming one of the leading countries in producing solar energy. Every individual is looking at contributing towards the environment by generating clean energy, which also saves them money. Every summer the temperatures rise, causing extreme heat waves and every year we have to face some natural calamity that is unpredictable and creates disturbing situations like bush fires, floods and the list goes on. When the summer sun is being hard on us, we try to stay indoors and maintain the temperature through Air Conditioners. On the other hand, the increasing levels of atmospheric gasses and rising energy costs are just adding up to our monthly expenses.

High electricity bills for households and small business owners can be a huge liability, making it difficult to manage the finances. Recently, there have been a lot of talks around the Australian Energy Market Operator’s (AEMO’s) Quarterly Energy Dynamics Q1 2022 report. The wholesale electricity prices have risen by more than 100% in the year 2022. They are expected to rise even further due to rising electricity demands, coal shortage and increasing fuel prices. Thanks to renewable energy, generating your own electricity and reducing bill costs is possible. South Australia is leading the renewable energy charts, by producing almost 70-80% electricity through solar. Considering the financial, economic and environmental benefits, Australians are considering installing Solar panels on the roof. So what are those benefits?

  • Lower Electricity bills

As discussed above, the energy costs in Australia are reaching new heights every year, the wholesale prices jump up every year, passing on the rising costs to individuals. Solar energy can be used to convert the sunlight to electricity to use in the commercial and residential properties for lightning, cooling, heating and running other power appliances. The feed in tariffs and government rebates make it financially suitable and easy to install solar in Australia. Though the feed in tariffs have lowered in recent years, it is still worth it to install solar in Brisbane, Adelaide, Sydney and Gold Coast. Recently, reneweconomy stated in an article that solar can save billions on energy bills for all the consumers. Solar helps you save money and provides a good return on investment. SolarBridge’s current limited stock 6.6kW system package starts at just $3190, speak to our team to learn more about the package and your savings guide after solar installation.

  • Creates additional income and employment opportunities

Solar power systems might also help you make money. A grid-connected system facilitates the return of excess energy to the grid. Your electricity retailer will then pay you a solar feed-in tariff. Solar panel owners can generate income or a credit on their energy bill in this way. The solar industry creates job possibilities all around the country. A new research from the Australian Conservation Foundation (ACF) suggests renewable energy is the real winner for regional communities depending on coal-fired power facilities that are rapidly approaching their use-by dates, according to a recent article published by PV magazine. Manufacturing, solar installation, solar technicians, sales, and marketing are all jobs provided by the solar sector, which contributes to the nation’s economic growth.

  • Reducing carbon footprint and increasing property value

Solar panel installation can raise the value of a home and save money. Solar power systems are an excellent source of environmentally friendly energy. Your quarterly bills might slash down by 60-70% if you install solar panels at home. When your house is for sale, customers will undoubtedly regard it positively. For the new homeowners, a high-quality solar system can provide a stable source of free electricity. Based on the new data and article published by reneweconomy, Australia might miss its weak 2030 emissions reduction targets. Also we might not be able to meet its Paris Agreements Commitment to tackle climate change. On the other hand a report from IPCC says climate change is now a threat to human wellbeing, warning the window we have to act is “rapidly closing”. We as individuals have the power to contribute to the environment by switching to renewable energy and generating clean energy. Switching to solar can reduce your carbon footprints and make money.