There is a lot that has been taking the attention of Australians this year. With bushfires leading into flooding leading into Coronavirus there hasn’t been much of a break. However, amongst all of those disasters, solar has become an even better investment than ever, helping to save our planet and your wallet.
While the impacts of COVID-19 are being increasingly felt across the economy, power bills are still coming in, which is awful considering all that is happening. Despite this, if you can afford to, now is the best time to invest in solar and reduce your expenses.
The stock market has dropped
With the stock market looking a little worse for wear, now may not be the best time to cash out and sell your stocks. So, currently your return on your cash is a little low from stocks. However, a sure-fire way to continue to see a return from your cash is to invest in solar.
One price that isn’t dropping dramatically is your power bill. So, a professionally installed solar power system could see some great savings, putting more cash into your pocket. As an example, the following figures are estimated simple payback periods and savings over ten years on a 6.6kW solar system which costs $6,600, installed in various capitals.
· Brisbane: 3 years (10 years savings: $22,696)
· Sydney: 3 years (10 years savings: $22,131)
· Canberra: 4 years (10 years savings: $17,482)
· Melbourne: 3 years (10 years savings: $20,815)
· Hobart: 5 years (10 years savings: $15,118)
· Adelaide: 3 years (10 years savings: $25,173)
· Perth: 5 years (10 years savings: $14,386)
· Darwin: 3 years (10 years savings: $27,911)
Term deposit rates are low
Currently, interest rates are very low. Which means, you won’t get much return from money sitting in a long term savings account. However, investing in solar continues to provide strong savings, allowing you to have far more money back in your pocket.
Say, instead of spending $6,600 on a new solar system, you put it into a high interest savings account. You could get currently at most 2%. Your $6,600 becomes $6,732 at the end of the year, barely keeping up with inflation.
On the other hand, in the first year, that $6,600 solar power system could save you $2,130 in Sydney, tax-free.
Superannuation is under pressure
Superannuation funds tend to be tied to the strength of the economy. So, falling economy means falling super. While it will all recover one day, you can get more instantaneous funds by investing in solar. With the returns of a solar power system tied to the strength of the sun and our ever-increasing power bills, you can be sure to get some great savings sooner.
Currency exchange rates are low
The Australian dollar is not stacking up particularly strong at the moment against the U.S. dollar. With the exchange rates at the lowest they have been in a long time this is significant for any industry that imports their products, including Solar.
As most of the worlds manufacturing of solar components is in China, purchasing these panels is going to become more expensive in the future. However, panels already in the country were imported under a previous, much higher exchange rate. This means that it is better to buy now when the panels are cheaper.
Paying electricity companies sucks
Regardless of what is happening in the world, paying your electricity provider sucks. Each day you put off purchasing solar panels is another day you put more money into an electricity provider whose bills are much higher than they should be. Fortunately, you can easily put an end to overpaying for power simply by getting professionally installed solar panels.
Generous subsidies are available
Despite all that is going on there are heaps of generous subsidies for Solar Panels available across the country. The federal subsidy isn’t set to decrease for another 8 months, so get on it today and reap the rewards.
Supports local jobs
Going solar now will help local solar businesses who may be struggling due to the downturn in business experienced across the country. This will go into supporting local jobs and the economy as a whole. So, reach out to your local solar business and take advantage of great offers while providing them much needed support.
A coronavirus free experience
You can install solar without any contact with another person, or risk of infection. Much of the process can occur online or over the phone, and a site visit by a prospective installer doesn’t have to involve that person entering your home.
When it comes to the installation, the installers will arrive and install the panels on your roof. They will also connect the system up. Through the process there will be no contact required at all.
Conclusion
With all that is happening now, reducing your expenses so you can save money for the future is important. Increasing your household cash flow can open many doors and reduce uncertainty. As now is one of the best times you can buy solar, with all the great deals going on, it is a good idea to seriously consider it. Reach out to great solar panel installers in Australia like REA Solar, and start saving straight away.