Benefits of Solar Energy in New South Wales
Even in the absence of FIT in the state of NSW, solar power is still a great investment to choose to. With the fact that solar energy prices are rapidly declining plus retail electricity rates are rising significantly, this just means that solar panels can now serve as a cost-effective, rooftop ‘power plant’ for NSW homes and businesses.
So what are the benefits in using solar energy in New South Wales?
The main reason residents in NSW switched to solar is to save money in their electric bills. Then the closure of NSW’s Solar Bonus Scheme to new applicants happened. New solar system owners stand to benefit most from having a system by aiming to consume as much of the solar power that they produce as possible known as ‘solar self-consumption‘.
Through solar self-consumption, system owners reduce the amount of electricity that they have to purchase from their electricity retailer/utility. Sending excess energy into the grid is more of a way to earn additional savings from solar energy.
Federal discount for solar PV system installation in NSW
The federal government’s Renewable Energy Target (RET) is now the primary mechanism for the subsidisation of small-scale rooftop solar in Australia. In effect, the federal government, subsidises the installation of any solar PV system up to 100 kilowatts (kW) in capacity.
Exactly how much this federal discount works out to be depends on a few factors. These includes the location of the installation and the market price of the tradable certificates that constitute the subsidy.
Directly speaking, in NSW this discount is in the region of 30% off the full cost of an installation. This means a discount of around $3,500 off a 5kW solar system, or $2,100 off a 3kW solar system. The subsidy is applied directly to the up-front cost of your system. The subsidy should be itemised on the quote and contract from the installer.
Attractive ROI for solar power in NSW
In NSW, solar system provide’s savings on electricity bills by reducing the need to purchase power from the electrical grid. Additional credits can be earned for the solar energy that you send into the grid – rate depend’s on your retailer.
Investing in a solar power system would be particularly advantageous for those who consume bulk of their electricity during daylight. As long as you can use at least 30% of the energy that the system produces, the investment will probably look pretty good.
Solar power is a low-maintenance investment
Rooftop solar systems generally have no moving parts and require very little in the way of maintenance or inputs once they are installed and functioning.
Tax benefits for businesses with solar power systems
Rooftop solar systems generally have no moving parts and require very little in the way of maintenance. Once they are installed and functioning, you can just leave it there and embrace the sun’s energy.
Wherever we are, solar power is always one of the best tool to gain financially and to have a greener home. As a considerable investment, it’s always worth evaluating a solar power system for your home before have it installed. Doing your research and seeking professional advice can help you to make an informed decision.