How the Economic Viability of Solar Has Changed in Australia

LAUNCESTON, Australia - July 28, 2018 - PRLog -- Around ten years ago, the economic viability of using solar systems was very different in Australia compared to today. In those days, most homeowners and businesses were interested in solar systems because of the "feed-in tariffs" that were part of the arrangement. But now, solar systems have reduced in price and the savings from having such systems mean that going solar is the sensible option.

What are Feed-In Tariffs?

Installing a solar system in a home or business is an investment, there is no other way around it. While prices have gone down and many instalment packages are available, it is a financial commitment. People want to get the most out of their investment. And feed-in tariffs helped to create that puzzle of a return on investment.

Feed-in tariffs meant that people would get money back from the unused solar in their home that was sent back to the electric grid. And for a long time, the feed-in tariffs were greater than getting electricity from the grid. It meant that homes and businesses were more interested in exporting power to the electrical grid from their solar system, as opposed to using it for themselves.

Times and Rates Have Changed

Those who are now interested in residential solar systems in Hobart should look at everything from a different angle. The rate of purchasing electricity is more than what it was a decade ago, at around 25 to 30 cents per kwH. In contrast, the feed-in tariffs are only 6 to 10 cents per kWh that is exported to the grid.

It means that solar is now most financially viable when it is being consumed by the home or business. And that is great news for the people who want to install solar systems where they live or work.

Installing a Solar System

If you are interested in solar systems to power your home or business in Hobart, now is the perfect moment to act. The technology has advanced at an impressive rate, which means greater efficiency, an easier installation process and lower prices. And given the current rate of electricity from the grid and future trends, there are thousands of dollars to be saved in the coming years by going solar.

Homeowners and businesses who use a significant amount of energy in the house will benefit hugely from solar power. Even with the solar system tied into the electricity grid, the savings are very impressive. And when the initial investment in the system is cleared after a few years, it is clear sailing.

These systems are very well installed and built. The annual maintenance on residential solar systems in Hobart is minimal and they are designed to last for decades. It is not a case of needing a new solar system in five or six years, which some homeowners fear.

And the fact is that feed-in tariffs still exist. So any power generated through the solar system is fed back into the electrical grid, which can provide some additional savings for homeowners and businesses.

For gatering more info on where to get the best solar systems please visit http://www.solarsquad.com.au/.