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Investing in Solar Power – is it worth it?

Investing in Solar Power - is it worth it
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Particularly over the sweltering Australian summers, homes across the country have their air conditioners and fans on for most of the day. Perhaps you’ve hit the end of those hot months to face a massive energy bill, racked up from the hours of much-needed cooling.

Many families and individuals have opted to invest in solar power, by getting solar panels installed on their roofs. But is investing in solar power actually worth it? There are definitely both positives and negatives to solar energy investment, and here are the top 3 from both sides.

Why you SHOULD invest in solar power

  1. Solar power can subsidise your energy costs – if you have solar panels that are wired up with the electricity grid, you’re able to use the power generated by them for your home, reducing your reliance on your electricity provider, leading to lower monthly bills!
  2. Solar power can store backup energy for times of need – if there’s a blackout or electricity outage, the gathered and stored solar energy can then be used to generate power for your home.
  3. Solar power is environmentally friendly – as a renewable energy source, solar power is a clean, green way of getting electricity through your home.

Why you should NOT invest in solar power

It’s not all sunshine when it comes to solar power, as it does come with a few notable disadvantages.

  1. Solar power has high upfront costs – the initial fees for manufacturing and installation at your property can be quite expensive. Maintenance costs can also add up over time.
  2. Solar power can be unreliable – this form of energy is understandably intermittent, as it’s directly affected by factors including cloud cover, seasonal impacts on daylight hours and the fact that it can’t be generated at overnight.
  3. Manufacturing pollutants are emitted during production – while solar energy itself is a clean form of power, to produce the panels themselves and the power plants, significant resources go towards these and many emit high levels of greenhouse gases which contribute to global warming.

In the end, whether or not you want to invest in solar power depends on your personal circumstances including things like available upfront capital, as well as home design and location. Just make sure you weigh up the pros and cons appropriately before making any investment commitments!

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