If you care about sustainability and environmental-awareness, you’ll appreciate that going solar is about more than just saving you some costs on your utility bills.
The truth is, though, making the decision to switch to solar power is an initial investment. But, the good news is that it can reward you with long-term savings.
To decide whether solar power is right for your property ask yourself these important questions:
Is solar power supported by your State/Federal Government?
Knowing whether solar power is your smart choice needs more than just a great climate to keep it viable. Solar panels make sense if they enable you to produce electricity for a lower price than what your utility provider charges you.
Is your roof solar-ready?
For a sufficient amount of solar panels to produce the electricity your home requires, your roof needs to have the space available.
And if your roof is shaded by large trees that border your property, there could be a problem. Roofs that have the wrong orientation can also reduce your ability to make the most from solar panels. It’s important to understand that it’s not a deal-breaker – today’s smart solar panels can absorb the sun’s energy any way they face, but it does mean a reduction in performance.
Financing your switch to solar energy
Yes, you have the potential to save money on future electricity bills – and even earn money by selling power back to the grid – but the immediate reality is that installing solar panels on your roof requires money.
For many home-owners, refinancing an existing mortgage to access the funds needed to install solar roofing panels makes sense – and by talking to an experienced mortgage broker, you’ll understand the finance options on offer to you, to suit your own individual circumstances.
Small-scale technology certificates (STCs)
The federal government’s Solar Credits Scheme enables eligible households to receive payment for STCs that are created by their solar energy systems.
If you sell the STCs yourself, the paperwork is onerous – and there are applications and associated fees, plus a protracted sales process that can see you waiting several months, post-installation, to be recompensed.
According to Choice magazine, a typical 2.0kW system installed in Sydney in 2015 will generate 41 STCs over a 15-year period. If the sale price of each STC was $30, that adds up to a $1230 saving off the cost of your initial installation. Use the official Australian Government’s (Clean Energy Regulator) calculator, to help you work out how many STCs you system may generate. It can be found here: https://www.rec-registry.gov.au/rec-registry/app/calculators/sgu-stc-calculator.
If you need advice for a home loan, business or commercial loan, self-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.