Going for Solar Could be a Lucrative Move and Here’s Why
Most people are buying solar power systems to save money. But did you know that you can also make money with solar? Aside from the fact that you will be able to save the planet and help the environment by embracing this sustainable option, it could also allow you to earn money.
There are different ways on how solar electricity can be beneficial to an Australian household. Typically, a family starts and ends the day using different appliances and equipment. Even the most straightforward task like preparing breakfast is dependent on the use of electricity.
With a solar power system, the main benefit is that you save money through having a reduced power bill. But did you know that it’s possible to pocket a bit of extra cash by investing in solar?
How can you make money with solar electricity?
Solar power is a good investment because of the availability of feed-in tariffs. This is also called the buyback rate. It refers to the price that is paid to you for the solar electricity that your solar power system is exporting to the main grids. This is different from the solar rebate.
Feed-in tariffs were initially introduced to encourage households to shift to solar panels. This incentive worked for many households, and you can also maximise it for your own advantage. The buyback rate differs in every state in Australia. The best thing that you can do to determine how much money you will make from solar electricity export is to check the current feed-in tariff in your area.
How does feed-in tariff work?
This is the most critical question that will allow you to understand the process and how much money you will make out of it. First, you should know by now that the solar panels you have are generating more electricity than your home is consuming. But the surplus energy will not be wasted. It is going to be transmitted to the main electricity grid.
Solar power is indeed a good investment for Australians. The buyback rate may not be as high as what people are getting during the past years, but it is still one way of making extra money. With the decrease in the price of solar power as the years passed by, electricity retailers have considered lowering the buyback rate.
The amount of electricity you are exporting depends on your consumption. The calculation is per second, and there is an equivalent amount per kilowatt hour. There are times during the day and a few hours at night when you are not using electricity because of the inactivity of some appliances at home. This is where the power surplus comes from.
Why am I not getting any feed-in tariff?
Some people are complaining about not receiving any feed-in tariff. If you are experiencing the same issue, you have to consider checking an electricity plan with a buyback feature. If this is the problem, you can quickly change or rectify your electricity plan. Another option you can take is to move to another electricity retailer.
It’s up to you whether you go for the feed-in tariff option or not, either way – you’ll still benefit from your solar investment. Savings, extra income and reducing your carbon footprint are all on the horizon with solar.