Everyone is doing it tough right now, whether you have lost your job or not. First we had the bushfires, then the floods and now Covid-19 has caused everyone to hunker down and pull up their drawbridges. Money is always a problem, even at the best of times, but now all anyone can think about is just getting through the pandemic and out the other side.
So you might not have any intention of installing solar right now, but it can actually help you out enormously in both the short and long term.
Let’s see how you can save a significant amount of money with solar, even if you are struggling to pay the bills today.
Electricity bill shock is on the way!
Regardless of your current money situation, the electricity bill still needs to be paid and it’s going to be bigger than ever this time! Even though your power bills are high at the best of times, your energy usage will have gone up dramatically in the last cycle. This is because everyone has been at home 24/7, using lighting and appliances more than ever. Switching to solar can save up to 70% off these power bills and the system will pay for itself in as little as 3 years.
Other investments suck right now
If you have some money set aside, you don’t want it in the stock market , because it’s not doing well at all! A term deposit or savings account isn’t much better with interest rates lower than they have ever been. If you want bang for your buck, investing in a solar system is your best option. The operative word here is investment, because solar is not an expense, it’s an investment in your future savings, which can be thousands and thousands of dollars over the life of the system.
Think of it this way – if your solar system costs you around $6000 and you invested this money in a one-year term deposit, it will only return about $100 or so, given the current abysmal interest rates (you also pay tax on this return). However, if you invest this money in a solar system instead, you can save approximately $2000 during the same time period. That’s twenty times the return on a term deposit or a 2000% return on your investment!
The icing on the cake is that solar subsidies are still available, saving you even more money if you decide to go down this road.
