With interest rates at an all time low it has been challenging for so many Australians to choose the best locations to put their hard-earned money. We will disclose right away that we are not financial advisors, but below is very compelling.
Solar compared to Money in the Bank/ Home Loan:
The above numbers speak for themselves but here is more information to think about.
Bank Term Deposit
Money in the bank is certainly a safe place to have your money, however having surplus cash earning less money than the inflation rate is losing you money. Making only $25 on $10,000 for 12 months is very depressing.
Having a home loan of only 2% has certainly helped Australians pay down their mortgages. Having access to a redraw facility on your home loan has also given homeowners very cheap capital to invest or make improvements to their homes. The above table shows that leaving $10,000 on your home loan would save you $200 a year in interest. However, if you took that money out and put that towards a solar system on your roof could save you more than $1500 a year in energy costs. That is a $1300 difference.
Australians are moving to Solar at a rapid pace. Many locations around the country have more than 25% of the population with Solar on their homes. There are still great government incentives available to offset the cost of solar along with feed in tariffs from energy retailers. The good news is that most quality solar panels come with a 25-year solar performance warranty. Now we are biased, but we think Solar is a great investment for your home or business and you are saving money every time the sun comes up in the morning…
It Just Makes Sense
Investing in solar is helping the environment and Australia meet our NET ZERO targets. However, it also can save us a lot of money along the way.
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