Electricity Prices To Soar in 2023: Here’s Why You Should Go Solar

The year 2022 has been hit with the worst energy crisis ever, and power prices continue to soar. The crisis began as an aftermath of the COVID-19 pandemic and is attributed to factors such as the Ukraine war, overconsumption of fossil fuels, and underutilisation of renewable energy. How can you adapt?

Granted, global shortages won’t be resolved in short term, and electricity, gas, and oil prices unfortunately are set to soar even higher in 2023. According to power company executives speaking at The Australian Financial Review’s Energy & Climate Summit, retail electricity prices could increase by at least 35% in 2023.

The effects will be felt by everyone, so what are the alternatives? What can you do to save money on your electricity expenses? The easiest and probably only plausible solution is to install solar panels. Please read below for the top 6 reasons why you should go solar amid the energy crisis.

1). Solar Helps Safeguard Against Rising Energy Costs

Energy costs are so capricious right now; no one knows how much energy will cost in the next couple of months—all we know is that it’s going to rise. Dealing with such uncertainties is undeniably challenging, particularly for organisations or property holders whose income varies from one month to another. 

To make these costs less surprising, going solar gives the additional advantage of working within your home’s budget or business’ cost administration capacities. Reduce your electricity bills by going solar!

2). Reduced Electricity Bills

Apart from saving yourself from expenses, you’ll actually enjoy lower bills. Power expenses can make up an enormous part of the budget for your home or business, but with alternative (renewable) sources of energy, the cost of production is much lower. 

That said, with solar power, you’ll produce your own free energy from the sun, which will be incredibly cost-efficient. You will also have free control over your framework’s long-term life cycle. Regardless of whether you produce all of the energy you consume, your service charges will actually be a lot more modest. One way or the other, you’ll be setting aside a great deal of cash.

3). High ROI 

Solar panels can provide a high return on investment, especially in sunny locations where you can eliminate your energy costs and satisfy all of your electrical needs. Benefiting from solar energy’s financial and environmental advantages is now more affordable than ever thanks to rising electricity expenses and declining equipment costs. In fact, experts speculate that solar panels pay attractive returns frequently matching those of additional customary ventures like stocks or bonds. 

4). Increased Property Values

Research shows that properties with solar systems have higher property estimations, selling two times as quickly and at a higher cost than normal. As appraisers and shoppers become more educated, homes or business properties outfitted with solar systems will be more popular and will fetch higher premiums.

5). Minimal Maintenance Needs

While solar panel systems require support and regular maintenance to work at full capacity, there is practically no upkeep required, making it simple for you. An accomplished solar energy expert can help with keeping your system properly maintained and achieve the greatest effectiveness.

6). Energy Security

A fascinating fact about solar power is its storage ability. This ensures that you’ll not be a casualty of a power disappointment as well as guarantees saving expenses when costs are highly similar to the present situations.

Final Thoughts

With the significant issues influencing the energy domain, it makes sense to change to a more reasonable source of energy. In this sense, going solar will prove to be useful and save you from stressing over high-power bills.

Talk To The Solar Energy Specialists

Ready to start using clean, sustainable, and affordable energy? Our specialists at GCR Electrical Systems can assist you with consistent power at a minimal price. 

Please contact us today on (07) 4120 7004 or leave an enquiry if you would like more information about our solar installation services.