Australians have been a little distracted lately – and who can blame them? But the distraction is leading to some missing out on the advantages of installing solar panels right now.

The impacts of the coronavirus COVID-19 are being increasingly felt throughout the country, but the usual bills – including electricity bills – keep rolling in. There’s a lot that really sucks financially-speaking at the moment, but there are some bright spots.

Here’s why now is a particularly good time to be considering going solar.

The Stock Market Sucks

It’s a brave person that takes on dueling trading algorithms in order to try and make a few bucks on the stock market during this crazy time. The ASX has been all over the place like a dog’s breakfast.

But there’s a sure-fire way to get a great return on your cash and that is acquiring a good quality, professionally installed solar power system. Try our new solar calculator – the estimated payback and returns might make your eyes pop.

For example, the following are estimated simple payback periods and savings over ten years for a 6.6kW solar system costing $6,600 installed in the various capitals; using the calculator’s default settings:

• Brisbane: 3 years (10 years savings: $22,696)
• Sydney: 3 years (10 years savings: $22,131)
• Canberra: 4 years (10 years savings: $17,482)
• Melbourne: 3 years (10 years savings: $20,815)
• Hobart: 5 years (10 years savings: $15,118)
• Adelaide: 3 years (10 years savings: $25,173)
• Perth: 5 years (10 years savings: $14,386)
• Darwin: 3 years (10 years savings: $27,911)

Term Deposit Rates Suck

Term deposit interest rates sucked before COVID-19, they suck now and will likely continue to suck once we’re past the coronavirus – and into foreseeable future. Again, you can get a much better return for your money by installing solar panels.

Like a term deposit, the best way to look at solar energy is as an investment rather than an expense (but with solar being a much better performing one).

Here’s an example – let’s say you take that $6,600 for a 6.6kW system and stick it in a one-year term deposit at 2% interest (which is pretty generous). At the end of that year, your $6,600 becomes $6,732 ($132 interest) and barely keeps up with inflation. That interest is also taxable.

However, the 6.6kW solar power system will provide savings of around $2,130 in the first year in Sydney – and those savings are tax-free.

Use SQ’s solar calculator to get a better idea of how much you can expect to save in your particular situation.

Superannuation Is Under Strain

If you haven’t logged into your superannuation account recently, you may not want to do so now as many funds are showing the strain of circumstances as they are generally tied to the strength of the economy. Compare that to the returns of a solar power system, which are tied to the strength of the sun.

Currency Exchange Rate Sucks

The Australian dollar wasn’t particularly strong against the U.S. dollar going into the coronavirus crisis and it’s almost as though it’s caught the dreaded lurgy itself since. Here’s how it has been faring recently against the greenback.

Why is this important and what does it have to do with solar power?

Most of the world’s solar components are manufactured China, and China trades with overseas partners primarily in U.S. dollars. This means solar panels, inverters and other components will start costing more very soon as new stock is ordered.

Paying Electricity Companies (Always) Sucks

This applies at any time, regardless of the circumstances. Each month you put off installing panels is another month you’re locking yourself into electricity bills that will be much higher than they need to be. In fact, with an appropriately sized system, the figures you’ll most often see on your electricity bills after getting solar panels should be credits; assuming your energy consumption profile remains the same.

Generous Subsidies Still Available

It’s still a bit more than 8 months before Australia’s solar rebate reduces again, but procrastination has a bad habit of biting us on the butt. Why put off to tomorrow what can be done today?

Supporting Local Jobs

Contrary to what some are reporting, we have solid information indicating that (good) installers are seeing a slowdown in new installation enquiries. By going solar now, you’ll be helping to support a local business and its employees through this difficult time, while benefiting from a great deal and an even higher degree of customer service.

A Coronavirus Cooties-Free Experience

Arranging to install solar power is not a contact sport, nor does it need to involve you getting up close and personal with anyone. Much of the process can occur online or over the phone, and a site visit by a prospective installer doesn’t have to involve that person being inside your home.

The same situation applies on the day of installation – the installers will be on your rooftop for the most part, not in your lounge-room.

The companies SolarQuotes works with are very aware Australians are now sensitive to having others inside their home – and are more than happy to work within and over-and-above social-distancing guidelines.

Bear in mind too that even in a worst-case scenario of all businesses being suddenly ordered to suspend operations, when things fire back up you’ll be ahead of the demand that will likely follow.

The Elephant In The Room: Paying A Deposit In Such Uncertain Times

In normal times we’d recommend ensuring any contract you sign covers various scenarios playing out and not paying more than a 10% deposit.

But in these uncertain times, everyone has to be flexible. Most good solar installers will be willing to reduce the deposit to a token amount as an acknowledgement of that.