Answer to Question #190406 in Microeconomics for muneeba

Question

describe the cost and benefits of installing solar panels in darwin.

Answer 1

Darwin is one of Australia’s northernmost cities and it is located in the sunny tropics making it one of the best places in Australia to install solar panels. It has an abundance of sunlight, So, it makes sense that so many people are embracing solar power benefits. Its abundant sunshine makes Darwin solar power installations very economically viable.

The cost of solar panels in Darwin including installations ranges between $3,000 to $3,800 for 3Kw system and $5,000 and $5,800 for a 5kW system. 

The benefits offered by solar installations in Darwin are massive and include the following:

Money saving – This is one of the biggest benefits of installing a solar system since you will be able to save a lot of money on your future energy bills.

Increase your property value – The solar panels are also an investment in the value of your property and giving it more appeal in the real estate market

Easy to maintain – Without moving parts and rugged construction, solar panels require very little maintenance and they can last longer up to 25years.

Living off the grid – Installing solar panels allows you to live in an area or property not serviced by the main power electricity. By harnessing the sun’s natural energy and generating your electricity, you can supply enough power to maintain your lifestyle without being reliant on an electricity grid and a power company.

Convenience and reliability – In times of power outages due to various issues such a weather adverse effects, having solar panels can be a lifesaver. You will not be interrupted and you will still be able to power your property and electronic items you use.

Revenue earnings – The city of Darwin offers people who have installed solar panels a state backed solar-feed incentive scheme. Individuals who have excess solar electricity can feed it into the grid in exchange for tariffs or earnings received from electricity retailers hence gaining extra income they can utilize for their own upkeep.