While there are a few renewable energy options on offer to Australian home owners and businesses, solar power is considered by the experts to offer the most cost effective and viable option. This is why it has received extensive funding support from the government for several years already, and the pricing structure has continued to become more favourable each year as manufacturing costs of solar panels fall.

If you are wanting to free yourself from rising electricity costs as well as do your fair share in carbon reduction then here are several reasons why you should choose solar photovoltaic panels;

Cost and Rebates

Prices of solar PV modules have fallen rapidly the last couple of years, and will soon reach the state of grid parity in many regions of Australia. A typical 1.5 KW solar PV system cost about $3000 (national average) at the moment if you are eligible for the government rebates. This figure is almost half of what it was five years ago and experts in the industry believe that solar panels will become even cheaper.

Waiting for further price reductions before making the decision to buy is false economy though; the existing government rebates are reducing each year, and will finish by 2014, so your out of pocket price will likely remain quite stable over the next couple of years. And your power bill will continue to go up in the meantime!

Although the premium feed in tariff (PFiT) scheme for solar panels is nearing its end or already ended in many states (Queensland is the notable exception), previously qualified systems will benefit greatly from the financial return the premium rate offers for 15 years. And even with only a standard FiT contract, which should continue to be available indefinitely to new applicants, an average system can pay for itself within about 8 years.

Solar hot water rebates have remained consistent in most parts of the country though, and qualified system owners can receive financial assistance up to $1000 depending on which state you live in.

Efficiency and Maintenance

Currently the highest efficiency rating that a solar panel system has is around 18%, which is relatively high for a rooftop system, and greatly increased from what was available even 2 years ago. Although the panels' efficiency gradually decreases through the years it is still expected to offset significant amounts of carbon and reduce electric bills for 25 years.

Once the system is installed your responsibility almost completely ends there, solar panels are durable and tough in nature so it won't require any expensive maintenance. Just a regular cleaning will suffice to keep the panels absorbing their maximum amount of sunlight.

Size and Space flexibility

A typical Australian home has enough roof space to accommodate an effectively sized solar PV system but not enough open spaces for residential wind turbines to be installed. Solar is also quiet and won't upset your neighbours! This fact is one of the primary reasons why solar is favored as the most viable residential renewable energy option in the country.

Continued Funding for Solar Investments, Research and Development

Australia is home to some of the finest researchers and scientists in the solar field, and thanks to the continued financial support being made available from the government and private investorsfor research and development, there are important breakthroughs taking place in both the technology of solar panels themselves and the manufacturing process.

This will continue to make it cheaper and more viable for commercial and residential applications to use solar and other renewable energy options to produce their electricity rather than coal sources. Experts believe that with continued research and development the country will reach national grid parity between the cost of solar and fossil fuel produced electricity within a few years, and in some areas this has already occurred.