Electricity prices are on the rise, and unfortunately for Australian homeowners, we haven’t seen the worst of it. Homeowners can no longer afford to turn a blind eye to the upswing in power bills, as the rapid spike is beginning to affect the day-to-day lives of many Australians.
Since March 2021 to September 2022, the cost of coal in Australia has quadrupled. According to Treasury secretary Dr. Steven Kennedy, the Federal government predicted a 35% jump in 2023 and a massive 56% rise in power prices by the end of 2024. Whilst many are rightly concerned about what electricity prices will look like in two years, unfortunately, Australians are already feeling the effects of the price surge.
Electricity accounts for the majority of energy supply within Australian households, so the jump in cost is hard to ignore. This level of financial pressure is going to place a significant strain on lower-income households in particular, however the effects are far-reaching, with small businesses also likely to feel the pinch. Rising electricity prices means higher operating costs, therefore limiting resourcing opportunities and in extreme cases, leading to employee layoffs.
The time is now for Australians to start making changes to how they produce energy.
To maintain current energy usage patterns, we need to rethink how we generate power. An average solar system can save Australians approximately 40-50% off their electricity bill, which equates to around $3,240 a year if your bills are $600 per quarter. The long-term savings from a solar system, particularly those coupled with batteries, provides an environmentally and financially suitable alternative to a country-wide financial burden. Once the panels are on the roof, most people will make a few small changes to their usage patterns to optimise their solar, which quickly becomes second nature. These might include putting the dishwasher and washing machine on before leaving for work so that they’re used during daylight hours.
Our current electricity production methods are outdated, and if we don’t begin to look towards alternatives such as solar power, the effects of crippling energy bills will only worsen for Australians.
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