WEDNESDAY 24 APRIL, 2013 |
NSW Electricity Prices To Increase (Again)
From July, New South Wales residents and businesses will be paying more for
electricity and gas.
The Independent Pricing & Regulatory Tribunal (IPART) has published proposed average prices that regulated electricity and gas retailers can charge NSW residential and small business customers from 1 July 2013.
IPART has allowed an average electricity price increase for 2013/14 of 3.0%, and an average gas price increase of 8.6%.
A price increase of 4.3% has been recommended for EnergyAustralia residential customers, which translates to an extra
$83 per annum under an average electricity consumption profile.†
For Origin Energy (Endeavour Energy) customers, a recommended 3.1% increase will
mean an extra $57 a year. Origin Energy (Essential Energy) customers will feel
less of a sting - around $11 per year.†
Business customers will be hit harder in terms of average annual dollar
In 2010/11, New South Wales residential electricity prices jumped 10% and in 2011/12,
17% more. Last July, regulated retail electricity prices increased an average of 11.8% to 20.6%.
While this round of increases will substantially less than previous price hikes,
the extra costs may be the proverbial straw spurring on more households to make
the switch to solar.†
According to solar provider Energy Matters, a 5kW residential solar
panel system installed in Sydney
can provide a financial benefit exceeding
$2,000 a year; assuming 100% consumption of produced electricity.†
For businesses, commercial
is also becoming increasingly attractive. Energy Matters recommends
sizing a system to daytime consumption for the best returns and most rapid
payback on investment - which can be as little as 5 years for a commercial scale
Submissions on IPARTís draft report
are due on 20 May
and its final determination will be released in June, for implementation on 1 July 2013.
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