It’s not just electricity prices that will increase sharply soon; gas will also – and the hikes could be in the double-digits.
According to the Sydney Morning Herald; applications to bump up gas prices by more than 18 per cent are being reviewed by state and federal governments.
In New South Wales, AGL and Origin Energy are seeking increases of 6.3 percent and up to 9 percent respectively.
The SMH article says that in a public hearing yesterday, the Independent Pricing and Regulatory Tribunal (IPART) warned energy companies to be “prepared for a rush of calls and approaches for financial assistance from families finding it difficult to keep up with rising prices.”
The issue of gas hikes aside; New South Wales residents will be paying up to $338 more on average for electricity each year from July 1 – and households in other states won’t be spared the onward and upward march of the cost of power.
The carbon tax element alone will see electricity price rises nationally of up to 10.4% according recent estimates released by the University of Queensland. While most households will receive assistance in this aspect; other increases will not come with a safety net.
The additional burden of gas price increases makes the case for going solar even more compelling – either through installing a gas-boosted solar hot water system that can reduce water heating costs by up to 75%, or a rooftop solar panel system to help absorb some of the gas cost sting.
According to data from national solar provider Energy Matters, a 3.185kW solar electric system installation in Sydney can generate energy bill savings of up to $1,100 annually. Even an entry level rooftop solar array of 1.52kW installed in Sydney will return significant savings – up to $528 a year. Savings information for other regions and states are available through Energy Matters’ online solar quotes tool.
