Many Australian households will be feeling new hip pocket pain from July 1 due to energy price increases.
This includes in the ACT, where an average 4.3 per cent price increase for electricity has taken effect, as has a 14.5 per cent increase for gas.
In New South Wales, power prices have increased by 1.7% and household gas prices have soared by 17.8%.
South Australians will endure a rise in the average electricity retail bill increase of about 4.4 per cent or $85 in the 2014-15 period.
Queenslanders on a standard domestic electricity tariff have been hit with 13.6 per cent hike, impacting an average household by an extra $190 a year.
Western Australians on Synergy’s Home Plan (A1) electricity tariff are now slugged with a 4.5 per cent increase.
While some relief may be in sight in relation to the carbon tax repeal; continually increasing network costs may gobble up any savings quite quickly. Network costs, the “poles and wires” aspect, typically comprise over half of a power bill.
With ongoing electricity price hikes, it’s little wonder households are increasing turning to solar energy. According to national solar provider Energy Matters, a 4.5kW solar panel system can return a financial benefit of approximately $900 – $2150 annually depending on consumption profile and installation location.
Energy Matters’ Australian Solar Index, which provides a snapshot of average internal rate of return on investment in solar power systems installed in various towns and cities around Australia, demonstrates installing solar panels is currently one of the best investments available in Australia.
Solar has been made even more accessible with the development of innovative payment plans, such as Energy Matters’ zero-deposit Save As You Go initiative. Recent data from Energy Matters shows nearly a third of all its installations occurring under a payment plan arrangement.
