It will probably come as no surprise that the greatest cost concern for Australian households is the electricity bill.
New research by consumer group Choice reveals 48% of the 1,000 Australians surveyed said their bills generally had increased a lot over the past 12 months, while 41% said their bills were a little higher. Only 18% said they were living comfortably.
“Almost one in three respondents told us they find it difficult to get by on their current income, with one in five saying they have scraped through to payday by living off credit or borrowing from friends or family,” said Choice CEO Alan Kirkland.
Choice says the Australians surveyed came from across the demographic spectrum.
Given the sharp rise in energy costs in in recent years, it’s little wonder that many are turning to solar power to reduce or wipe out their electricity bills.
Just a few years ago, going solar presented some significant barriers as a substantial initial outlay was required. That’s all changed with the introduction of innovative financial solutions such as national solar provider Energy Matters’ Save As You Go zero deposit solar payment plan.
Save As You Go allows households to go solar and pay nothing up front. Repayment levels are structured in a way that in many cases the monthly repayment level is less than what would otherwise be spent on mains grid electricity; meaning there are savings to be made from the day the system is switched on. At the end of the payment period, the electricity produced is essentially free.
While any sized system will make a significant dent in a power bill; Australians going solar are increasingly installing larger systems. According to Energy Matters, a 4kW solar panel system can return a financial benefit of between $806 – $1757 annually; depending on installation location.
Households considering installing solar power systems may want to do so soon as government incentives that substantially reduce the price of a system are threatened.