In recent times, Sydney households have been confronted with a looming financial challenge: a significant increase in power bills. This is about to get even worse as electricity prices are set to surge by a further 20% in July.
The Pain Of Rising Electricity Prices
Households across NSW can expect their power bills to rise by hundreds of dollars, starting July 1, coming at the worst possible time as so many of us struggle to make ends meet.
One of the main culprits behind this surge is the skyrocketing wholesale electricity prices. Factors such as the closure of coal-fired power plants, and rising gas prices have both contributed to a significant spike in wholesale electricity costs.
Then there are the network charges, which include the costs of transmission and the distribution of electricity. The maintenance and expansion of an aging electricity grid necessitate substantial investments, which are ultimately borne by the end consumer.
Implications for Aussie Households
The anticipated rise in power bills will undoubtedly pose challenges for households across Australia. The increased financial burden may strain household budgets and impact discretionary spending on other essential items. Low-income households and vulnerable individuals, in particular, may find it difficult to cope with the escalating energy costs, potentially leading to energy poverty.
Moreover, households will likely face the dilemma of balancing their environmental concerns with the affordability of electricity.
We’ve been saying it for years: You don’t need to put up with rising power bills
Solar power is the single most effective thing you can do to reduce your power bills and your carbon footprint.
Once installed, solar power is fed into the home to be used instead of buying power from the grid. When sized correctly, solar power costs about 5-8 cents per kW, a fraction of what you pay for grid power. As we like to say, if you have a good roof for solar you are mad to not install solar panels. It can save you thousands of dollars a year and the good quality systems are designed to last for over 20 years.
The second step to reducing or even eliminating your power bill is to install solar storage. Batteries such as the Tesla Powerwall can store excess solar power to use at night. This means you can install a solar system that is large enough to cover all of your energy usage (24 hours), meaning your power bills can be reduced to well under $100 a quarter, or even better depending on how much electricity you use.
For more information about how you can protect your household from rising power prices, talk to the Solaray Team today. We can help you size up a system that will maximise your savings and taste-track your installation before the coming price rise: