It’s the biggest myth in solar; that solar power is causing power prices to rise.
However, a recent report by Energy Synapse has revealed that rooftop solar is saving everyone in NSW billions of dollars.
Energy Locals asked energy market consultants Energy Synapse to examine the NSW wholesale electricity market and the impact that rooftop solar has had on energy prices. Thanks to the 370,000+ households with rooftop solar, between $2.2 and $3.3 billion was slashed from the price of power in NSW in just 12 months.
The analysis found:
- Rooftop solar decreased the average price of wholesale electricity from $132/MWh to $88/MWh over the one year study period;
- The biggest monthly cost reduction was in February 2017, with at least $740 million saved across NSW; and
- Downward pressure on wholesale electricity prices was greatest between 1.30pm and 4.30pm
The results show that solar makes an enormous contribution by putting downward pressure on power prices, helping energy consumers across the state save billions.
Looking to support the great work of Solar Citizens? The report was initially published here: https://www.solarcitizens.org.au/solar_savings