Rising Electricity Prices

Inflation is something that is currently impacting all of us. Price increases are happening across the board, which means yes – the energy sector is being impacted too. To make matters worse for those of us residing on the East Coast of Australia, we’re experiencing a cold snap at the moment – which would normally see us turning our heaters on to full tilt but soaring electricity prices may have you thinking before reaching for the heating remote!

Why are electricity prices rising?

Australia has seen an exponential increase in wholesale electricity prices, in fact – prices have increased as much as five times compared to the same quarter last year and it is predicted that they will continue to worsen. There are a multitude of reasons as to why prices are rising including the Ukraine war, limited domestic gas supplies, La Nina and a slow progression to virtual power plants (VPP’s). Collectively these factors mean the cost of producing electricity has increased and to put the cherry on top, there’s also been less supply and higher demand. Yep, you guessed it, all of this means prices have and will continue to take a steep hike!

How do I best avoid paying through the roof for electricity?

By utilising your roof to its full potential! On a serious note, installing a solar system, ideally one with a battery, is your best bet. Becoming energy independent is the most economical way to safeguard yourself from ever-increasing electricity bills. When you install a battery to your new or existing system, you’re able to join a VPP. Batteries and VPP’s both have a bunch of benefits, namely that you’re in control of your power, hello energy independence and goodbye depending on the expensive grid (feel free to crank that heater baby!) and when demand is high – you can send any power not required for self-consumption to the grid and be paid for your contributions.

If you’d like to find out more about solar, batteries or VPP’s – get in touch with our knowledgeable and friendly energy consultants today on 1300 18 20 50 or hit the button below.

Image courtesy of ABC.net.au

 

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