Rising electricity prices have a significant impact on the average Australian.
The impact of rising electricity prices is felt most heavily by low-income households, who may struggle to afford their energy bills.
It also increases the costs of running a business, and in many cases these costs will be passed on to customers, meaning that consumer goods are becoming more expensive too.
With the rise of electricity prices set to continue, the future may seem bleak. But there is one zone that electricity is surging in – renewable energy.
At Sunstainable, we’re Australian solar system suppliers, so we know a thing or two about the state of Australia’s solar prices and how a solar system can save on costs.
The Rise is Set to Continue
The Australian Energy Regulator’s latest quarterly report revealed that, ‘international energy prices (gas, thermal coal and oil) continued to rise over the quarter and are expected to remain high in 2023 and 2024.
‘They will continue to put pressure on domestic prices. Forward markets indicate relatively high domestic gas and electricity wholesale prices will continue into 2023 and 2024.’
The AER has predicted that Australian electricity prices are expected to remain high throughout 2023, particularly in New South Wales and Queensland.
This has put a strain on budgets and made it difficult for many individuals, families and small businesses to afford the electricity they need.
One of the main factors behind the increase in electricity prices is the rising cost of fossil fuels, which are used to generate the majority of Australia’s electricity.
The boring of fossil fuels is a huge detriment to the environment and a leading cause of global warming. In addition to this, they are a finite resource.
As the demand for these fuels increases and their availability decreases, the prices tend to rise.
Reducing the Impact
To mitigate the impact of rising electricity prices, people and businesses alike must either reduce their energy consumption or find a more affordable way to get their energy.
This could include making energy-efficient upgrades to their homes or buildings, and finding ways to reduce electricity usage. But the best way to prepare for the future is to invest in a renewable energy service.
Solar panels are an investment for the long-term. With no signs of electricity prices falling anytime soon, there has never been a better time to embrace solar power.
With solar panels, you generate your own electricity and are no longer reliant on the grid.
The amount of money you save will differ based on how much electricity is used, how much sunshine your panels receive, and the type and amount of solar panels you install.
The Australian government offers rebates towards solar panels, making it more affordable to start saving on electricity as soon as you can.
At Sunstainable, we pride ourselves on being Australia’s best solar panel supplier. We are known for our efficiency, customer service and high quality panels. Get in touch with our expert team and start saving on electricity.