Aussies feel the renewable energy pinch, as GreenPower prices rise by 41%
Australian households with government accredited GreenPower energy plans are being urged to review their power plans, as news that higher prices on renewable energy have come into effect from 1st January 2016.
According to smh.com.au, Origin Energy customers were notified of a rise in charges for GreenPower electricity, from $3.61 per kilowatt to $5.10 per kilowatt - a 41% increase that caught many customers by surprise.
Smh.com.au reported that for a family of four living in northern NSW and paying between $450 and $550 per quarter on electricity, this increase means an extra $77 each year.
GreenPower uses renewable energy from wind or solar-power. Consumers who add GreenPower to their electricity bill can choose a percentage of the usage to be matched into the grid by power providers, who purchase large-scale renewable energy certificates on their customers behalf.
The price increase in GreenPower can be linked to these certificates, which have steadily increased from around $40 to more than $75 over the last six months. The price of GreenPower has reflected this trend.
Smh.com.au quoted an Origin Energy spokesman as saying "While GreenPower charges have changed due to an increase in the market price of renewable energy, Origin's GreenPower products remain competitively priced."
The changing market may prompt Australian consumers to look at other methods of renewable energy, such as solar panels installed on home rooftops. Abc.net.au has reported that sustainability experts are predicting that these solar panels, combined with the installation of large home battery storage systems, could eventually account for a quarter of all power needs.
Feeling the pinch of increased prices in your renewable energy? Check out Mozo’s energy comparison tool to find the best offer available to you.