Cost of energy crisis sparks concern for Aussies
New data by Mozo finds that almost half (44%) of Aussies are concerned about the increasing price of electricity.
This is a valid concern after findings from the Australian Energy Market Operator have shown that there has been a 141% increase in wholesale electricity prices in the national energy market since the first quarter of 2021.
With the overall cost of living on the rise, energy is just another cost that is being impacted.
“From noticing an increase in the cost of your weekly grocery shop to painfully high petrol prices, Aussie wallets are being hit from all directions by the rising cost of living,” says Tom Godfrey, Mozo spokesperson.
“Now with the news that wholesale price hikes will be passed onto household energy bills, it is little wonder so many Aussies are concerned about keeping the lights on.”
Mozo's research also found that almost half (44%) of Aussies have already noticed an increase in their energy bill in the past 12 months, with 18% reporting a significant price jump. As a result, 53% of survey respondents say that they will cut back on the usage of air conditioners and heaters, and 10% have said that they are planning on not using these appliances all together in order to cut down on energy costs.
Wanting to save money on your energy bill?
If you are wanting to save money on energy, you may want to start implementing a few of these suggestions to reduce your energy usage.
- Insulate your home - make sure your windows and doors are sealed tight to reduce heating or cooling escaping.
- Set your washing machine to cold water - using cold water costs significantly less than hot water.
- Adjust the temperature - remember that every one degree lower on your air conditioning can add 10% to the running costs, so try and keep your thermostat within 4 degrees of the outside temperature.
- Turn off appliances at the wall - idle appliances left on at the power board suck out a surprising amount of electricity. Try to turn off all appliances like kettles, video consoles and washing machines when they are not in use.
However, “taking the heat out of your power bills doesn’t stop at cutting back on your energy consumption, it's also important to regularly compare energy providers and see if you could get a better deal,” explains Godfrey.
Shockingly, Mozo has found that almost a quarter (23%) of Australians said they have never reviewed their energy provider, despite savings on offer for those who shop around.
The 2021 annual Mozo Expert Choice Awards analysis of energy plans found that by comparing providers and switching to the lowest-priced plan, an average household could save $455 per year on their electricity bill.
To learn more about how to save money on energy, check out our energy home page.