Energy savings on the way for Aussie families
With many Australians swapping their heaters for blankets this winter, it’s a welcome relief to hear that Aussie households are set to save an extra $150 more than expected on energy bills each year, according to the NEG (National Energy Guarantee).
The NEG aims to combine the goals of reliable electricity and lower carbon emissions in one policy. A $550 a year saving on the Aussie average household energy bill has been forecasted, a jump from 2017 predictions of $400.
Renewable targets cut costs
New investment in renewable energy, mainly because of the Renewable Energy Target imposed by the Australian government, is expected to make a substantial contribution to lowering emissions and energy prices in the National Energy Market.
Of the $400 in savings expected for families, $120 of these savings were due to the guarantee and $280 came from investment in renewable energy.
"A nationally agreed policy framework will trigger the required investment and lead to better reliability and cost outcomes for consumers," says Australia Energy Council CEO Sarah McNamara.
Wind and solar farms, as well as rooftop solar will provide one-third of Australia’s electricity supply within two years, according to GEM (Green Energy Market) research.
With nearly 19,000 new rooftop solar systems installed in May alone, GEM research suggests these installations alone will deliver $233 million in energy bill savings over the next decade.
This is because solar FiTs (feed-in tariffs) allow Australians to sell surplus solar energy back to the grid.
RELATED: High energy prices are here to stay: Grattan Institute
Despite the fact that Aussies breathed collective a sigh of relief as energy prices mainly remained stable this July 1 energy price review, any savings are good news for Aussies who have been hammered by sky high energy prices lately.
If you want to jump on the solar trend, make sure you find a policy with a top notch solar feed-in tariff.
Head over to our comparison tool to find one or head over to our energy cost cruncher to see what you could save by switching to solar.
