How Much Will You Pay for Electricity in the Near Future?

How Much Will You Pay for Electricity in the Near Future?

Australians that live in New South Wales, Queensland or Victoria should expect to pay higher electricity prices by the end of 2019, based on estimates from the Australian Competition and Consumer Commission (ACCC).

The ACCC’s figures revealed that households in New South Wales might pay around $434 more for the power bills, while those in Queensland and Victoria may pay an additional $313 and $254, respectively.

Higher Cost of Living

The increase in rates would occur if gas prices would reach a reasonable level based on the ACCC’s guidelines. If you are looking for air conditioning suppliers in Sydney, it may be better to ask if they offer energy-efficient units.

Smart Energy Council CEO John Grimes said that New South Wales residents are particularly finding it hard to afford electricity expenses, which have already doubled since 2013. Those with a mortgage will be the most vulnerable to the rate hikes, said Grimes. The good news, however, involves an incentive programme that would pay households if they decide to reduce their electricity consumption.

Peak Demand Time

The federal government has launched the incentive programme in New South Wales, South Australia and Victoria in the next three years. According to Energy and Environment Minister Josh Frydenberg, households in these three states may save up to $250 per year if they would not use electricity during times of peak demand.

Residents would know if it is already the peak period when they receive a text message to reduce their power consumption. You can plan your trips to the shopping mall or supermarket during this time, so it won’t be a problem if you turn off your appliances. You would only need to do this for up to four hours, depending on your area.

Conclusion

As electricity prices in Australia increase, it is important to be mindful of your energy consumption at home. How do you conserve electricity?