Australian householders are facing an uncertain future as electricity price hikes Australia. The prices are all set to go through the roof. A major factor driving up prices is a significant increase in the wholesale price of electricity. The Australian Energy Market Operator (AEMO) recently revealed that the wholesale cost of electricity in the National Electricity Market (NEM) for the first three months of 2022 has increased by 141% compared to the same quarter last year. Recently the Essential Services Commission (ESC) in Victoria has also announced a price increase to the Victorian Default Offer of up to 5% for residential and small business customers in that state from 1 July 2022.

Here are some reasons why:

• A global spike in the price of coal and gas, which are still used to generate most of Australia’s electricity. The recent flooding in New South Wales and Queensland disrupted coal supplies.
• Locally the supply of electricity has been unstable. Unplanned outages at power stations and extreme weather have meant less electricity is being produced than usual
• The war in Ukraine and recent natural disasters have caused a spike in energy prices. 
• The war has also significantly slowed down the planned transition from fossil fuels to renewables
• Extreme and unchanging weather conditions 

The combination of these factors means that the cost of producing electricity has increased, and at the same time there’s been less supply available. High demand has created a perfect storm for higher electricity prices. It also means that the prices will continue to rise. A broader cost of living linked to the rising inflation and interest rate rises will be the biggest effect on Australian consumers. 

This is not pleasant news for anyone feeling the pressure of high electricity bills. Hence there must be a better way to guarantee family affordability and secure electricity. With electricity prices still on the rise in Australia, look at installing solar energy as a sustainable solution.

Installing a solar energy system is a great way to have big financial savings and reduce monthly electricity bills. By investing in a solar energy system now, you can lock in the price you pay for electricity today and protect yourself against future increases in electricity costs.

A solar panel system generates free electricity for its entire 25-year lifespan—even if you don’t produce 100 percent of the energy you consume, solar still reduces your utility bills, meaning you’ll save a lot of money and get yourself saved from Electricity price hikes Australia.

Going solar nets you a great return on your investment, with the average Australian solar purchaser seeing a return on their investment (ROI).

It also increases your property value. Solar homes sell for more than non-solar homes, and this is understandable when you consider that solar panels allow you to reduce or eliminate utility bills.

Solar batteries are changing the energy market for good. Adding a solar battery to your solar system will let you maximize the energy that your solar system is producing, reducing your electricity bills even further.

A 6.6 kilowatt solar panel system could change your world, and save the planet. While every home is different, the vast majority of houses will require a 6.6kW solar system to provide inexpensive and reliable solar power. 

Most medium-sized family homes with an average range of power appliances will enjoy all the power they need from this sized system, saving you a small fortune.

We are committed to provide all our customers with a fair price for solar energy that reflects what it costs us to provide solar energy to you. 

We encourage you to feel free to reach out to Sun Quotes with any questions.