It is a Red-Hot topic going around table to table these days. What is in it for the power prices to soar in the coming months? This has been hovering around for over 6 months now. Many of us have already got our budgets affected as an outcome of already surged power prices. It is nowhere near that this would stop, not at least in the coming months. Wait! What? The prices are set to rise even further? Yes, the retail electricity prices are expected to go further north by 40-50% in 2023. Let us discuss ways and means we can equip to avoid getting our budgets burnt by these scorching bills.
The cost of living factor
According to an article published by abc.net.au on 12 Nov 2022, Consumer prices as measured by the Australian Bureau of Statistics (ABS) have risen by 7.3% in a little over a year, which is the fastest rate of inflation since 1990, and officials fear inflation will hit 8% by the end of the year.
The wage growth isn’t growing like the inflation rate. As we see the inflation rate at 7.3% heading north far too quickly the annual wage growth rate plays the role of a laggard at just 2.3%. This difference adversely affects us and the cost of living, which eventually means that the households with low income ratios are going to face further problems. Furthermore the mortgage and interest costs on our lives stand at a no return point and it actually feels like a forever story to many.
The food prices and other commodity prices are going to soar as the inflation rate increases further. Amidst all these, the electricity prices are set to rise exorbitantly which is going to be a big bite in the monthly budget.
How can solar help save money during inflation?
We believe figures, estimations and practical calculations speak louder than words. As inflation rises and power prices soar, solar power systems can save you money. Here’s how. Let’s suppose your quarterly electricity bill is $500 which means annually $2000. The energy price hike increases your quarterly electricity bill by 20%, which means your new quarterly bill is $600 which sums up to $2400 annually.
Now, let’s assume you install a 6.6kW solar system in Brisbane, the average cost can be approximately $4000-$8000 depending on the location, brand of products installed and property specifications. A 6.6kW solar system in Brisbane can produce 24-28kW a day, saving you 40-70% on your quarterly electricity bills, which means you can save up to $900-$1500 annually.
Installing solar battery is economical
The government is offering solar battery rebates of up to $3500 on installing solar batteries in Brisbane, Sydney and Adelaide. The amount of the battery differs with the location, property specification and brand of solar battery.
Solar batteries are economical now as the upfront cost of installing them has reduced and they save you more money. The solar PV system as such saves you money, batteries can help you save money during the night time usage and overcast days. Learn more about Arise Solar’s super-efficient solar batteries.
Reduce the energy costs with Arise Solar
Savings on energy costs can be a big benefit for monthly budgets. As the energy crisis is not here to settle anytime soon, installing solar now can be beneficial more than ever. The solar rebates are all set to reduce from January 2023, which means the cost of solar is going to go up. As the energy costs increase, the feed in tariffs are also going to increase offering you good credits on your electricity bills for any extra power fed back to the grid. Now is certainly the best time to Go Solar. Arise Solar offers the latest Tier 1 solar modules with high efficiency solar battery and smart Wi-Fi inverter. Call us now to check your solar rebate eligibility and learn more.