The Ever-Increasing Cost of Energy – Facts You Should Know.

Rising energy costs and electricity prices have been all over the news since the past few months. All of us have even witnessed that impact on our quarterly bills. The utility prices have been rising for a long time now and the wholesale electricity rates have shot up by 110% since a year. The reasons are including but not limited to lower maintenance of coal power stations, Russia & Ukraine war and increasing demand for electricity, fluctuations in international currency rates, etc. 

Are the power bills going to rise further in the coming time?

For quite some time now we are reading about the rising wholesale electricity prices and its impacts that we are going to witness in the upcoming bills. So the obvious question that consumes our mind is how much are energy bills going to increase in the coming time? Consequently, it is impossible to say with certainty how much power costs are rising. However, there is an estimated figure that has been derived. A typical household in Australia might see a 25% hike in their quarterly bills in the coming year. 

Energy saving tips that can help maintain the electricity costs

You may save both money and the environment by making minor adjustments to the way you use energy. We have listed down top 5 energy saving tips to help you save money on electricity:

• Regulate your heating and cooling systems.

One of the major challenges we face while regulating our heating and cooling systems is setting the thermostat to the correct temperature. It is widely accepted and believed that keeping a constant temperature on the thermostat can help save a lot of energy. You should set your thermostat to: in accordance with Energy.gov‘s standard thermostat recommendations:

1. Wintertime temperature around 68 degrees Fahrenheit
2. Summertime temperature around 78 degrees Fahrenheit

• Save energy in the kitchen

After heating and cooling systems, the kitchen accounts for the most energy usage. Kitchen uses a lot of appliances, you can reduce your energy costs by investing in energy efficient products and by using the correct size appliances for your requirements. And lastly avoid putting the appliances on the standby. To save electricity, try to develop the practice of switching them off at the outlet.

• Roof Insulation

You could save energy and financial costs by using an effective insulation. When necessary, roof insulation can help you keep heat or cold inside. Statistical data may vary, however some homeowners have claimed savings of up to 20% after insulating their slate roof.

• Use solar energy to save money

Installing solar panels on the roof helps convert sunlight to electricity that reduces your dependence on the grid. Solar energy comes with various benefits including but not limited to $900-$1500 annual savings on your electricity bills, lower carbon footprints and reduced reliance on fossil fuels. 

• General Ideas 

It is ideal to use your major appliances during the off-peak hours. Also it is advisable to get your devices monitored, install smart devices if possible. If you have already installed solar at your property you must ensure to use all your major appliances during the day time and one after the other so that you don’t have to buy the ever-so-costly power from the grid. 

Generate your own electricity at low cost

You can use as much electricity as you wish without being charged high and feeling guilty about it. Solar energy is safe to use and Solar PV systems are a smart investment as it pays back within 3-5 years of time (considering a typical 6.6kW solar system that costs around $3000-$7000, costs varying with the property specifications and location). Install premium quality solar packages with Savvy Solar with easy payment plans and generate your own electricity at low cost. To make an informed solar decision read our guide Going Solar? – A Short Guide to Aid Your Decision Making Process.