The uncertain world in which we’re living at the moment is causing us some significant challenges. With inflation, we’re seeing a rise in the cost of living in nearly every avenue. The hits keep on coming with the wholesale cost of electricity going up by 141% in early 2022. Now the government is predicting an increase of another 50% by late next year. Let’s take a look at why the energy rates are going up so high and how a new solar system can get you back on track.

What Has Caused The Prices to Rise?

There are two major factors causing the increase in the cost of electricity:

  • The war between Ukraine-Russia: to summarise, this war has put a lot of pressure on supply and demand. More countries are relying on energy sources that previously were supplied by Russia.
  • Covid-19: if you remember during covid when the demand for oil dropped, major coal-fired power stations went offline. It takes time for these power stations to get back online again to meet the demands. We’re now playing catchup.

How High Have They Gone Up in Australia?

On average, we have seen a rise of 141% in wholesale rates. What has been passed onto consumers varies from state to state. Us Queenslanders and residents of NSW have suffered the biggest increases in the costs of electricity country-wide.

How Can We Protect Ourselves?

Install Solar Panels

The best and most efficient way to bring down the high electricity rates is by using as little energy as possible. By taking this route, we will take pressure off a failing system while bringing down our bills. Given that we live in sunny Brisbane, our climate has our back. The regularity of our sunshine powers our panels better than any other state in the country and research shows that it is effective in savings.

Not only will you use less power from the grid, but the solar panels you install will give back to the grid. This creates a credit off your bills reducing them even further- if you have any electricity bills at all!

Solar Hot Water

If you have an electric hot water system, approximately 25% of your energy bill is from heating up your water. Reducing the heating of your water reduces the water-heating portion of your energy bill on average by 65%. That is a huge saving.

Keep an Eye on Your Usage

The benefits of a solar system extend beyond what energy is being produced. Technology has gifted us with many advancements and one being the ability to track our energy usage. Having the insight as to which appliances are consuming the most electricity and at what times gives you another edge in reducing your bills during these uncertain times. One of our friendly team members would be happy to discuss this option with you.

Invest In Your Solar Storage System

Now that you have your solar panels, solar hot water and a management system, it’s important to now look at storage. While we generate more energy with our solar panels, we also need to look at storing energy for off-peak usage. The more you invest in solar storage, the less you will rely on the grid.

To maximize your ability to go off-grid and save on your energy bills each month, give us a call to start the conversation on which system is best for your home and your bank account.