In recent years, the cost of energy in Australia has seen a dramatic and rapid upward swing, the likes of which we’ve never experienced before. Energy prices in NSW are expected to rise a further 22% in 2023, adding to the power bill pain. Australian families are feeling the pinch and rising energy prices are at the heart of the issue.
But why are electricity costs in NSW subject to such marked increases? And what can you do to bypass rising energy costs and ease the cost of living pressure?
We explore the current situation and shine the (sun)light on the solution.
Why are energy bills rising?
There’s quite a few things influencing rising energy prices, but at Bare Energy we’re all about keeping things simple and jargon-free. So, here are the different factors at play:
- The conflict in Ukraine threatening energy supply
- Ongoing supply chain difficulties
- Extreme weather events, such as floods and bushfires
- Unplanned outages at coal-fuelled power plants
These factors have combined to put upward pressure on wholesale energy prices, i.e., the price energy retailers pay to buy the electricity they supply to your home. Energy retailers then pass these price increases on to you, the consumer. The result is rising energy prices.
The impact of plans to decommission coal-fuelled power plants
Australia’s largest coal-fuelled power plant, the Eraring Power Station located in NSW, is set to close in 2025. This is seven years ahead of schedule. This plant alone is responsible for approximately 20% of all the power usage in the state.
Taking steps to reduce our reliance on fossil fuels for electricity is a good thing. Renewables – such as solar energy – are the future. But closing power plants shouldn’t come at the expense of electricity security for families. Nor should families have to suffer through even more increases in energy prices.
The NSW government is implementing plans to ensure that the closure of this plant doesn’t cause a spike in energy prices. But if the transition solution isn’t ready in time? We will see further rising power prices.
The answer? Solar energy
Rising energy prices aren’t the only thing keeping Australians awake at night. Inflation and supply chain disruptions are also sending other prices – from groceries to interest rates – skyrocketing.
Everyday Australians are looking for help with the rising cost of living. And we have the solution … solar energy.
Why is solar the simple way to bypass rising energy prices? Because homes with solar panels are generating their own electricity from a free, readily available, reliable and renewable energy source – the sun.
Yes, there is an upfront cost associated with going solar for your home. But you can access finance for solar to install now and pay your solar system off in predictable instalments with 0% interest.
With solar panels on your roof, you’re generating your own electricity to power your home. You can heat or cool your home during the day using solar energy and it won’t cost you a cent. If you’re smart with how you use your appliances and maximise the solar energy available to you during the day, there are serious solar savings to access.
Combat rising energy prices
How big are those savings? That depends on how you use energy in your home and the specifications of the solar system you install. When you choose Bare Energy for your solar power, we will provide you with a thorough analysis to ensure that the perfect solar system is chosen for your needs.
We look at your current power consumption, the available space on your roof and the orientation of your home. Then, we put this all together to tailor a personalised solution that will maximise your energy savings.
With some simple changes to how you use the appliances in your home, you will combat rising energy prices and reduce your electricity bills. It’s your futureproof energy plan.
Go solar with Bare Energy
We’re passionate about providing Australians with cleaner, greener energy that saves money. We make solar simple so you have more choice and control over how you power your home.
Contact us to speak with one of our impassioned Energy Consultants about your solar needs so we can tailor a personalised solution for you.
