The average electricity bill is $700 a year more than it was 5 years ago. How does paying $15 a year to avoid paying another $250 a year hike in your electricity bill sound?
According to a new report from the Centre for Policy Development, the Renewable Energy Target is projected to add $15 a year to the average household electricity bill; and, by comparison, the risk of coal and gas fuel prices for water-cooled power plants being impacted by climate change could see a jump of up to $250 a year. Established renewable energy technologies like wind and solar photovoltaic power can reduce these price risks, and provide reliable electricity supplies resulting in lower electricity prices when the sun is shining and the wind is blowing. One million Australian households have already invested in rooftop solar to insure themselves against these risks. Two million, or one in five households, are likely to by 2020.
Rooftop solar benefits all electricity customers, not only those with solar panels. By increasing supply diversity, it reduces the risk of price spikes due to gas prices and drought. As with all renewable energy, rooftop solar lowers wholesale electricity prices. It can also reduce summer peak electricity demand, which may lead to more productive use of the existing poles and wires – the biggest culprit for the price hike in recent years. Rooftop solar will play a key role in Australia’s transition to a clean, affordable and reliable electricity system.
Read the full article here.