Power prices in NSW are going up, there is no doubt about that. By installing a solar power system, you can reduce your electricity bill or even eliminate your energy bills entirely, giving you huge savings on skyrocketing power bills.
The Current Power Price Scenario in NSW
Increasing power bills— are the biggest concern and a matter of worry in many households. As per early reports, it was expected that the power price in NSW would rise by up to 130 per cent.
As the coal and gas prices are shooting up, energy retailers in NSW have already started alerting homeowners to expect a double-digit power price rise. The biggest energy retailers, including Origin, Energy Australia, and AGL, are yet to make their power price announcements. However, the price hike is expected to be around a 15 percent increase. A 15 percent increase would be around a $200 increase for an average family.
Currently, as per the reports from the Australian Energy Regulator, households in NSW are expected to see an increase in power price between 8.5 percent to 18.3 percent. And in the worst-case scenario, even higher than the inflation rate. This increase is coming soon into effect from July, which would cost around an increase of more than $250 for an average family. Undoubtedly this is bad news for many households. Therefore, the best way to help keep the soaring power bills under control is by going solar.
Reduce Power Bills By Installing Solar Power System
Solar energy is a freely available clean energy source that requires a one-time investment to help you save a significant amount down the lane. It helps you reduce the power bill by around $400 per kW of solar a year. So, if you have a 5kW system, you will make an annual power saving of around $2,000 to $2,500 a year.
A good solar power system would last around 25 to 30 years, making it worth it for homeowners. Moreover, investing in a solar power system is totally worth it in NSW as it receives a good amount of sunlight throughout the year.
A solar energy system will produce electricity during the daylight hours, where the excess energy generated will be fed back to the grid. If your energy usage is more during the daytime, installing a solar panel system could reduce your power bill on a considerable scale. The size of the solar energy system that you install also plays a crucial role in your savings. Typically, a 5kW system is sufficient for an average family in NSW to cover most power usage.
If you want to save more and reduce your grid dependency, installing a solar battery system would be greatly helpful. A solar battery lets you store the excess energy generated during the day for later use. It reduces your grid dependency and serves as a reliable backup power source during power outages and night-time usage.
Incentives and Rebates in NSW for Solar Installation
A good solar system of course requires an upfront investment. However, if you don’t have the budget, there are solar rebates and incentives to help you install one. There are both federal and state government rebates.
The NSW government helps homeowners to get access to solar energy through three programs:
- Empowering Homes Program Solar Rebate
- Low-Income Households Solar Rebate
- Solar Feed-in Tariff
Need more information on solar power installation in NSW? Contact our team at Bila Energy to assist you.
