Have you noticed your home energy costs increasing? You wouldn’t be alone.
With the decreasing availability of fossil fuels, increased costs of transport and production, and international conflict raging, the nature of electricity and gas bills has become a growing concern for households across Victoria, and beyond.
These rising energy prices not only strain your individual budgets but also have significant implications for the economy and the environment around Australia. So it is that understanding the factors contributing to these costs, and implementing effective strategies to take control of your energy bills, is essential for the financial stability of not only your household but of the economy more broadly.
Let’s get started.
On the rising cost of energy in Victoria, and across the country
In recent years, the cost of electricity and gas has been on a steady incline in this country. But why?
Factors such as those mentioned above, as well as infrastructure upgrades, investment in renewable energy sources, and the fluctuating prices of fossil fuels, all contribute to the rising cost of energy. According to information recently published by the Australian Bureau of Statistics, electricity prices in Australia increased by an average of 4.6% per year, while gas prices rose by an average of 3.9% per year.
It’s no surprise that these escalating costs are likely to have a profound impact on households, straining budgets and reducing disposable income for all. Put simply, the rising cost of energy has a domino effect for everyone, and in many different ways.
Moreover, the increasing energy costs also have wider implications for both the economy and the environment more broadly. Higher energy prices are known to lead to reduced competitiveness for businesses across multiple industries and markets, impacting the nature of economic growth and the creation of jobs across Victoria and the country more broadly.
Additionally, traditional reliance on less energy-efficient resources such as coal and natural gas, is widely acknowledged to contribute to greenhouse gas emissions and climate change. The nature of traditional energy supply in Australia also emphasises the need for adopting more sustainable energy solutions in both residential and commercial settings alike.
So – let’s take a look at our top tips for controlling your home energy in a more efficiency and sustainable way.
Tip 1: Explore the range of government solar incentives and rebates available in Victoria
One effective way to take control of your energy bills is by exploring the range of government solar incentives and rebates available across Victoria.
The state government offers several programs to encourage the adoption of solar energy and reduce reliance on the grid. These include:
- The Victorian Solar Homes Program: This a significant initiative aimed at making solar panels more accessible for Victorian households. Under this program, eligible homeowners can receive rebates and interest-free loans to install solar panels. The program also provides incentives for solar hot water systems and battery storage, further enhancing energy efficiency and cost savings.
- Solar Victoria’s new Solar Battery Loans program: Announced as part of the 2023-24 Victorian state budget, Solar Victoria’s new program is offering loans of up to $8,800 interest-free to eligible customers – up to 4,500 Victorian homes. To learn more, just give our award-winning solar team a call today on 1300 766 940.
- The Small-scale Technology Certificates (STCs) scheme: Through this scheme, homeowners can earn certificates based on the expected energy output of their solar panel installations. These certificates can then be traded and sold to electricity retailers, providing additional financial benefits.
By taking advantage of these government incentives and rebates, we’re confident you and your household can significantly reduce the upfront costs of installing solar panels and more energy-efficient systems across your home environment, making the transition to solar energy vastly more affordable and financially beneficial in the long run.
Tip 2: Go solar (that is, get solar panels)
Here’s a big one: embracing solar energy is a complete game-changer when it comes to taking greater control of your home energy bills.
Solar panels provide an increasingly affordable, cost-effective and sustainable method of harnessing the power of the sun to generate clean, renewable electricity for you, your home and your household. With Australia’s more-than-abundant levels of natural sunshine, going solar and obtaining your very own solar PV system is now a smarter and more cost-effective investment than ever before.
According to recent research published by Australia’s Clean Energy Council, an average household with a 6.6-kilowatt solar system in Victoria can save around AUD $900 per year on electricity bills – and that’s only in their first year. Imagine what can be saved over the lifetime, and how quickly your solar system might pay itself off.
At G Store, we have hand-selected the very best solar panels available on the market in terms of lifespan, warranty, quality, aesthetics and more. You can check out our SunPower solar panels (with an impressive 40-year warranty) and amazing REC solar panels online.
Furthermore, with the introduction of feed-in tariffs via incredible Virtual Power Plant (VPP) programs, you may find you even generate excess electricity that can be fed back into the grid.
This important outcome allows you to earn credits or payments for the surplus energy you produce, which has the impact of further offsetting your energy costs.
Speaking of which:
Tip 3: Join a Virtual Power Plant (VPP) Program
Never heard of a VPP? Just you wait!
Virtual Power Plants (VPPs) are innovative contemporary programs that empower homeowners just like you to take control of your residential energy bills while participating in a collective energy generation and distribution system.
How does it work?
A VPP enables homeowners to connect their solar panels and battery storage systems, creating a network that operates as a virtual power plant. This means that homeowners are able to export and sell the excess power generated by their home solar system to help stablise the grid and act as an additional income source for the household. This income is presented as an offset on your monthly bills, and nearly always results in net profits, household-dependent.
- A brand-new Tesla Powerwall solar battery (stock limited – act now!)
- Feed-in tariffs: Earning up to 15c for each kW of power you export
- Additional solar rebates including STCs, VEECs and Solar Victoria for eligible customers
- Access to Solar Victoria’s new solar battery loan schedule in which you access up to $8,800 interest free
Ultimately, by participating in a VPP program, you can easily contribute to a more sustainable energy infrastructure by helping balance electricity supply and demand across the market. This not only helps reduce strain on the grid, but offers you an additional source of income to create possible net profits for you and your household.