Waves of Increases in the cost of living seem never-ending. Your paycheck may be shrinking, but your bills remain the same, if not larger. While it can be difficult to keep up with these rising expenses, there are a few things you can do to minimize your power bills and keep your costs down. Check out some of our tips below!
What Causes the Rising Cost of Living in Australia?
One of the major reasons is inflation. The Consumer Price Index, or CPI, increased by 2.1% in the first quarter of this year and 5.1% annually, according to data compiled by the Australian Bureau of Statistics (ABS). Those increases are both larger than those recorded since GST was introduced over 20 years ago. Both the COVID-19 pandemic and the Russian invasion of Ukraine are cited by economists as reasons for this.
Will Prices Fallback Down Sooner?
Marcus Carmont, executive director of TMX Global, has said that expensive living will continue for the foreseeable future as companies continue to see increases in freight, international shipping, and labour costs.
Electricity Costs are Predicted to Rise by Another 9% Every Year For The Next 4 years
The CEO of Alinta Energy, Jeff Dimery, said that the market was in trouble. He said that retail electricity prices could jump by more than 35 percent next year and the rising cost of wholesale energy would be to blame, but other factors were going to contribute to growing price pressures in future years too.
Here Are Our Tips to Save Energy and Lower Your Utility Bills
- With electricity prices still on the rise, look at installing solar energy as a sustainable solution
BIG Financial Savings:
- Going solar is a great way to reduce your monthly electric bill. A solar panel system generates free electricity for its entire 25-year lifespan—even if you don’t produce 100 percent of the energy you consume, solar still reduces your utility bills, meaning you’ll save a lot of money.
- Going solar can help you avoid rising energy costs. Electricity prices continue to increase every year. By investing in a solar energy system now, you can lock in the price you pay for electricity today and protect yourself against future increases in electricity costs.
- Going solar increases your property value. Solar homes sell for more than non-solar homes, and this is understandable when you consider that solar panels allow you to reduce or eliminate utility bills.
- Going solar nets you a great return on your investment, with the average Australian solar purchaser seeing a return on their investment (ROI) of 20 percent or more. Throughout their long lifetime, most solar panel systems pay for themselves multiple times over.
Further reading: RISING ELECTRICITY PRICES IN AUSTRALIA AFFECT EVERYONE SOLAR TO BE A SIGNIFICANT SOLUTION
2. Check your thermostat
If everyone leaves the house at the same time, it helps to set your thermostat to a program that cuts down on unnecessary heating and cooling. If you are looking for a way to save money on your HVAC bill, consider lowering it at night while everyone’s asleep and opting instead of having windows closed during spring or fall months when it’s not too hot.
3. Have your HVAC serviced
Have you noticed your heating and AC giving out during a critical time? If so, it may be due to a lack of maintenance. To avoid higher utility bills from showing up on the statement each month make sure both systems are serviced by professionals annually for improved efficiency.
4. Update old appliances
It shouldn’t come as a surprise, but studies have shown that newer appliances operate more efficiently than older ones. The Energy Star rating is a government certification that tells you how efficient your appliance will be. It can help save on utility costs and make for happier homeowners.
5. Opt to LED lightbulbs
The right lightbulb can make all the difference in your home. An 8-watt LED light bulb produces the same brightness as a 60-watt incandescent bulb and lasts more than 40 times longer.
6. Do a home energy audit
You can determine where your home is wasting the most energy by considering an audit with a professional company. This could involve using blower door tests and other inspections that assess houses, their features as well as how you live in them to see if there’s any potential for improvement or wastefulness around your home.
Doing a home energy audit can help you understand what the main energy users in your home are and help you find ways to reduce your energy use to keep your energy bills to a minimum.
sa.gov.au has DIY home energy audit tips here
As the cost of living seems to only increase, it can be difficult to make ends meet on a fixed income. You may not be able to do much about some of your monthly expenses, but there are things you can do to keep your power bills from becoming unmanageable. By following the tips above and working with our team at Stag Electrical, you can take control of your energy usage and save money each month. Give us a call today so we can help get you started on saving dollars on your energy bills.