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Understanding the Impact of Looming Energy Price Increases on Your Home

It doesn’t take an economics degree to notice that the cost of living is increasing. All you need is a pair of eyes and a bank account. However, simply observing this phenomenon is not equivalent to comprehending it fully.

In Australia, individuals are grappling with elevated energy prices and widespread hikes in their cost of living, which has left a lot of homeowners in challenging situations with bills piling up left, right, and centre.

As energy prices continue to rise, homeowners are increasingly concerned about the impact on their household budgets. The impact of these price increases can be significant, from increased utility bills to rising prices for goods and services. This article explores the potential impact of rising energy prices on your home and provides some tips for managing and reducing energy costs.

Understanding the Impact of Rising Energy Prices

The impact of rising energy prices on your home is a complex issue that can be affected by various factors. Some of the most important factors to consider include the type of energy being used, the size of the home, the efficiency of the home’s heating and cooling systems, and the climate in which the property is located.

The Impact of Rising Energy Prices on Utility Bills

An increase in utility bills is one of the most immediate impacts of rising energy prices on your home. As the cost of electricity, natural gas, and other forms of energy rise, the amount you pay for your monthly utility bills will also increase. This can be incredibly challenging for homeowners on a fixed income or who are already struggling to make ends meet.

The Impact of Rising Energy Prices on Home Values

Another important consideration regarding rising energy prices is the impact on home values. As energy prices rise, homes that are less efficient and more expensive to operate may become less desirable to potential buyers. This can lead to decreased home values and a more challenging housing market overall.

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Strategies for How to Manage and Reduce Energy Costs

There are a variety of strategies that homeowners can implement to manage and reduce their energy costs. One of the most effective approaches is to improve your home’s energy efficiency by upgrading insulation, sealing air leaks, and upgrading to energy-efficient appliances and lighting. This can significantly reduce the energy your home requires to operate and save you money on your monthly utility bills.

Another strategy for managing energy costs is to implement a home energy monitoring system, which can help you identify areas of your home that use the most energy and provide recommendations for reducing energy consumption. This can be especially useful for homeowners looking to make targeted improvements to their energy usage and reduce their overall energy costs.

Finally, consider alternative energy sources, such as solar power. While the initial investment in these systems can be significant, over time, they can significantly reduce your reliance on traditional energy sources and save you money on your monthly utility bills. To get even more out of their solar, households can add solar batteries to store excess electricity, this can be used at night meaning you can use your own generated electricity day and night.

By implementing these strategies, homeowners can take proactive steps to manage and reduce their energy costs, helping to protect their household budgets and improve the overall efficiency and value of their homes.

households can add solar batteries to store excess electricity…

Taking Action to Mitigate the Impact of Rising Energy Prices

As energy prices continue to rise, it is more important than ever for homeowners to take action to mitigate the impact of these increases on their homes. Whether you are looking to save money on your monthly utility bills or increase the value of your home, you can implement various strategies to make your home more energy-efficient and reduce your overall energy costs.

To learn more about a solar solution to help you become more energy independent call the Solar Battery Group on 1300 223 224.

April 12, 2023/by Solar Battery Group

Shopping for a better feed-in tariff

Energy Tips

If you’re a solar homeowner and you’re connected to the grid, you may be very familiar with the concept of feed-in tariffs. While you are still charged for your energy consumption from the grid and a daily supply charge, most electricity retailers offer a feed-in tariff, or FiT, as the payment that you receive in exchange for any excess energy you feed back into the grid. Consider it an incentive for generating clean energy and allowing others to use it.

However, as solar becomes more popular, FiT’s have been steadily decreasing. More than 10 years ago, FiT’s that residential households were eligible to receive were a lot higher than what’s offered today. Take the state of Victoria for example, where this tariff has gone from 60 c/kWh back in 2009 to 5.20 c/kWh starting 1 July 2022 – a reduction of over 91%!

We have talked before about solar batteries being a great way of maximising your PV generation, as they allow you to store some of that excess energy and use it when you need it most, like at night.

Does a solar battery make sense for you?

Even so, especially with a big enough solar system, you might be able to charge your storage AND still send some excess energy to the grid. When it comes to clawing back from rising electricity costs, every single cent counts.

Who sets the feed-in tariff you get paid?

Minimum feed-in tariffs are updated every year by governmental bodies or independent regulators depending on your place of residence – like the IPART in NSW or the ESC in VIC.

However, the entity that ultimately pays you a FiT is the one that also sends you a bill: your electricity retailer. Electricity retailers must offer the minimum FiT mandated but can offer any amount above that if they choose to do so.

Therefore, the feed-in tariff you get paid can vary from retailer to retailer, and in some instances, from plan to plan even within the same retailer. There is a myriad of options out there, with some rates tied directly to the wholesale market spot price, time-varying vs flat or plans that require the household to have a solar battery or electric vehicle. So how do you go about choosing what’s best for you?

Fortunately, there are tools to help you navigate these complexities and compare between retailers’ offers like the Victorian Energy Compare and the Energy Made Easy websites (for VIC and non-VIC residents respectively). You usually enter information about your address and current energy usage, and in exchange will get a list of different energy plans available to you.

If you identify a more suitable plan for you, you simply need to contact your new chosen retailer and arrange for your electricity service to be switched over.

So, a plan with higher feed-in tariffs is better?

Not quite. Some retailers may offer a high feed-in tariff in a plan that has higher electricity rates too. Before switching it is important you analyse the rate plan as a whole, taking into account:

Electricity rates and your usage times (especially important for time-of-use plans)
Any limits to export at certain feed-in tariff rates. There are plans in the market that offer a tempting FiT that is limited to a capped amount of kWh’s a day
Daily supply charge, which you pay regardless of the amount of electricity you consume from the grid
Any conditional discounts (like ‘pay on time’ or ‘bundled’ plans)
Early termination, late payment or disconnection fees
Other relevant terms and conditions

Is there an easier solution?

No matter how hard you look, feed-in tariffs are designed to be lower than the electricity rates you pay to your retailer. That is why using as much of that free energy you already generate at home is a more straightforward way to save on rising living costs.

By using your own solar power, there are no overheads, no transmission costs, no tricky sales conditions. Solar PV requires little maintenance and is an investment you can maximise for decades.

Even better, solar batteries allow you to squeeze the most out of your solar, gain independence from the grid (and those pesky electricity retailers), as well as providing other bonuses like protecting your home from blackouts and added monitoring capabilities that put you behind the steering wheel of your life once again.

Take charge. Check our solar battery range and ask for a free quote today

July 14, 2022/by Solar Battery Group

Hot tips to reduce your energy bills this winter

Energy Tips

The Australian winter throughout most parts of the country is unbelievably cold, resulting in most households turning to increased use of heaters, to stay warm. Unfortunately, this often leads to higher energy consumption and higher bills during winter, and with ever increasing energy prices throughout the country and the cost of living increasing. Using the tips below, you’ll be able to help keep your energy bills down this winter.

How solar batteries work?

Put up window covers, close windows and doors

To stay warm and save money on your gas bills this winter, consider fitting draught seals on the opening of windows and doors. When the heater starts to heat up to more extreme temperatures, it can be best to keep windows and doors closed during the day when the outside temperature is far hotter than inside the house. Once the outside temperature is higher than inside, you can start to open doors and windows to cross-ventilate air to continue to heat up your house.

Program your thermostat

When using your heater, only heat the rooms and close doors and curtains to keep the warm air in. By setting your heater to between 18 and 20 degrees, you can keep your home warm and reduce costs. Every degree higher than this temperature can add around 15% to your gas bill.

Use energy efficient globes

There are plenty of options when it comes to energy efficient lighting which can help to maintain an energy efficient household. By choosing the appropriate lights bulbs, you can ensure your home is energy efficient and saving you more money on energy bills.

Turn off non-essential appliances at the switch

This winter, a simple flick of the switch can save money and energy. When not in use, turn non-essential appliances such as computers, printers, televisions, and entertainment systems off at their power points. Electronic devices can use up to 10% of your household’s electricity on standby (called phantom power).

Run a full load of washing

Are you looking to stay on top of your washing and energy bills this winter? Try waiting until your washing machine and dishwasher are full before running a cycle. For greater savings, choose cold wash and the shortest washing cycle when you can.

Does a solar battery make sense for you?

Install Solar + Battery

The Winter conditions are ideal for households with rooftop (PV) solar with a solar battery fitted. With rooftop solar, you’re not only reducing your carbon footprint but also producing your own free energy which can be used to power your home and appliances during the day. So, by meeting your energy needs with the solar power your system produces you’ll be able to pay less for the power you use. Rooftop solar systems produce more electricity over summer and combined with a solar battery can store electricity to use at night when the sun goes down, meaning households can draw less electricity from the grid. With the cost of living increasing, it is a no brainer.