The October Federal Budget – Energy Prices Set to Rise Again

The rising cost of living has been felt across many Australian households in recent times. Energy prices have significantly increased over the past few years and unfortunately, this trend is set to continue. During the October Federal Budget announcement, the Treasury confirmed that energy prices are set to increase again by an average of 20% in late 2022, before further increasing by an average of 30% in 2023/2024. 


This 50% increase in energy prices is sure to leave many Australians tightening up their budgets. With these energy price increases, there has never been a more opportune time to invest in renewable energy. Here’s why…


Solar Panels are Cost Effective to Install


The biggest concern many homeowners have with switching to solar is the start up cost. However, in recent years the cost of solar panels has dropped by more than 70%. For many homeowners, the money saved on power bills offsets the initial cost of the solar panel installation.


Solar Panels Will Reduce Your Power Bills


Renewable energy isn’t just great for the planet, but it’s also great for keeping your money in your pocket.


In fact, while delivering the budget, Treasurer Jim Chalmers said, “Renewable energy isn’t just cleaner energy, it’s cheaper energy as well.”


Government Rebates are Available


As energy prices continue to rise, government rebates are on offer to incentivise switching to renewable energy. In Queensland this consists of solar panel rebates while in New South Wales the Energy Bill Buster Program helps reduce the financial burden.


Unfortunately, it does not look like there is relief coming anytime soon. Power prices are set to continue to increase and the financial strain will continue to be felt amongst many homeowners. Now is the time to get on top of your finances and make an investment that will save you in the long run.


Click here to find out more about how you can save money with solar energy and how Powersmart Solutions can help!


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