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Industry sources are predicting an increase in electricity prices early next year, where they have been exceptionally lower, than what we have seen previously and currently the lowest in five years.
According to Federal Energy Minister Angus Taylor, the wholesale electricity prices have significantly decreased over the past year, calling it a win for consumers. The Australian Financial Review and Melbourne based consultancy RepuTex are now reporting these prices are not likely to stay at record lows.
The RepuTex forecast reports after 2021, steadily rising gas prices (Off a low base) may have no other direction than to move upwards, added the combination of demand from COVID-19 with many people working from home or at home, plus the push for fresh renewable projects coming, has helped wholesale prices stay low in 2020.
Prices have been sitting between $33 & $49 per megawatt-hour or up to 17-19% lower than prices seen in 2019.
Due to COVID-19 this year, we have experienced a decrease in commercial demand and an increase in residential properties, as people continue to work from home. With these prices set to increase in 2021, it is important to do your homework and find ways that you can save on your power bill.
Danny Karlsson, who has worked in the renewable industry since 1997 and is also a Director with Big Sky Energy, one of Australia’s most trusted solar companies, says “now is the time to investigate a better way to get a bang for your buck”.
Mr Karlsson added, “with solar power, you’re putting electricity back into the power grid, and by doing so you could be earning credits and making money off the power grid in 2021 and not having to pay a bigger power bill.”
Mr Karlsson says he is proud that his company has worked with many commercial and residential property owners who now save thousands of dollars every month off the power bill.
For a free no-obligation quote on your power needs, you can contact www.bigskyenergy.com.au
Ian Jeffery
