Electricity costs often add up and can become one of the most expensive contributors to weekly bills. Being budget savvy is all well and good, especially if you take steps to save money by minimising unnecessary payments, such as for weekly take-out dinners, but ultimately it is fuel and power that empty out pockets.
Energy is expensive
The Australian Bureau of Statistics (ABS) reported in 2013 that on average, an Australian household spends $99 per week on energy. This is typically split between $39 for electricity or gas and $60 for petrol.
“Households in the coldest climate zone – the ACT, Tasmania and parts of Victoria and NSW – had the highest overall costs, spending $47 per week on energy within their homes,” commented Stephanie Cornes, a representative from the ABS.
“By contrast, households in warm temperate regions, like Perth and parts of Sydney, had the lowest overall costs, spending $36 per week on energy.”
Moreover, the ABS research showed that paying for energy eats up 5 per cent of the average gross weekly household income, which fluctuates to 3 per cent for high income households but nearly 10 per cent for low income households. This money can go a long way towards other important savings, such as for retirement or education fees, and so coming up with ways to be energy efficient can significantly help reduce costs.
Solar hot water solutions
“Households with solar electricity and/or solar hot water spent around $6 less each week than households who didn’t have solar,” emphasised Ms Cornes.
This may seem like small change at the bottom of a wallet, but saving $6 every week adds up to $312 by the end of the year. Extra money for your holiday, funds towards school supplies or savings for super are all options for using this additional income.
Domestic hot water systems are one way to enjoy relaxing showers without letting money go down the drain, as they offer a constant hot water supply to the home through a variety of tank sizes. Best of all, they rely on the renewable energy source of the sun to heat the water, meaning your electricity bill is much more likely to put a smile on your face.
It’s not just personal benefits for your bank balance, though, but also wider perks for the country as a whole. Electricity usage makes up 24 per cent of Australia’s total energy consumption, according to the World Nuclear Association. Minimising the unnecessary use of electrical appliances in each home will add up to offer a much greener, cleaner environment and reduce carbon footprints overall.