When the power bills go up and you opt for trackies instead of turning on the heater, you know cost is an issue.
Power price hikes are coming and could cost Aussie households three times more, according to Mozo.com.au.
The comparison site surveyed 1,000 household bill payers and found that almost 60 per cent are concerned about the impact that upcoming power price rises will have on their household budget.
“Energy bills are one of the biggest household expenses after mortgage repayments and rent and with the ‘Big 3’ having already announced double digit price increases in some states, it’s hardly surprising that many households are worried about how they’re going to stretch their budget to cover these higher costs,” says Mozo Director Kirsty Lamont.
Of the states about to be hit with energy price hikes, South Australian residents were found to be the most concerned about the budget impact of higher power costs.
This is almost double that of residents in the nation’s capital, where only about one third expressed concern about the imminent hikes.
Meanwhile, bill payers aged between 45 and 64 were more concerned about rising power prices than any other age group.
“Despite the high levels of concern among households, when asked how they are going to deal with higher energy bills, alarmingly almost 10 per cent said that they didn’t know,” says Lamont.
Four out of every ten households said that they’re planning to reduce how much energy they use to combat higher power prices, while just 13 per cent would consider switching to a cheaper energy plan.
Mozo analysis found that a typical three person household could save up to $1,086 on their electricity bill each year by switching from the highest priced plan to the most competitive on the market.”
Households can compare 723 plans from 27 providers online using Mozo’s energy comparison tool.
Biggest annual electricity savings by state:
|State||Average usage (kW/h)||Highest annual bill||Cheapest available offer||Potential savings by switching|
Source: Mozo.com.au as at 4 July 2017.