Nearly all Australians are projected to spend a regular $97 dollar less on their yearly power bills after prices start dropping in 2020, by Australian Energy Market Commission. And this is due to a very huge amount of innovative renewable projects coming online, adding much-needed supply.
In fact, at the time of our wholesale market modelling previous this year, investors had committed to around 7,500 megawatts of new gas, wind, solar and hydro projects. For perception, the major coal-fired generator in the market today is around 2,000MW.
Canstar energy spokesperson Simon Downes said more renewable energy “has always been the solution” to Australia’s high energy costs. This drop is not predictable for Western Australia, where annual bills are estimated to be $100 more expensive.
Yearly bills during the financial year 2018/2019 gotten $1370 and have been calculated to fall to $1273 by June 2022.This general reduction will only happen after a financial year 2019/2020 that will see highest prices in all states but Queensland.