Taking The Shock Out Of Souring Electricity Prices!

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26th October 2010, 01:38pm - Views: 1589
Taking the Shock Out of Souring Electricity Prices!

Electricity prices are set to skyrocket over the next three years, and NSW residents are likely to be hardest hit, with an expected 64% up to $918 increase to power bills heading our way.1

According to energy retailer AGL's chief economist, the increase in electricity prices could push families into 'fuel poverty' where households spend 10% or more of their disposable income on electricity with an estimated 344,000 households in NSW and QLD at risk.2 And latest figures from the ABS reveal that the increases are already starting to take hold Consumer Price Index statistics showing a whopping 18.2% cost hike in the year to 20 June 2010.3

'We call it 'disposable income', but that doesn't mean we have to be content with throwing it away,' says financial expert, Wilson Luna. 'None of us can control how much electricity prices will rise, but there are plenty of things we can do to keep those power bills as lean as possible.'

Author of four personal finance books, Luna recommends starting with some basic, but effective, tips for lowering everyday electricity consumption:

Step 1 change your routine: find out when your 'peak', 'shoulder' and 'off-peak' times are. Changing your routine and using power-hungry appliances off-peak as much as possible can save you a bundle.

Step 2 switch off: leaving things plugged in and powered on when you're not using them is just a waste, so flick the switch on microwaves, lamps, washing machines, dryers, dishwashers, stovetops, range hoods, computers, and home theatre equipment.

Step 3 take your temperature: adjust the temperature of your air con and ducted heating by a few degrees, use fans and small energy-efficient heaters, and use natural resources where possible. Decrease your hot water temperature as well.

'We know these things work,' says Luna. 'We recently received an email from a family who are completing our 30 Day Challenge telling us that they had slashed their last power bill by over $178 by implementing the changes we recommend for just the last six weeks of the quarter.'

-- ENDS --

Want to arrange an interview? Wilson Luna is founder of Your Family Your Money, Australia's fastest growing money brand with over 80 000 subscribers in the last 12 months alone. He can be contacted directly for interview or comment on 0425 311 444 or at [email protected]

*footnotes available on request

SOURCE: Your Family Your Money

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