This week has seen solar power help hold off the construction of a gas fired power station planned to be built later this year. The Age reported that Energy Australia had applied to build a 1GW gas fired power station at Yallourn in Victoria, but decided to build a smaller capacity power plant. Due to the suppressed wholesale electricity prices and lower than expected demand for electricity, they then decided to shelve the construction until much later this decade.
A statement from the Australian Energy Market Operator earlier this year saw a weakening demand in electricity was due to the increased uptake of rooftop solar (now over 4 million Australians are benefiting from solar power) and the implementation of energy efficient products by households and businesses.
While average wholesale electricity prices may have also dropped thanks in part to renewable energy's impact on the Merit Order Effect; the benefit certainly doesn't appear to be passed onto households. Last week the Australian Energy Regulator's (AER's) latest State of the Energy Market report revealed residential electricity prices have jumped 91% over the past five years nationally.
With Christmas and New Year now past us, it is time to focus on managing the rising electricity prices and offset the power bill by reducing your household’s energy consumption and by producing your own power with a quality and reliable solar system. One of our 2.5 kilowatt solar power systems installed in the Sydney region can provide substantial financial benefit when an emphasis is placed on offsetting your energy consumption rather than exporting surplus power to the grid.