New South Wales electricity cost to climb in 2010

Australia’s Independent Pricing and Regulatory Tribunal (IPART) informed that the electricity costs in New South Wales could increase up to 62 per cent starting July next year until 2013.

Over 90 per cent of the total price hike is due to the increased network charges and the local government’s planned Carbon Pollution Reduction Scheme (CPRS). By 2013, CPRS is expected to raise energy costs to an average 23 per cent for EnergyAustralia consumers, 25 per cent for Integral Energy customers and 21 per cent for Country Energy buyers.

But even if CPRS is not included, IPART forecasts that a typical household will still pay an additional $438 a year in EnergyAustralia, $242 in Integral Energy and $594 in Country Energy. The NSW government had earlier revealed to launch a $272 million consumer package to assist affected households with the extra electricity expense.

The planned electricity price hike is expected to drive homes to focus more on energy-efficient measures. It will also make solar panels a more attractive option for households.

The New South Wales (NSW) government had recently announced a new rebate incentive for homes and companies using solar power systems. Under the bonus scheme, owners of solar panels will get a premium rate of 60c for every kilowatt hour of electricity produced.

The new program would also help solar project financiers to quickly get the returns from their investments. According to figures, a standard sized 1.5kW solar panel can produce about 2,500kWh per year and can generate around $1,500 under the scheme.