Speaking Tuesday to the Economics Committee before the House of Representatives, ACCC Chair Gina Cass-Gottlieb said electricity bills have lifted by an average of $300 since April.

“That is a 25% increase since April for the average household, while small businesses have seen prices lift by $1,500,” Ms Cass-Gottlieb said.

Prices are set to further remain elevated with Alinta Energy Chief Executive Jeff Dimery anticipating a rise of at least another 35% throughout 2023.

“Next year, using the current market prices, tariffs are going up a minimum 35 per cent,” Mr Dimery told the Australian Financial Review Energy and Climate Summit.

Federal Treasurer Jim Chalmers said electricity is going to be the most problematic aspect of Australia’s inflation problem over the course of the next six or nine months.

“If you think about our inflation problem over the next six or nine months, our expectation is that a bigger component of that will be power prices,” Mr Chalmers said.

The latest ABS monthly inflation figures detailed a 'slower' pace of inflation at 6.8%, however excluded 'volatile' essential items such as electricity. 

Mr Chalmers said a combination of global factors, extreme weather, and policy failure has meant that electricity prices are going up much faster than Australians would like to see.

“The best way to make energy cheaper, the best way to make electricity cheaper is to provide policy certainty, but also to create the kinds of conditions which will see more investment in cleaner and cheaper and more reliable energy," he said. 

See more: Energy saving tips for your home

Qcells partners with Plenti to offer solar finance solution

The finance partnership with fintech lender Plenti, allows homeowners to purchase a Qcells’ battery system, Q.HOME CORE, either as stand-alone product or bundled with Qcells solar panels.

Qcells partnership with Plenti allows customers to pay back the cost of their solar battery system over the course of 10 years.

Qcells Australia General Manager Mick Fell said the energy crisis is resulting in bill shock for consumers, and the global demand for solar means that the price of solar panel and battery systems are unlikely to fall.

“With all of this in mind, the sooner that consumers are able to make the switch to solar with storage, the better – for their wallet and for the planet,” Mr Fell said.

Earlier this year, Plenti partnered with AGL to offer "interest-free" solar and home battery loans to assist those looking to transition to renewables.

Back in June, Suncorp announced the introduction of a Green Upgrades Home Loan product offering eligible Suncorp Bank home loan customers the ability to finance a solar or solar battery system.

See more:  How to save on solar energy


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Building or buying an energy-efficient home? This table shows some of the lowest interest rates in the market for 'green' home loans.

Lender

VariableMore details
90% LVR
  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
90% LVR

loans.com.au – Solar Investor Loan (Principal & Interest) (LVR < 90%)

  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
FixedMore details

Bank Australia – Clean Energy Home Loan Package - Eco Plus Fixed 3 Years (Principal & Interest) (LVR < 90%)

    VariableMore details

    Reduce Home Loans – Eco Home Loan Variable < 60%

      VariableMore details

      Gateway Bank – Green Plus Home Loan (Principal and Interest) (LVR < 80%)

        VariableMore details

        Bank Australia – Clean Energy Home Loan Package - Eco/Eco Upgrade (LVR < 90%)

          VariableMore details

          loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

            VariableMore details

            Summerland Bank – Eco Investment Loan (New Customer) (LVR < 60%)

              VariableMore details

              Gateway Bank – Green Plus Investment Loan (Principal and Interest) (LVR < 80%)

                VariableMore details

                Regional Australia Bank – Sustainable Home Loan (Principal and Interest)

                  Important Information and Comparison Rate Warning

                  Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 13, 2024. View disclaimer.

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