Australian Competition and Consumer Commission (ACCC) chair Rod Sims said increased generation partly off the back of renewable energy has led to "much lower" wholesale electricity costs. 

"Prior to this, we had a decade of sustained electricity price increases that placed unacceptable pressure on households and small businesses," he said.

“The ACCC is now investigating whether electricity retailers’ current prices, including to their existing customers, are in line with recent wholesale price reductions, and if electricity retailers haven’t passed on the savings to consumers as required by law, they can expect to hear from us."


Want to buy renewable energy technology for your home? The table below features green personal loans with some of the lowest interest rates on the market.

Lender

FixedSecuredN/AMore details

Secured Green Personal Loan

    VariableUnsecuredN/AN/AMore details

    Green Loan

      VariableUnsecuredN/AMore details

      Green Personal Loan

        FixedUnsecuredN/AN/AMore details

        Green Personal Loan Unsecured

          VariableUnsecuredN/AN/AMore details

          Green Personal Loan

            VariableUnsecuredN/AMore details

            Greener Futures Loan

              VariableUnsecuredN/AN/AMore details

              Green Personal Loan

                FixedUnsecuredN/AN/AMore details

                Green Loan

                  Important Information and Comparison Rate Warning

                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

                  The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

                  Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 28, 2024. View disclaimer.

                  The ACCC says the more competitive offers in NSW, Victoria, SA, South East Queensland, and the ACT were saving households $126 per year on average. 

                  The biggest savings were seen in Victoria, with flat rate offer prices decreasing by between 11.1% and 14.2%, saving households on average $171 to $198 per year.

                  It also found if everyone took advantage of lower offers on the National Energy Market, total savings would be about $900 million compared to June 2020.

                  This follows research from energy retailer Tango Energy last week that found price was still a barrier to Australians wanting clean energy in their homes, but 51% were still willing to pay an extra $5 to $10 per month to switch to a clean energy plan

                  The rise of solar panels

                  One fifth of Australia's clean energy is generated from small-scale solar panels.

                  However, research from LG's energy department shows some solar panels lose 20% of their output capacity within five years.

                  Bernie Kelly, founder of Australia's first solar energy marketplace 'Bid My Solar' has renewed calls for homeowners to be wary of installing cheap solar panels.

                  "The government incentive programme for solar has created an environment for unreliable solar operators to thrive. Cheap, underperforming and failing solar has been dumped into the Australian market and these companies rely on marketing hype to convince consumers that cheap solar will deliver," he said.

                  "You do not need to pay over the odds to obtain a quality solar outcome, however, it is so important that if you are thinking about solar you don’t rush in thinking everything is fine, rather, take time to complete your research.

                  “With 20% of all solar installations failing compliance, it is critical that when investing in solar you choose quality systems and quality installers, you need to do your homework. Research, whilst time consuming, pays big dividends when investing in solar."

                  Related: Can solar panels save you money? 

                  Commonwealth Bank is currently offering a 0.99% p.a green loan for existing homeowners to borrow up to $20,000 for purchasing renewable technology. 

                  Personal Lender Plenti has also launched a new interest-free finance offering for households looking to purchase solar panels and battery installations.

                  Photo by Science in HD on Unsplash