Aussies could save $1,900 by making one switch

Switching gas heating, cooking and hot water appliances for electric alternatives could save Australians between $500 and $1,900 a year, a new report has found.

The cost of buying new electric appliances could be recouped in as little as five years, depending on where you live and whether you opt for lower- or higher-priced appliances, the Climate Council report said.

“In the middle of a national cost-of-living crisis, getting gas out of homes is a smart and simple way for Australians to save hundreds, if not thousands of dollars a year, while also reaping health benefits and reducing greenhouse gas emissions,” Dr Carl Tidemann, Climate Council senior researcher and report lead author, said.

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“Kicking gas out of homes would also shield Australians from future spikes in gas prices, which are currently sky-high due to local supply challenges and international shortages.”

The biggest barrier to switching is the upfront costs, and the Climate Council is calling on governments to provide low- or zero-interest loans to help Aussies go electric.

Victoria and the Australian Capital Territory already offered government incentives, which lowered payback periods in these areas by up to two years, it said.

For lower-priced electric appliances, the Climate Council estimated it would take between five and 15 years to recoup costs, with an estimated period of 13 years for Sydney, eight years for Melbourne and seven years for Brisbane.

For higher-priced appliances, the Climate Council found it would take between eight and 19 years depending on where you lived.

Brisbane, Hobart and Canberra residents stood to save the most by going fully electric, it found:

• Hobart: $1,899

• Canberra: $1,876

• Adelaide: $1,457

• Brisbane: $1,424

• Melbourne: $1,207

• Sydney: $924

• Perth: $803

For Australians with solar panels, switching to electric heaters, cooking appliances and hot water systems could save an extra $800 per year.

Power bills set to surge

The findings come as Aussies brace for higher power bills.

Electricity prices are expected to skyrocket by as much as 35 per cent next year, according to warnings from energy retailer Alinta.

According to data from Finder, the average quarterly power bill for a family with two children is $387.

That means families could be slugged with an extra $135 per quarter, or about $540 per year.

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