Australia markets open in 3 hours 44 minutes
  • ALL ORDS

    6,357.30
    -16.40 (-0.26%)
     
  • AUD/USD

    0.7129
    -0.0012 (-0.16%)
     
  • ASX 200

    6,155.60
    -11.40 (-0.18%)
     
  • OIL

    38.57
    -1.28 (-3.21%)
     
  • GOLD

    1,905.40
    +0.20 (+0.01%)
     
  • BTC-AUD

    18,199.48
    -240.25 (-1.30%)
     
  • CMC Crypto 200

    258.44
    -4.97 (-1.89%)
     

The easiest $1,300 you can make this year

Tony Yoo
·2-min read
Woman in pink on colorful square background with australian money
So many Australians don't bother doing a simple act to save hundreds of dollars each year, if not thousands. (Image: Getty)

Modifying some old habits and changing the electricity plan could mean hundreds of dollars of savings for the typical Australian household.

That's according to Ross Sharman, chief executive of renewable energy switching enabler EnergyIQ.

"On average, EnergyIQ has seen Australians save $212.47 annually by switching to renewable energy."

One of the best examples is one western Sydney family who saved more than $330 a quarter on their electricity bill – for an annual saving of $1,320.

With many renewable energy plans available in the market, Australian families don't need to pay thousands to install their own solar system to save on power bills and help the environment.

"We have already passed the tipping point in Australia with both solar and wind being cheaper sources of electricity than coal," said Sharman.

"Australians that want to reduce their emissions will find the added bonus that for many there will also be savings to be had."

As well as EnergyIQ, Sharman said there are more generalist independent comparison sites like Energy Switch (NSW), Energy Compare (Vic) and Energy Made Easy (SA, Qld, ACT and Tas) that would surely show up a bargain.

A new plan, combined with modifications to how the household uses energy, could result in big savings, according to Sharman.

For example, if high-consumption appliances like the washing machine and dishwasher are operated with a plan that offers cheaper off-peak periods, it's easy money in the pocket for the household.

For those with solar systems, using the appliances during sunshine hours would have a similar effect.

  • Other simple behavioural modifications suggested by Sharman include:

  • Only boil a kettle with the amount of water you need for the drink

  • Rug up with warm layers of clothes instead of cranking the heating up

  • Ditch the electric blanket in favour of a hot water bottle or extra blanket

  • Use easy heat insulating steps by closing doors, using draft excluders and closing curtains

  • If possible, wash your clothes with cold water

  • Take shorter showers

  • Turning appliances off at the wall

Yahoo Finance reported last week that poor insulation in Australian housing and the extra time spent at home could see bill shock sweep through the nation – to the tune of $2,400 per year.

That's why Sharman believes the coronavirus-induced isolation has shifted the thinking of many Australians.

"The pandemic is forcing all of society to rethink previously held beliefs with regards to lifestyle and work patterns. It presents an ideal opportunity to minimise consumption across a range of sectors," he said.

"When lockdown restrictions are eased, many will continue to commute and travel less, reduce household waste, have shorter work weeks, and rely more on local supply chains."

Sign up to the newsletter for exclusive access.
Sign up to the newsletter for exclusive access.

Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.