Older Aussies Missing Out on Energy Savings as Power Bills Rise
Energy experts are warning thousands of baby boomers could be missing out on cheaper power bills, with concerns about upfront costs and payback periods preventing many from embracing home battery technology.
Leading Energy Solutions provider VoltX Energy Chief Operating Officer David Sedighi said a growing number of Australians aged over 60 were dismissing the take up of home batteries because they were worried about recouping the return on their investment.
“We know that renewable energy technology like solar and home batteries are drastically driving down power bills but there’s a fear factor holding baby boomers back.
“We don’t want to see over 60s excluded from the benefits of solar and battery technology, leaving themselves exposed to increasing electricity bills without any means to reduce them,” Mr Sedighi said.
While figures show nearly 74% of people aged 65 or older own their property outright, making them one of the biggest groups of homeowners in the country, seeing a return on investment was a major barrier to adopting solar or a home battery.
Mr Sedighi said misconceptions around the cost of installing a home battery were leading to a growing energy affordability divide.
“Many consumers still look at the cost of battery installations with costs from five or ten years ago when the initial purchase price was significantly higher.
Despite regulated prices falling, households will actually be paying more for their electricity from July 1, with retailers including Origin Energy and AGL Energy signalling daily usage and supply charges will be increased.
“You can now install a 28kWh battery set up for under $4000, which would make the average household completely self-reliant from the grid immediately and the return on investment realised in around two years.
“In fact with a virtual power plant some households find themselves making money from the power they generate and store.”
Mr Sedighi also believes that these increases will cause further strain on senior’s limited household finances.
"There is a real risk that the Australians who would benefit most are the ones least likely to access the technology to help deliver those savings.”
About VoltX Energy: Voltx Energy is Australia's leading on-grid and off-grid power system solutions provider. It is an extension of VoltX, a brand that was founded in 2018 to provide consumers with portable energy solutions. With a head office in Sydney, VoltX Energy continues to innovate in the renewable energy sector, making clean energy accessible for all.
For more information on VoltX Energy Battery Systems, visit https://voltxenergy.com.au/
