9News: Price Drop

Peter Overton: We often report on the all too frequent rise in our power bills. But tonight, we have news that relief is insight.

The State price Regulator has given his biggest hint that prices are on the way down.

Ross Greenwood: At last – after four years of electricity bill shock – some relief.

Solar panel are the clue to the expected cuts. An iPART decision, about the prices households with solar panels get when they feed electricity back into the grid.

Paul Boxall: Before market leading indicates the wholesale place will drop on average by 40 per cent, from next year.

Ross Greenwood: iPART recommends from July that feed in tariff will drop from 12.8 per cent to 7.5 per cent per megawatt hour.

So if power prices drop, everyone wins.

A 40 per cent cut in wholesale electricity prices sounds big, and it is, but just remember that 40 per cent of your bill, is made up of that wholesale price.

The majority, is network charges, so that wholesale poles and wires. Still, 40 per cent of 40 per cent is a 16 per cent cut in your power bill.

Very welcome after the recent years big increases.

But it’s the big electricity price rises, that caused an explosion in solar installations.

Andrew Hanna: For us at the moment, demand is a bit endless. Enquires are coming in every day.

Ross: Castle Hill based Andrew Hanna is one of the top solar installer in Sydney. He says the feed in tariffs should be higher.

Andrew: If they reduce that, that gives people less incentive to install a system.

Ross: With big falls expected, the federal government stepped in to make sure retailers don’t con you with discount offers that are nowhere near as good as they seem.

Josh Frydenberg: We have invested significantly in a program to allow the public to more easily compare the offers available from the different retailers.

Ross: Ross Greenwood, Nine News.

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