3 energy efficient solutions proven to reduce your household bills
Australians are increasingly worried about climate change and the environment, which is why many are turning to more energy efficient solutions.
A growing number of Australians are worried about the impact climate change is having on the environment.
Nearly 60 per cent of people in the country believe global warming is a serious and pressing problem that must be resolved, even if this involves significant costs, according to the 2018 Lowy Institute Poll. This is up from 54 per cent last year, with 84 per cent of Australians saying governments should focus on renewable energy to combat climate change.
But these are just statistics. How can Australians contribute to national efforts to tackle climate change, while reducing their household bills at the same time? Here are some of the best energy efficient solutions currently on offer in the country.
1. Solar photovoltaic (PV) panels
Almost one-quarter (23.2 per cent) of households in Australia already have solar PV panels.1 This figure is a marked increase from the 14 per cent of homes that had solar panels in 2014.2
Australia is often touted as having the most solar coverage of any continent, so it's hardly a surprise that homeowners are eager to take advantage of this abundant renewable energy source. On a national level, solar is experiencing another boom due to panels becoming cheaper and mains electricity prices increasing.
Every household is unique, so it's impossible to predict how quickly solar PV installations will provide a return on investment. Nevertheless, with a range of feed-in-tariffs, solar rebates and clean energy finance options available, most people can expect to recoup their original capital outlay within several years.
2. Reverse cycle air-conditioning
Heating and cooling systems are responsible for 40 per cent of energy use in the average home.3 Add water heating into the mix and the figure climbs to 61 per cent.
Reverse cycle air-conditioners can help maximise energy efficiency in the home by both warming and cooling rooms depending on the household's requirements during the day.
A ducted reverse cycle air-conditioner that can heat or cool individual rooms would cost $1,140 a year on average for a medium-sized house, according to Sustainability Victoria. In comparison, a gas ducted heating system without zoning capabilities could run up $1,700 of annual energy bills.
Nearly half of Australians already use reverse cycle air-conditioning systems.2 But there are still more than 4 million households across the country that could invest in more energy efficient heating and cooling solutions.
3. Hot water heat pumps
Environmentally friendly water heating options can provide substantial savings on household power bills, given that these systems are responsible for more than one-fifth of a home's energy use.3
Hot water heat pumps use approximately 70 per cent less energy than traditional electricity water heaters.4 Households can reduce their consumption even further by operating heat pumps in combination with a timer so they run during off-peak times. This enables the system to heat water during the night when electricity costs are lowest.
Heat pumps are also eligible for small-scale technology certificates, providing rebates for people investing in new hot water systems. Residential property owners can also access clean energy finance to help them cover the upfront capital cost of sustainable solutions.
Reducing your home's environmental impact
We have covered just three ways to make your household more energy efficient, but this is just the tip of the iceberg. There is already a global effort to move residential and commercial properties towards a zero-carbon future.
If you'd like to get a head start within your community, why not pick up the phone and talk to a member of the Classic Funding Group team? We can discuss the best finance options available for your next energy efficiency upgrade.