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Will Aussies make energy-saving changes in their homes to avoid costly energy bills?
A Money.com.au Study November 2022
About the study
The Australian Government expects energy prices to increase by 20 per cent nationally this financial year and 30 per cent next year (1). As a result, Money.com.au commissioned a survey of an independent panel of 1010 Australians to gauge whether they are planning to make energy-saving amendments to their homes in the next two years to reduce their energy bills. Australia is also predicted to generate half its electricity from renewable sources by 2025, and 68 per cent by 2030 (2). With this in mind, Money also asked survey respondents whether they believe the shift to renewable energy sources will result in lower energy bills.
The pool of survey respondents matches the age and geographical spread of the Australian population.
Questions
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What proportion of Australians will make energy-saving changes in their homes to avoid costly energy bills?
Money.com.au asked survey respondents whether they would invest in energy-saving amendments to their homes in the next two years to reduce their household energy bills. Respondents could select one amendment from a list of five. Nearly three quarters (72 per cent) selected a change they would make to reduce their bills. Specifically:
- 29% will install rooftop solar panels
- 21% will update appliances to a better energy rating
- 10% will invest in better window dressings to prevent or trap light and heat into the home
- 7% will make some improvement to the home to increase ventilation and airtightness
- 5% will install better insulation in the roof
If you could reduce your energy bills, would you invest in any of the following home improvements in the next 2 years?
What age group is more likely to make home improvements?
Money.com.au analysed the responses across age groups and found that younger respondents are more likely to make home improvements in the next two years to reduce their energy bills, by a small margin.
- Nearly eight in 10 (79%) of under-30s indicated they will make changes to their home.
This compares with:
- 76% of 31-50-year-olds
- 64% of over-50s
What age group is more likely to install solar?
The younger the age group, the more likely they are to install rooftop solar panels to reduce their household energy bills, with 35 per cent of under-30s selecting this change. This compares with:
- 31% of 31-50-year-olds
- 23% of over-50s
What age group is more likely to invest in better window dressings?
More under-30s also plan to invest in better window dressings to prevent, or trap, light and heat into the home, with 13 per cent choosing this option.
This compares with:
- 11% of 31-50-year-olds
- 7% of over-50s
What age group is more likely to upgrade their appliances?
Similar proportions of the different age groups indicated they will update their appliances to a better energy rating to save energy costs. Specifically:
- 20% of under-30s
- 21% of over-30s
If you could reduce your energy bills, would you invest in any of the following home improvements in the next 2 years?
What State is more likely to invest in energy-saving changes?
Money.com.au found that NSW and SA respondents are more likely to invest in energy-saving changes to their homes to reduce their energy bills.
- An equal 77% of NSW and South Australian respondents will make such changes
This compares with:
- 72% of Victorians
- 68% of Queenslanders
- 64% of West Australians
What State is more likely to upgrade their appliances?
By a small margin, South Australians appear the most likely to upgrade their home appliances, with 26 per cent indicating they would invest in appliances with better energy ratings. This is followed by:
- 22% of NSW respondents
- 21% of Queenslanders
- 20% of Victorians
- 18% of West Australians
What State is more likely to install solar?
Interestingly, States along the Eastern seaboard are more willing to install rooftop solar panels in the next two years to reduce energy costs. This includes:
- 35% of NSW respondents
- 29% of Victorians
- 27% of Queenslanders
and compares with:
- 25% of South Australians
- 22% of West Australians
If it would reduce your energy bills, would you invest in any of the following home improvements in the next 2 years?
| Response | NSW (%) | VIC (%) | QLD (%) | SA (%) | WAS (%) |
|---|---|---|---|---|---|
Updating appliances to a better energy rating. | 22 | 20 | 21 | 26 | 18 |
Installing rooftop solar panels. | 35 | 29 | 27 | 25 | 22 |
Better window dressings to prevent, or trap, light and heat into the home | 8 | 11 | 11 | 14 | 11 |
Making some improvements to the home to increase ventilation and airtightness | 9 | 7 | 5 | 10 | 8 |
Better insulation in the roof | 4 | 6 | 4 | 3 | 5 |
None of the above | 23 | 27 | 32 | 22 | 36 |
Do Aussies think that switching to renewable energy sources will lower household energy bills?
Money.com.au.au asked survey respondents whether they believe that Australia switching to renewable energy sources will result in lower household energy bills. Nearly two in three (61 per cent) said no. Specifically:
- 32% think renewable energy won’t make household energy bills cheaper
- 29% think renewable energy will result in more expensive energy bills
This compares with:
- 39% who think renewable energy will result in lower energy bills
Among the benefits of switching to a more affordable energy plan is helping insulate yourself from the risk of missed bill payments which could impact your credit score.
Do you think Australia switching to renewable energy sources will lower household energy bills?
What age group is least confident in renewable energy?
Older respondents are the least confident in renewable energy and its ability to reduce household energy bills. Seven in 10 (70 per cent) of over-50s indicated that renewable energy would not impact their energy bills or would result in higher bills. This compares with:
- 57% of 31-50-year-olds
- 50% of under-30s
Do you think Australia switching to renewable energy sources will lower household energy bills?
How do the different States feel about shifting to renewable energy?
The survey also revealed that a similar proportion of respondents across the States believe that Australia making the shift to renewable energy will not result in lower household energy bills or will increase those bills. Nearly two-thirds (63 per cent) of Queenslanders indicated energy bills will remain the same or become more expensive after the shift to renewable energy.
This is followed by:
- 62% of Victorians and West Australians
- 60% of NSW respondents
- 58% of South Australians
Do you think Australia switching to renewable energy sources will lower household energy bills?
| Repsonse | NSW (%) | VIC (%) | QLD (%) | SA (%) | WA (%) |
|---|---|---|---|---|---|
No, I think renewable energy will not make household energy bills any cheaper | 30 | 28 | 36 | 25 | 40 |
No, I think renewable energy will result in more expensive household energy bills | 30 | 33 | 28 | 32 | 22 |
Yes, I think renewable energy will result in lower household energy bills | 40 | 39 | 36 | 43 | 38 |
- Australian Government, The Treasury, 8 November 2022, treasury.gov.au/speech/opening-statement-economics-legislation-committee-4
- Australian Academy of Technological Sciences and Engineering, July 2022, atse.org.au/wp-content/uploads/2022/07/220711-ATSE-Explainer-energy-tech.pdf
