Research from Rewiring Australia has shown that electrification in Australia has reached a major milestone. It is now cheaper to purchase an EV (electric vehicle) or electric appliance, than a fossil fuel powered alternative, even considering the upfront costs.
Rewiring Australia reports that: ‘Our latest report, The Electrification Tipping Point, shows that the economics in Australia have passed a crucial milestone: buying an electric appliance or vehicle is cheaper than the fossil-fuel powered alternative, even when you consider the upfront costs. The average Australian fossil fuel-powered household will end up saving $4100 per year by switching to all-electric as your appliances and cars come up for replacement. I know many of you are already on your electrification journey and saving some of this money, but for most of us there are still more upgrades to plan for. ‘
Rewiring Australia also states: ‘With the right policies and investments, all Australians can take control of their energy and electrify. Lots of homes will make this electrification switch, slowly but surely, thanks to the economics we explain in this report. But we need governments to act and invest to ensure all households – especially renters, low-income homes and apartment-dwellers – are not left behind on spiralling gas prices.
The major parties have their plans to spend on ‘band-aid’ measures – about $5.3 billion has gone into temporary energy bill rebates and now there could be another $6 billion on temporary petrol discounts – but with similar sized investments to back flexible loans for electrification, funding for the vulnerable households that need upgrades the most, and some smart reforms to our energy system and rental rules, millions of households could be saving thousands over the coming decade – more than these temporary relief measures.
Check out the report to learn more about our recommendations to governments to electrify everyone faster and fairer.’
To download the report, click on the picture below.
