Here’s a breakdown of the provided text, focusing on the key data and themes:
Main Support:
The report advocates for increased consumer protections for those buying energy systems (like solar and batteries) and signing up for new energy services (like virtual power plants).
It also backs the idea of a consumer duty that compels energy companies to act in consumers’ best interests.
Consumer Advice:
Consumers are advised to consult the Australian Government’s Solar Consumer Guide.
They should compare quotes from multiple providers.
Consumers should request personalized information from solar and battery sellers regarding system sizing and projected cost savings.
Bill Savings from Renewable Energy:
Solar and battery customers experience the largest bill savings.
Households with both rooftop solar and a home battery have electricity bills that are, on average, 40% lower than “regular users” (those relying solely on the grid).
Virtual power Plant (VPP) customers see the most meaningful savings, paying approximately 63% less than regular users.
Specific Savings Figures (2023-2024):
Regular User (no rebates): $1,565/year (median)
Rooftop Solar: $1,279/year (18% less)
Solar + Home Battery: $936/year (40% less)
Virtual power Plant: $580/year (63% less)
Impact of Government Rebates:
Government rebates have reduced median quarterly household power bills by 21% between Q3 2023 and Q3 2024.
Without rebates, median quarterly bills would have increased by 4%.
South East Queensland saw the sharpest decline in bills due to rebates, with rebates exceeding the median bill amount in that region.Background Information:
The National Electricity Market (NEM) includes South East Queensland, New South Wales (including ACT), Victoria, Tasmania, and South Australia. Western Australia and Northern Territory are not connected.
The report’s data comes from 8 retailers, covering 97% of residential and 90% of small business customers in NSW, Victoria, SA, and SE Queensland.Additional data was collected for vpps, EV tariffs, and behavioral demand response plans.
The ACCC has been conducting an inquiry into electricity prices, profits, and margins in the NEM as 2018, with a recent 12-month extension announced for March 23, 2025.
This is the 13th report from the ACCC as part of this inquiry.
Key Themes:
Consumer Protection: The need for stronger safeguards in the evolving energy market.
financial Benefits of Renewables: Solar, batteries, and VPPs offer ample cost savings on electricity bills.
Government Support: Rebates play a crucial role in mitigating rising energy costs.
Market Evolution: The increasing participation of consumers in new energy services like VPPs.
