A leading think tank has argued electrification, including shifting petrol cars to EVs poses the best opportunity for households to save on energy costs.
The Grattan Institute has said Australian household energy bills could halve by 2050 as they move toward electrified houses, cars and solar panels to charge them slashing energy costs from $5,800 today to about $3,000.
In Victoria the modelling suggests average annual spending on petrol, gas and electricity could fall from $6,036 to $2,767 but it does depend on households shifting from current gas dependency and be able to install solar panels, a problem for apartments and renters.
This comes at the new research from insurer iSelect, which found Victoria takes the title of Australia’s worst state for driving, with high motoring costs, congested roads, and subpar road quality.
Victorians are facing a significant financial burden, with motoring costs eating up more than a quarter (26.28 per cent) of their average annual income, according to Iselect data
“iSelect’s research highlights the significant difference in road conditions and driving experiences across Australia,” iSelect General Insurance General Manager Adrian Bennett says.
“Unsurprisingly, the ACT comes out on top – as the most compact territory it has better managed roads, lower congestion and fewer fatalities.
“On the other hand, the Northern Territory has a stark contrast, with minimal traffic and alarmingly high fatalities. These findings are a reminder that safe driving is essential and having the right car insurance in place is crucial for protecting yourself and others on the road.
The Electric Vehicle Council says the average household saves about $3000 per year on fuel costs switching form petrol but barriers remain with the up-front cost of the EV
The Grattan Institute report has also highlighted barriers to cheaper charging for renters who may not have solar panels installed and in apartments where cooperation from body cooperates may make charging an installation difficult.