Consumers reducing energy use in response to rising costs

TWO in three Victorians have been feeling the financial pinch from rising electricity and gas bills and most have been forced to change their habits or seek out ways to cut costs.

TWO in three Victorians have been feeling the financial pinch from rising electricity and gas bills, research reveals.

Most have been forced to change their habits or seek out ways to cut costs, with many resorting to reducing energy use.

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Some are curbing other household expenses, such as food and going out, to deal with the hit to their budgets.

“High household debt combined with increased energy costs has forced people to more closely examine their finances,” said finder.com.au insights manager Graham Cooke.

The average Victorian household is now being stung with annual bills of $1317-$1740 for electricity and $1436-$1692 for gas, according to Essential Services Commission analysis.

Finder.com.au’s research on how people have handled increasing energy costs found one in four Victorians had cut their energy usage.

Almost one in three Victorians had either called their provider and asked for a better deal or switched to another supplier.

Research reveals two in three Victorians have been feeling the financial pinch from rising electricity and gas bills.

Almost one in 10 had limited other household expenses so they could pay exorbitant energy bills.

“Turning airconditioning off when you leave the house, and running it a few degrees higher, is one of the main ways to make a difference to bills,” Mr Cooke said.

“Likewise for heaters, running them for a shorter period or reducing temperatures slightly has an impact.

“People should be fighting for a better deal continuously and holding their providers to account. It’s worth checking what competitors are offering at least annually and using that as a bargaining chip.”

The Essential Services Commission’s latest energy market update reveals electricity costs for a typical Victorian household have jumped 12-22 per cent, depending on contract type, compared with June 30 last year. Gas prices have climbed 4-16 per cent.

Nationally, the Finder survey found men were more likely to change provider or seek a better deal (43 per cent) compared with women (31 per cent).

Women were more inclined to make lifestyle compromises to deal with high energy bills (17 per cent) versus men (12 per cent).

The survey in late January questioned 2306 Australians, including 615 Victorians.