June 22, 2011
Mortgage repayment delinquencies are on the rise as householders battle increases in the cost of everything from insurance premiums to food, petrol and, of course, power.
And the cost of the latter is only set to soar even further as consumers pick up the tab for the forthcoming carbon tax and a range of government initiatives aimed at combatting climate change.
Saving more on household costs will free up more money to pay back your mortgage sooner.Here’s how to save money on your power bills and still stay warm this winter:
- Turning your appliances off at the wall can save you around $66 per year.
- Getting rid of the second fridge will put an extra $350 a year in the coffers.
- Switching your air-conditioning and central heating to less extreme temperatures can slash $156 off your annual power bill. Central heating in winter costs an average $967 per quarter, while an air-conditioner costs $563 for three summer months.
- If you only need to heat one room of the house, it’s cheaper to run a small space heater.
- Owning a large pool or spa will cost you around $4146 per year in power alone.
- A dishwasher and clothes dryer average around $117 and $107 respectively. But using them in off-peak periods can save you $85 a year for the dishwasher and $60 for the dryer.
- After the initial outlay, installing solar power can save you $800 per year.
- Installing insulation in your home can save you $594 per year.
According to the ABS, the cost of electricity has increased at almost four times the rate of inflation over the last five years. Between 2005 and 2010 in some capital cities, the price rose by more than 50 percent.
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