Australia's shift to cleaner energy could bring larger Electricity bills

Households in Australia could be set to face a hefty utility bill next year, along the lines of $1,500 following a country wide shift to clean sources of energy.

The Australian government called for homes across Australia to move more than 90 percent of its electricity to renewable energy in a bid to meet the Paris Climate Change agreement of less than 1.5 degrees.

Solar panels have been installed on homes and more than 80 percent of existing coal power generation will be closed within the next five years. As part of the agreement there will also be a rollback of solar feed in tariffs which will increase electricity bills to $1,500 for more than 275,000 homes in New South Wales, South Australia and Victoria.

The tariffs were introduced as a way of encouraging more Australian households to install solar panels, with user feeding energy back to the grid and receiving royalties in return.

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Read the July 2016 issue of Business Review Australia and Asia magazine