Quitting gas and petrol can slash energy costs by $4,000
Households that quit gas and use electric appliances and cars could save more than $4000 per year by 2050.
The figures come from a report by CSIRO and Dynamic Analysis.It leaves no doubt that getting rid of fossil fuels from homes and cars is the smartest economic path for all households.
Some of the biggest savings come from switching from a petrol or diesel car to an EV, at between $1,440 and $1,520 a year.
There's an added bonus: once EVs become more widespread, electricity bills for all consumers will likely come down through better network utilisation.
The same has been said about the proliferation of rooftop solar and the effect of this on daytime wholesale power prices. Home batteries also promise their own benefits to the grid.
In terms of individual household savings, solar and battery systems come a close second to EVs according to the report, delivering savings of between $1,250 to $1,470 a year between 2030 and 2050.
But these technologies are the most capital intensive to set up.Industry groups are therefore asking government to "step up" to make sure households don't get left behind.
The research also shows that as more and more households electrify all appliances, those that remain connected to gas are likely to pay significantly higher bills thanks to higher network charges.