Energy comparison service iSelect has estimated that one in five NSW households are struggling to pay their energy bills, with 7 per cent of households under a lot or extreme energy-bill strain.
Well over 70 per cent of respondents to the survey said their gas and electricity bills had increased significantly in recent years, with an overwhelming 86 per cent feeling they currently pay too much for energy. As such Forbes residents are urged to review their current energy plan to ensure they are on the most cost effective plan.
The research found that only a third of NSW households are able to pay their energy bills easily, with 67 per cent experiencing some level of strain in paying their gas and electricity bills. About half respondents said they had cut
back in other areas, with most forgoing holidays, dining out and shopping in order to afford paying their energy bill. Most worrying, however, is that just under half of NSW residents are cutting back on groceries to leave enough money for energy.
The survey also found that 15 per cent of respondents have gone into debt to pay for energy, with 9 per cent of survey respondents currently on a hardship payment plan in order to meet their energy bills and eight per cent currently on a hardship plan believing they won’t ever transition off it. Laura Crowden, iSelect spokesperson, said the survey not only highlighted the difficulty NSW residents are facing to pay for energy, but that many people are confused by how energy costs are calculated.
“Forty per cent of those surveyed admitted that they don’t understand their energy bills and how usage costs and network charges are calculated,” Laura said. “Energy bills can be really confusing so it’s important Forbes residents take the time to seek expert advice which can help you cut through the complexity and clearly determine if you are on the right plan to suit your energy needs.” For more information, visit www.iselect.com.au.