Electricity costs have been increasing across Australia for some time now, but good news could be on the horizon for residents of the ACT. That's because the territory is constructing new projects off the back of a large-scale wind power reverse auction, which should bring down the price of power for the region.
Coonooer Bridge Wind Farm is the first of three locations to be given the green light, and there are already high hopes that it will generate the lowest cost wind power in the entire country.
Minister for the environment Simon Corbell revealed that significant investment is being made in renewable power across the ACT, helping to lower prices and create jobs for those living in property in Belconnen.
"Wind is currently the lowest-cost renewable energy generation available, and will play a big role in the decarbonisation of the ACT's electricity supply," Mr Corbell stated.
"It will contribute approximately three-quarters of the ACT's 90 per cent renewable energy target."
Coonooer Bridge Wind Farm is set to receive an $81.50 per megawatt hour feed-in tariff, making it the lowest of the three projects. It is expected that the wind farm will be capable of generating 82,000 megawatt hours of electricity each year, which will provide power to around 12,000 homes.
Last year, the Australian Bureau of Statistics (ABS) revealed that electricity expenditure had increased across the country, even though the amount of power used had actually declined. Peter Williams from the ABS noted that the value of electricity consumed between 2008 and 2012 increased 43 per cent.
However, over the same period, the total volume of electricity used actually fell four per cent, showing that residents of Belconnen property are faced with the threat of increasing prices. Households and the manufacturing sector were named as the two largest domestic users.