The cost of electricity in NSW will to rise by 20 percent within three years due to a decision by the Independent Pricing and Regulatory Tribunal (IPART) to force competition on the energy market.

The cost of electricity in NSW will to rise by 20 percent within three years due to a decision by the Independent Pricing and Regulatory Tribunal (IPART) to force competition on the energy market.

According to IPART, higher electricity prices are necessary to ensure the residents of New South Wales continue to have access to a safe and reliable electricity supply.

But higher energy costs could provide a boost for retailers of renewable energy and solar power as consumers seek alternatives to regulated tariffs on energy by state-owned power companies.

According to Energy Matters, the price hike offers an opportunity to the solar energy market. Inflation, along with rising fuel costs will make clean energy solutions such as grid-connected solar power more affordable.

As the price of traditional energy inevitably rises, the initial cost of setting up the system will be paid off fast. There has never been a better time to switch to renewable energy.