On 1 April 2024, a NERSA-approved 12.74% electricity tariff hike will come into effect. When compounded with last year\u2019s 18.65% tariff hike, this will mean electricity costs 33.8% more than it did two years ago.<\/p>\n\n\n\n
Municipal electricity tariff increases will come into effect on 1 July.<\/p>\n\n\n\n
This is not a new phenomenon, as electricity prices have increased exponentially in South Africa since 2008 \u2013 as shown in the graph below.<\/p>\n\n\n
![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/Eskom-Tariffs.png\")
<\/a><\/figure><\/div>\n\n\nThis trend shows no sign of slowing down<\/strong><\/a>.<\/a><\/p>\n\n\n\n According to Eskom GM of Regulations Hasha Tlhotlhalemaje, Eskom is on a \u201cmigratory path\u201d that requires tariffs that are \u201ccost reflective\u201d of electricity production.<\/p>\n\n\n\n Managing Director of Kruthum, Peter Attard Montalto, has estimated that electricity prices would need to be 40% to 45% higher to achieve Tlhotlhalemaje\u2019s goals.<\/p>\n\n\n\n LookSee, a Standard Bank subsidiary that offers affordable residential solar solutions, believes that South Africans must find ways to avoid the negative impact of tariff hikes on their finances.<\/p>\n\n\n\n The first step is to make behavioural challenges to reduce your electricity bill, such as switching out your incandescent bulbs for LEDs, insulating your geyser, and minimising power usage during peak hours.<\/p>\n\n\n\n The last of these recommendations is in preparation for Eskom\u2019s proposed time-of-use tariff \u2013 called Homeflex \u2013 which would charge residential users more for electricity used during peak times.<\/p>\n\n\n\n For the biggest savings, however, South Africans need to install alternative energy solutions.<\/p>\n\n\n\n LookSee recommends that you prioritise your geyser first, as water heating contributes to approximately 40% of the average household\u2019s electricity bill.<\/p>\n\n\n\n The best choice is converting your existing electric geyser to use solar energy<\/strong><\/a>, as it is the most affordable and convenient solution.<\/p>\n\n\n\n In fact, LookSee Solar Loans for these conversions are so affordable that you will immediately \u201cbreak even\u201d when comparing your electricity savings to your monthly loan repayment.<\/p>\n\n\n\n If you don\u2019t have the roof space to add solar panels, LookSee also provides smart geyser devices for homes on a subscription service.<\/p>\n\n\n\n These devices let you efficiently control your hot water temperatures, set specific periods when your geyser heats up, and much more – resulting in significant electricity savings.<\/p>\n\n\n\n Once you have installed your preferred geyser system, you should also consider a full home solar solution.<\/p>\n\n\n\n Solar equipment prices have plummeted in recent years, while electricity tariffs have soared, making it more viable than ever to install solar at home.<\/p>\n\n\n\n LookSee offers bank-vetted home solar installations as well as a specialised Solar Loan with personalised interest rates ranging from Prime +1% to a maximum of Prime +2.5%, and the longer you wait, the more Eskom\u2019s expensive electricity tariffs will affect you.<\/p>\n\n\n\n Installing a solar system not only saves you thousands of rand each year, but it also allows you to say goodbye to load-shedding at home.<\/p>\n\n\n\n Contact LookSee today about getting Solar.<\/strong><\/a><\/p>\n\n\nSaving money with LookSee<\/h3>\n\n\n\n
Convert your geyser<\/h3>\n\n\n\n
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![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/Solar-House-roof.jpg\")
<\/a><\/h3>\n\n\n\nFull solar systems<\/h3>\n\n\n\n
![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/03\/Solar-Panel-House.jpg\")
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