Australian households’ energy bills could be 20% lower in 10 years, report finds

AEMC says electrification of homes, including ending use of gas for heating and cooking, could reduce costs by about $1,000 a year

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Australian households' energy bills could shrink by a fifth over the next decade as more renewables cut power costs and help quicken the take-up of electric cars, according to the Australian Energy Markets Commission.

In its first residential electricity price trend report, released on Thursday, the electrification of homes, including ending the use of gas for cooking and heating, is projected to reduce average household energy costs by about $1,000 annually, or almost 20%, under the AEMC's base case.