The shift to hybrid and remote working has revolutionized the Australian workforce. The benefits of eliminating the commute and having a more flexible work schedule are being enjoyed by many employees and business owners.
But as the home office becomes a reality, there is a subtle change in domestic expenses that professionals are beginning to notice. Savings on transport and coffee shop coffees are being quickly diverted to a less exciting expense, the power bill. The use of work computers, a display monitor, air conditioning and kitchen appliances greatly impacts personal energy use and thus creates a new household budget challenge for employees.
Understanding the Rising Energy Burden
The added 40 hours spent at home is going to increase consumption. Thanks to air conditioning in the Australian summer or heating in the Australian winter, your power bills could end up blowing out. These higher levels of consumption are coming up against market factors influencing the national electricity market. These base electricity prices were recently highlighted by the Department of Climate Change, Energy, the Environment and Water.
Indeed, recent announcements on the latest default electricity prices show that household consumers on “standing offers” are seeing price rises, depending on where they live and how much electricity they use. For those working from home, and who use more electricity than the average home, these percentage increases translate into high monthly costs. There’s no ignoring these insidious expenses for those seeking to preserve the cost savings of remote working.
Practical Tips to Reduce Household Expenses
To manage these rising costs, you need to take control of your finances. For many employees, this means looking after their home office as if they were running an external office space. One good way to do this is to examine how you pay for essentials. Banks have acknowledged the impact of the cost of living, and have designed specific tools to assist customers in recovering some of the money they spend.
For example, using features such as ING bank’s utility bill cashback feature is a very effective way to get a percentage of your residential type gas, electricity and water bills back. By merely switching bank or other payment method for direct debits, office workers can claim a portion of their necessary utilities price hike without disrupting their life.
In addition to maximizing payment methods, Australians should take advantage of tax deductions. The Australian Taxation Office offers guidelines for home office expenses. Maintaining accurate records of your working hours or the precise proportion of your home used for work can result in considerable savings come tax time. Be it the new fixed-rate or actual cost method, seeking advice from a tax agent will help you maximize your tax return. Getting the most out of your tax return is an important part of recovering the cost of your home office.
Best Practices for Energy Efficiency at Home
While services and tax planning can help you plan for the cost, it’s also beneficial to minimize your consumption. There are small changes and improvements that can help reduce energy consumption. Here are a few small changes you can make around your office to lower your bills.
- Heating, cooling and ventilation: Close the doors and run the air conditioning in the room where you are working instead of heating or cooling the whole house. It may be worth investing in a smaller appliance such as a pedestal fan or a room heater.
- Do a technology audit: Replacing older desktop computers and screens can pay huge dividends. When it’s time for a replacement consider computers and monitors with high energy star ratings. The latter typically requires less power than desktop computers.
- Switch off phantom power: Any equipment that is plugged in but switched off is still using energy. Plug all your office devices onto a smart power board that can be turned off at the end of the day.
- Take advantage of daylight: Place your workstation next to a window for access to daylight. With this, you can limit the use of artificial lights and make your workspace more enjoyable.
The freedom of remote working is amazing, but it definitely causes costs to be transferred from the employer to the worker. With variable electricity prices around Australia, you can’t afford to overlook the costs of your home office. Recognizing the growing costs, finding the best way to pay your bills, getting the tax deductions you deserve and cutting your daily usage can help your wallet. Remote working is supposed to be cost-effective, and with a bit of planning it will continue to be.
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Meet Jason, a Fitness, Nutrition, and Wellness Writer and Editor with over 6 years of industry experience. He’s not just a wordsmith, but also a Certified Personal Trainer (CPT) and Corrective Exercise Specialist (CES) through an NCCA-approved program. Jason’s passion lies in empowering individuals to improve their sense of self-worth by guiding them towards their fitness goals. His journey is a testament to the transformative power of education and support in the pursuit of a healthier, more confident you.