Johannesburg - The cost of electricity in South Africa has jumped by nearly 900 percent since 2004, putting it in the same price bracket as London and making it increasingly unaffordable for local consumers.
That’s according to Shaun Rademeyer, CEO of MultiNET Home Loans, one of South Africa’s leading mortgage originators.
Warning of impending increases of between eight and 15 percent from Eskom over the next months, Rademeyer said South Africans were shooting themselves in the foot by not taking advantage of even the most basic energy renewable systems in order to reduce their vulnerability to power instability and crippling price surges. “For some reason, whether because of a lack of knowledge or complacency, our mindsets are still in the days when historically electricity was cheap. It’s not anymore. It’s getting more and more expensive and unreliable, despite the fact that the latest renewable energy technology is both efficient and relatively affordable,” he says.
He points out that South Africans live in the world’s third-sunniest land. “We have more than double the sunshine of Europe and other countries, who despite this, are harvesting solar power to the point that 1.7 million Germans have solar systems in their homes.”
Ahead of the gazetting of the government’s new Integrated Resources Plan (IRP), which focuses on renewable energy to the exclusion of nuclear development, Rademeyer says the writing is on the wall for citizens to change the way they consume energy.