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Date Published: 07/03/2022

ARCHIVED - Electricity prices in Spain reach all-time high of 500 euros. This is how you can reduce your bills, says Grupo SIA

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The cost of electricity in Spain is ten times higher than a year ago. That’s why homeowners are taking matters into their own hands.

<span style='color:#780948'>ARCHIVED</span> - Electricity prices in Spain reach all-time high of 500 euros. This is how you can reduce your bills, says Grupo SIA

The price of electricity on the wholesale market has reached an astonishing 442.54 euros per megawatt hour (MWh) on Monday March 7, a 17% hike compared to Sunday and the highest price ever recorded.

According to the Iberian Electricity Market Operator (OMIE), the most expensive time to run household appliances on Monday will be during the peak hours of 7 and 8pm, when each megawatt hour will cost a staggering 500 euros, while the most efficient time will be between 11pm and midnight, at 379.02.

With the uncertainty caused by the conflict between Russia and Ukraine, which has seen gas and oil prices skyrocket already, electricity this week is already ten times higher that it was on the same day a year ago, and 115% higher than when the war began on February 24.

To cushion the impact that the rise in electricity prices is having on consumers, the Spanish government has extended a series of tax breaks on VAT and electricity generation until June 30, but people are desperate to find any way they can to further save money.

It’s little wonder, then, that so many people in Spain are turning to solar power in an effort to reduce their bills, with the installation of panels promising a 60% reduction in electricity bills and a long-term return of 10% or more each year.

The rest of Europe is likewise feeling the pinch, with the UK paying around the same as Spain this Monday for electricity, while in Italy a megawatt hour has shot up to 453.51 euros.

Unlike the UK though, which has relatively few sunlight hours each year, Spain is perfectly placed to take advantage of solar energy, and more and more homeowners are turning towards this efficient renewable energy source to generate their own power sustainably, and not be so reliant on external political factors which can change at the drop of a hat.

That way, if you generate more energy than you need, you can actually sell it back to the national grid for a profit!

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