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Nobody wants to pay more than they have to for necessities. That’s why we drive out of our way to get the cheapest petrol and happily buy items when they’re on sale at the supermarket.
So why wouldn’t you take the time to compare electricity prices, too?
If you live in South East Queensland, NSW, the ACT, Victoria or South Australia, you have the luxury of being able to choose from a bunch of different electricity providers. More selection means more competition, so many retailers are happy to offer competitive rates, discounts and other incentives to get your business.
Here’s everything you need to know about getting a great rate in your area.
Cheaper electricity ACT
While electricity prices in the ACT are still regulated by the government, you do have the freedom to choose your electricity provider. There are currently two providers in the area.
Taking the time to compare electricity offers in the ACT could see you save on your energy bills.
Cheaper electricity NSW
Customers living in NSW have been enjoying the benefits of a deregulated electricity market since July 2014. There are plenty of electricity providers in the state of New South Wales fighting it out for your business.
By switching to the cheapest electricity plan, you could save on your energy bills.
Cheaper electricity South Australia
Electricity prices have been increasing in SA due to a variety of factors. This makes now the perfect time to start shopping around for a better deal. Luckily the state’s electricity market was deregulated in 2013 and there are a number of providers to choose from.
Cheaper electricity South East Queensland
Retail electricity prices were deregulated on 1 July 2016 in South East Queensland (SEQ), which includes Brisbane and the Gold Coast. If you live in this area, you can now choose your provider.
Cheaper electricity Victoria
Victoria’s electricity prices were deregulated in 2009, and the state now has a competitive retail electricity market.
That said, electricity prices have increased of late due to the distribution costs of supplying power to consumers during times of peak demand. But you don’t have to let rising rates get the better of you – you could potentially save on your electricity bill by switching to a cheaper plan.
How to compare electricity plans
Before you start comparing offers, find out if you’ll be charged an exit fee for switching providers or plans. This information may be on your bill, or you can contact your provider and ask.
Next, check how much you’re currently paying for electricity by pulling out your most recent bill and taking a look at your rates (in cents per kilowatt hour (c/kWh)) and tariff.
A tariff is the pricing structure or meter type used to determine your rate. Depending on where you live, you may have one of the following tariffs:
- Single rate. You pay the same rate for electricity you use, day or night.
- Time of use. You pay different rates for electricity consumption depending on whether it’s a peak, shoulder or off-peak period.
But there’s more to finding a great deal on electricity than finding the most economical rate. Make sure you look at other factors that might impact how much you’re paying, such as:
- Discounts and benefits. Is there a special introductory offer to new customers that you might be eligible for? Can you save money by meeting certain conditions, such as paying on time or via direct debit?
- Billing cycles and options. Will you be paying for your electricity use monthly, bi-monthly or quarterly? Can you pay your bill in instalments? Will you be charged more for receiving paper bills?
- Extra fees and charges. Will you be charged late fees, establishment fees, or connection or disconnection fees? Are there fees for exiting or moving?
- The contract type. Is it a standard or market retail offer? Are you locked in or free to exit at any time?
The lowest cost electricity plan for you will depend on your personal circumstances, including where you live, providers in your area and your energy usage. There’s only one way to find out exactly how much you could save, and that is to compare.
Switching to a cheaper plan
You’d be surprised how easy it is to compare electricity plans and save – especially when you let iSelect do the legwork for you.
We’ll find you the most competitive rates from our range of electricity providers in your area, so all you’ll have to do is choose the best option for your needs and budget. We can even arrange to switch providers on your behalf.
If you’re nervous about switching providers, don’t be – it’s simple and painless. You’ll keep the same distributor no matter which retailer you choose, so your power supply won’t be interrupted during the changeover. On top of hopefully saving some cash, the only thing that really changes is which company you pay for your electricity.
Best of all, you won’t pay a cent for our service.
So, what are you waiting for? Compare today.
Comparing electricity plans is quick and easy with iSelect. Simply enter your postcode here to get started.