When it comes to getting a good deal on electricity, all it could take is a simple comparison of different plans by various providers.
Australians in South East Queensland, NSW, Victoria, South Australia and the ACT have a range of electricity providers to choose from. Many are happy to offer competitive rates, discounts and other incentives to get your business. Taking the time to review plans from different retailers could result in savings on your energy bills each year.
According to the ACCC, the estimated average electricity bill for an Australian household was $1,636 in 2017 - 20182. Do you know how yours stacks up against the norm?
Before you start your search for a better deal, it’s important to understand your current plan. Find your most recent bill and check your electricity rate by looking at how many cents you’re paying per kilowatt hour (c/kWh).
This is known as the usage charge, and it describes the amount you pay for each unit of electricity you use3.
Next, take a look at your tariff, which is the pricing structure your retailer uses to charge you. There are three types of electricity tariffs:
Bear in mind that rates and tariffs may vary depending on where you live, your meter type and the energy providers in your area.
You’ve probably noticed that the amount you’re billed for each period can vary considerably. There are a few factors at play here, and different variable charges can apply in one bill3. For example:
There are a few other things you’ll need to take into account when comparing electricity plans. These include:
Always think twice before taking an enticing introductory offer. For example, there’s no point signing up to a contract because they’re offering a $100 credit if you’ll be locked into a more expensive rate when the credit runs out. Read the fine print of every contract before you make a decision.
You may have considered bundling your energy and gas plans in the hope of getting a cheaper rate. Remember that bundling doesn’t guarantee a better deal; it largely depends on where you live and the energy providers you’re considering.
For some consumers, it may work out cheaper to get standalone energy and gas plans. You may even find that some retailers offer little or no difference on the price of bundles compared to standalone plans. Do a little research based on your individual circumstance to find out which option will benefit you the most.
You’ll be surprised how simple it is to compare electricity plans on offer from our range of providers*– especially when we do the legwork for you. We’ll find plans from our range of electricity providers in your area, so all you’ll need to do is choose the plan which suits you.