The Aussie electricity market has had some serious shake-ups in the last couple of years. For Aussie consumers, this means that electricity prices are starting to drop - and your power bill should be cheaper. If that’s news to you, don’t worry! There are a few questions you can ask to make sure you’re getting a Fair Go on your electricity plan.
First, a bit of context. Way back in 2018, the Aussie energy market was investigated by the Australian Competition & Consumer Commission (ACCC). In a damning report, they described the market as “unacceptable”, “unsustainable”, “uncompetitive” and “unaffordable”. Ouch. The good news is, the Government has been proactively addressing this market failure; wholesale electricity prices in Australia have dropped dramatically (by ~46% in just one year); and with a bit of pressure from the Government, these savings are gradually trickling down to Australian billpayers.
What this means for you
You don’t have to be an energy nerd to realise that there’s an opportunity here. Many Aussies have been with the same electricity provider for years, and may not even know that there are other choices. Your nanna may not know that the market in your state is deregulated. With up to $522 difference between the highest and lowest plans, it pays to look for the cheapest electricity plan. After all, no one wants to pay more than they have to for power!
Electricity comparison: what to ask
It’s important to compare electricity plans every 12-24 months. It’s simpler than you think, with just a few clicks, but you need to ask a few questions. The good news is, the person you’re asking is yourself! Because no one knows how you use power as you do.
Some questions you should be asking yourself if you want cheaper power bills are:
● When do I use my power? In the COVID era, this has changed a lot for many of us. When you’re working in an airconditioned office, you don’t have to worry about who’s paying for all that on-peak power. But if you’re working from home, things are different. Blasting cooling in summer and heating in winter during the height of the day? A Time-of-Use (on-peak/off-peak) plan may not be for you.
● What am I trading off? So you’ve found a plan with a lower usage charge, higher solar feed-in tariffs, or all manner of other perks. Are there other discounts you’re giving up, and are they worth it to you? A great example is the on-time payment discount. For a higher usage charge, if you know you’ll pay on time for each bill, this could be worth it. But if you tend to pay late, the higher usage charge is just money in your electricity retailer’s wallet. #notworthit So, that’s a taster of what you can ask to get a better power deal; there’s a little bit more to learn, but don’t worry, it won’t take long. Head to energy comparison tool Econnex’s guide to getting your cheapest electricity - because knowledge is power!
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