Energy Market Comparison

Energy

Post on June 13th, 2015

Beat rising energy prices with an energy market comparison

The national energy sector in Australia is an ever changing and competitive industry. Fuelled by four energy sources – black/brown coal, gas, hydro and wind, Australia is a thirsty consumer of energy.

Australia’s favourite energy sources

Coal has been the most common source of energy over the last few decades, but a recent shift towards cleaner energy types (gas, hydro, and wind) has been apparent. Coal has historically been a great cheap energy source which has helped consumers save on their energy costs, this is now falling away in favourism, particularly since governments are throwing solar into the mix now, which is getting significant traction at state and federal levels towards large scale solar production.

While coal still holds the lion’s share of our energy consumption, providing over 70% of the country’s electricity generation, these newer, cleaner energy sources are gaining momentum among consumers. With the sheer amount of sunlight our houses get every day, more and more households are choosing to install solar cells, with the view of generating enough energy to rely entirely on their own supply. Wind energy is quickly creeping up to be one of the country’s largest sources of renewable energy, with the market rapidly expanding.

Ocean energy, while a reasonably new player in the game, has been tapped as a potential resource too, with our world-class natural ocean energy reserves along our southern coastlines being tested as viable sources for future power.

Driven largely by consumer demand, global pressures and government policy, the energy market is demanding cleaner energy and cheaper energy rates. With ever increasing technology in clean energy solutions, energy suppliers are finding new ways to meet consumer demands.

How changes in the energy market affect you

While the future of our energy generation is somewhat uncertain, what we can be certain of is that this investment in research, resources, and building new infrastructure is going to cost money—and that money unfortunately is going to come from the consumer. This is one of the key factors behind the recent increases in utility costs.

But don’t despair—there are ways you can beat these rising utility costs, and stay ahead of this rising cost of living.

Nationally there is a trend from State Governments to deregulate energy retail markets and provide consumers with more choice as to which energy provider they go with. This is where you can start to save money—you’ve just got to know how to play the game.

This is where comparison services such as ElectricityWizard have become useful for consumers to decode the offers in the market, compare energy companies and make the change over smooth and easy.

We’ll show you how.

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How to compare the energy market

The deregulation of the electricity market in New South Wales, Victoria, South Australia, and Queensland opened up the energy industry to a huge selection of new electricity suppliers. With the amount of competition now available in the market, the power is firmly in the hands of the consumer, as you’re able to shop around, compare companies and plans, and find a rate for your electricity and gas that suits you.

However, comparing rates can seem daunting—we understand that. With the number of energy suppliers out there today, it might feel like there’s too much information to search through. But, if you’re willing to put in the effort, the savings you’ll receive on your bill are more than worth it.

We want to make it easy for you, so here’s how we recommend you go about comparing rates available on the energy market, so you can get a better price on your electricity and gas, and do your bit to combat rising utility costs for your household.

Call your retailer and determine the type of electricity tariff that your home is on. They’ll be able to advise you accordingly. This is to find out what rate you’re getting charged, and is the key piece of information you need when comparing the energy market.

Determine what both your peak and off-peak rates currently are. These two rates can help you make choices as to when you use your electricity, so you can put measures in place to save. You can usually find this information on the back of your bill.

Check to see if you’re currently receiving any discounts or special deals. If you are, factor this into your decision. If not, ask if your current supplier can offer you any—who knows, they might be willing to offer a better rate, or a good discount, to encourage you to stay with them!

Have a look at your electricity usage trend. Does it look like it’s staying pretty steady, or does it seem to fluctuate with no rhyme or reason? Knowing your energy use can help you work out what type of plan will suit you.

Now, work out the type of plan you want. There are two general types of energy plans you’ll be likely to find:

A variable rate plan. These are the majority of the plans you’ll find, and means your usage rate can do up and down, depending on the wholesale energy market (or at your supplier’s discretion).
A fixed rate plan. These type of plans see you locked into one usage rate for the whole term of your electricity contract, so it will always stay the same. These give you more comfort that your bill isn’t likely to jump due to rate increases, however they’re usually only offered by the larger energy companies, so aren’t as common to find.

Now that you know your current charges and discounts, and the type of plan you’re looking at, start getting in touch with energy companies to get price quotes. For Peak Rate/Off Peak Rate/Supply Charge, use only EX GST rates as GST gets added on the front of your bill.

Ask if they offer any percentage discounts or credits off your bill; check to see if these discounts apply to the total bill, or just your usage rate. Depending on your usage, a rate discount may work out better for your hip pocket than a monetary discount applied to your final bill.

Ask if they match rates. When you’re shopping around for better rates, it never hurts to ask if the supplier can match, or even beat, rates offered by their competitors. A lot of them do, and this gives you the power to choose a supplier that you want, and get a better deal at the same time. You’re comparing the energy market, after all—you want to see where you can find savings.

But throughout all this, just remember: a comparison is just a comparison. You’re only looking around. You shouldn’t feel locked in to any new contracts, or feel obligated to sign up with a company, just by asking around.

This is your way to compare the energy market to get a better price on your energy bill, so you have the power to choose. If any electricity companies make you feel uncomfortable or like they’re trying to pressure you into anything, remember that you’re free to walk away at any time during your comparison shopping.

What you’ll find is that not all electricity companies offer the same deals, so there’s going to be a wide variety of plans out there. This is why it helps to use a comparison service like ElectricityWizard to help you fully understand exactly which supplier is going to best meet your needs, now and in the long term.

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Get an energy market comparison from the experts

We will:

Compare apples to apples, to ensure you’re comparing plans that are right for you. It’s no use looking at business plans you’re the average Australian household of four. We’ll make sure you’re looking in the right direction.
Ensure the supplier offers a payment method suits you. Whether you prefer direct debit, or you’re more interested in Bpay, we’ll look into it for you and make sure you’re able to pay the way you want to.
Protect you from any “unexpected” rate rises. We’re here to give you all the information you need to help you save money on your bills, no matter how in-depth it is.
Make sure you are free to move homes without penalty. Moving home is stressful enough as it is, so you don’t want your electricity provider to make it any harder.
Protect you from a contract with other massive penalties. We look at the fine print from top to bottom, so you know exactly what you’re getting.
Get you the “solar buyback” that you deserve (for solar system users).
And much, much more!

We’re here to help you do an energy market comparison that takes into account all the electricity and gas suppliers and their plans, so you can make the right choice for your home. When you call ElectricityWizard at 1300 359 779 or fill out the form below, one of our skilled customer service representatives will help you to find a better energy deal to meet your household needs.

We’ve already helped over 165,000 Australians to compare—so why not join us? You could be making a money-saving switch today. Our energy comparison is free, easy, and effortless. In just 5 minutes, you can start to see huge savings on your annual energy bills!

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