Cheapest (and best) Electricity Providers Australia
With the current state of the economy this year, some families throughout Australia are concerned about their household finances. Therefore, it’s more critical than ever before to compare and save when it comes to saving on expensive electricity rates.
The good news is that the majority of Australians now have the freedom to choose their electricity retailer to help them find and compare for cheaper prices on their electricity bills.
In the age of fluctuating utility costs, it can often seem like an uphill battle to find ways to save money. Trying to find a cheaper electricity company in Australia might sound like a lot of work. You might imagine that it will take hours and hours, making spreadsheets and spending long nights crunching numbers until you find the best electricity company that beats the rest for cheap electricity.
Sure, you could do it that way. You might even enjoy doing it. But the best way that we know to find a competitive electricity plan is by doing a quick and easy electricity price comparison with an expert. Luckily for you, the team at Electricity Wizard have already done the figures for you. We stay up to date with changes in the market and the latest deals from our panel of retailers. We make sure we always know the best electricity company that is most suitable for your needs & property.
You can use our free, quick, and accurate electricity comparison service to compare electricity rates and plans and switch for possible savings of hundreds of dollars a year! With our convenient and absolutely free electricity comparison service, you can find a cheaper electricity plan in just a few moments. It can literally pay to compare electricity rates, find the best electricity company, and possibly switch to a better /cheaper electricity plan.
How to Find the Right Electricity Company for Your Home or Office?
To start saving, Just fill in the form below for a no-obligation quote or call us directly at 1300 763 849 to speak to a skilled customer service representative!
Or if you’d rather do it yourself, there are a few key things you can look for when finding the best electricity company or comparing electricity prices. You see, shopping for the cheapest deals on your electricity and gas is just like anything else—you have to balance quality with quantity. You’re looking for the cheapest—but the cheapest electricity rates might not always guarantee the best service, and the best service generally won’t deliver the cheapest rates.
Further, you want to find a balance that works for you and find a supplier retailer that suits your needs. So if you’re after the low rates coupled with the best service, make sure to keep the following in mind when you’re searching for your new electricity retailer – consider:
- What matters to you? –Would you prefer your retailer be locally-owned and operated, or are you more conscious of using green sources of energy? Whatever your preference, there’s sure to be a retailer out there that matches your beliefs.
- Check your current energy usage – Once you’ve determined what’s important to you in a business, have a look at your previous energy bills. Has your usage changed much over the last few bills? Knowing your average electricity usage is important when choosing the type of plan that’s going to suit you.
- Know what type of plan you’re getting – You’ll usually find two types of plans available to you, fixed rate plans and variable plans. A fixed rate plan guarantees you get charged the same usage rate for your entire contract, whereas a variable rate plan means your rate can change based on the wholesale energy market. A fixed rate plan gives you comfort and you’ll always be charged the same rate (so you simply reduce your energy use if you want to save money), whereas a variable rate plan gives you the chance to potentially see your electricity bill go down.
- Check the terms and conditions – Read the terms and conditions of your plan carefully to make sure you know what’s involved. Make note of any changes to rates, your tariffs, or any fees. Knowing exactly what’s involved in your plan means there’s less of a chance of any surprise changes (and costs) in the future.
- Can the retailer match rates? – With the amount of competition in the market today, electricity retailers want to land you as their customer. Some retailers may have multiple plans with different features & benefits which match your needs. Call us to find out what’s on offer.
- Do they offer any discounts? –Depending on your state, the discounts these days are not what they used to be. The energy industry now works off Default Market Offer (DMO) – (NSW, SA & South East QLD) and the Victorian Default Offer (VDO) – VIC.
- What is the DMO? – Australian Energy Regulator (AER) sets a reference price for each distributor and meter configuration. This will include a total estimated cost based on an average usage for that customer type. The retailer sets the Default Market Offer (DMO) which must not exceed the reference price. The DMO is calculated based on the same average usage set by the AER for that meter configuration and customer type within the distribution zone. Retailers can set a market offer which includes conditional and/or unconditional discounts. Currently, the usage rates and supply charges will be the same for market offers and DMO’s. Unconditional discounts are guaranteed discounts and conditional discounts require the customer to meet the conditions in order to get the discount, for example: paying on time.
- What is the VDO? – A Victorian Default Offer (VDO) will be available to all Victorian households and small businesses (excluding embedded networks). These offers will be at a price set by the Essential Services Commission (ESC). If an alternative offer with the customer’s retailer would be cheaper than their current plan, then this will have to be outlined on their bill. Retailers are required to give advanced notice to customers of any changes that could affect their bill. New clear advice entitlements for customers surrounding the sale of electricity offers.
- Routine Comparison – We also recommend that you compare gas and electricity rates every 12 to 24 months. This lets you stay on top of a competitive market, giving you the opportunity to regularly find who’s the cheapest electricity company, and potentially even make the most of any new technology that may have become available.
But once you’ve found a cheaper electricity retailer, it’s up to you to manage your usage and aim to reduce your bills yourself.
So, which electricity company is cheapest?
While most people want to know who the cheapest electricity company is, the problem is that it’s not always a cut-and-dried question. There are many factors to take into account when comparing prices, as distribution network, tariffs, and individual circumstances means the company that works out cheapest for a friend may not be the cheapest for you. Also, the cheapest company doesn’t necessarily mean the best.
One company with low rates, might only offer online billing & correspondence and another might not offer electricity plans in your area.
If you’re looking for the best electricity company that can help you save money on annual power prices, the good news is that we can help. You can use our accurate electricity comparison service to compare leading electricity retailers near you to help you find lower rates and possibly reduce energy bills by hundreds of dollars per year.
If you’re more of a hands-on type of person, you can also do it yourself! Here are some of the key questions to ask when shopping around to compare electricity companies and find the cheapest (or rather, the best) rates for you-
- First, work out the key parts of the contract that are going to make up how much you pay. Ask the retailers about the cost per kilowatt-hour, what tariff you’ll be on, and the difference between peak and off-peak hours. This is where you can get a basic understanding of what you’ll be paying.
- How long will the contract be for? Make sure you’re agreeing to a contract that’s the right length for you; you don’t want to sign up and find out you’re locked in for just one year when you were after a long-term commitment or vice versa. Some contracts come with no early termination fees meaning you are free to leave at any time.
- Are they going to charge you any disconnection or moving fees? You never know what life may throw at you, so you want to ensure that taking this into account when you set up a new electricity connection (or when you decide to search around again for a more competitive rate). Move in and Disconnection fees are mostly unavoidable as they are set by the distributor, some retailers may offer a lower fee depending on the energy plan they are providing. You may also be entitled to have this fee waived if you are a concession card holder. The retailer can provide you with more information on this after we
- Do they offer the type of payment option that you prefer? These days, it’s no use signing up with a company that doesn’t accept direct debit or Bpay. Make sure the retailer you’re looking at provides the payment option that you prefer.
- Do they offer any discounts or incentives? With the sheer number of electricity companies out there on the market today, companies are willing to offer little perks to new customers as a way of getting them on board. It might be in the form of a new customer credit, or something as simple as a subscription to your favourite cinema, or free coffees at your favourite café.
- If they offer a discount, is it on the whole bill or just a portion of it? Make sure you check to see if your discount is actually worth it—there’s a big difference between a cash credit each month and a percentage discount on your rate, much like whether it’s across Your usage, or usage and supply charges.
Don’t forget to take action: conserve energy to reduce annual power prices
It should go without saying that one of the best ways to save on electricity costs over the long-term is to compare electricity rates and seek out the cheapest electricity company near you. Once you have locked in lower rates for your electricity bill, you can do your part to save energy at home in order to benefit the environment and reduce your annual power bills even further.
Most homeowners don’t realise that one of the biggest expenses on annual energy bills is the cost of heating and cooling a home. As an example, a city like Melbourne is known to have dramatic fluctuations in temperature, depending on the season, ranging from scorching hot summers to freezing cold winters.
If you take the time to make your heating and cooling more efficient, you can reduce your electricity usage in both hotter and colder weather to significantly cut down on expensive power prices year-round. Consider these helpful tips to save energy and keep your home at the right temperature more efficiently this year:
When it’s cold
- Re-insulate doors and windows to prevent heat from escaping from your home.
- Close off all unused areas of your home so that extra heat isn’t wasted to heat rooms that aren’t in use.
- Draw blinds and curtains to keep the heat in.
- Change the blade rotation on ceiling fans in the winter to push rising hot air down to better heat a room.
- Take shorter showers. It might not be fun during a cold winter, but since up to 33% of your yearly energy usage is consumed by your hot water heater, taking shorter showers and installing a low flow showerhead could save you up to $105 on electricity each year [1].
In summer
- Make the most of our beautiful Australian weather and take advantage of natural methods to cool your house. Close your windows, blinds, and curtains during the hot summer days to keep the sun’s heat out, and open them up when the sun goes down to let in the cooler evening air.
- Instead of using the air conditioner, use your fan instead. A fan ends up being around 80% cheaper to use, which can help you save up to $200 a year on your electricity bill [2]
- If you do end up needing to turn on your air conditioner, don’t set it too low.
- The same goes all year round. Keeping your house at a comfortable temperature year-round could reduce your energy consumption for heating and cooling.
- Dry clothes outside instead of in the dryer. We’ve got lovely weather in Australia, so why not make the most of it? Drying four loads of laundry outside, instead of using your dryer, can reduce your electricity bill.
Try and save energy all year round
- Remember to turn off any lights in your home that you don’t need on. It sounds obvious, but this will play a large part in saving energy and reducing your use. Leaving unnecessary lights on leads to unnecessary costs, so only have the light on for the room you need to be in. Switch off and save.
- Turn off any non-essential appliances at the wall, instead of leaving them on standby mode. Appliances like computers, TVs, dryers, washing machines, microwaves, kettles, and even phone chargers are making a big dent in your power use, so switching them off at the wall, or unplugging entirely, will save you dramatically.
- The average four-person Australian household can comfortably survive on one fridge, so a second fridge is just a power-drain. Older fridges use anywhere from two to three times more electricity than newer, energy-efficient models.
- Running high-draw appliances like the dishwasher or washing machine during off-peak times means you’ll be charged less for your use. So find out what hours your retailer considers to be off-peak, and do your washing or wash your dishes then.
You can start small by conserving energy in both hot and cold weather to reduce expensive power prices by hundreds of dollars a year. As you can see, it’s as simple as turning off a switch.
If you happen to live in a state with full retail competition, then you’re in luck. You can exercise your freedom of choice by choosing a cheaper electricity retailer in your area to reduce expensive power prices each year.
This is timely news for Australians nationwide who are taking a financial hit as electricity prices continue to fluctuate.
In light of energy prices making waves throughout Australia, you can take matters into your own hands and potentially save on annual energy with a quick electricity comparison today. ElectricityWizard will compare apples to apples to help find the best electricity company for you so you can reduce your power prices each year.
Want to see if you can get a better deal on your electricity plans?
At Electricity Wizard, we do all the hard work for you. When you call us, we’ll compare your rates and plans those available from our panel of retailers and help you select a great deal. We are here to help you cut down costs and meet any other criteria you may have. Best of all, our service is completely free – so what do you have to lose?
Call now on 1300 763 462 and speak to an energy specialist who will help you find a deal to better to meet your needs.
[1] https://www.smh.com.au/lifestyle/cut-your-power-bill-painlessly-20111123-1nujw.html
[2] https://www.canstarblue.com.au/appliances/ceiling-fans-or-air-conditioning-the-pros-and-cons/
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