Understanding your electricity bill is the first step in the right direction to saving money each month. Make no mistake that it is important to read through your bill carefully to ensure that you are being charged fairly for your monthly electricity. Better understanding your electricity bill will help you to save money by comparing rates from retailer to retailer to get the best price.
Electricity Bill Terms
- Electricity Supply Address: This information will include the name of the person/company who holds the account, as well as their supply address and mailing address, if different.
- NMI Code: National Meter Identifier code for electricity accounts.
- MIRN Number: Meter Installation Reference number for gas accounts.
- DPI Number: The Distribution Point Identifier number is the same as the MIRN number, although it goes by a different name.
- Supply Period: This will reflect the total amount of electricity, gas, or both consumed in a certain time period.
Here are the basic sections that you will find in an electricity bill:
- Account Summary: This section will list the charges for your bill and any items that have rolled over from your previous billing cycle. For more information, check the back of the bill.
- Late Payments: Underneath the total amount due on your bill, you will find any pending messages that could affect your account, such as late charges on your bill due to late payments.
- Account Number: On the right side of the bill, you will find your account number, the total payable amount for your bill, including GST, and the payment due date.
- Getting in Touch: Here you will find contact information to call for help. You will also find contact information to report a fault under the section titled “Faults and Emergencies”.
- Tax Invoice: This section will show when the data for the bill was generated by the electricity retailer. Payments that are made on or after that date will not be reflected on the current bill.
At the top right corner of the bill, you will also see small messages that include news, tips, and ways to save money on your electricity bill. It is important to always pay attention to these tips to take advantage of potential savings from your electricity retailer.
There are several additional fees and charges that could increase the cost of your bill:
- Service/network charges
- Bulk water charge
- Security deposits
- Fixed water and sewage access charges
- Cancellation/termination charges
- Late payment fees
- Disconnection penalties
- Reconnection charges
- Special meter reading fees
- Credit card processing fees
Get a Better Deal on Your Electricity Bills
At Electricity Wizard, we do all the hard work for you. When you call us, we’ll compare your rates and plans against our preferred suppliers available in your area and help you select the right plan for you to 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?