New South Wales is the largest electricity market in Australia that serves 3 million homes and 350,000 businesses. There are three different electricity networks that operate across New South Wales: Energy Australia, Country Energy, and Integral Energy. All companies are government owned.
For this reason, the New South Wales government, working in partnership with IPART, sets maximum electricity prices for what can be charged through regulated price plans on a yearly basis.
Electricity companies in New South Wales can charge below or above these average rates if customers are on market contracts, although this occurs very rarely. Most electricity retailers in New South Wales use government regulated prices as their standard prices and offer discounts in addition to attract customers.
Customers are charged for electricity on a fixed supply charge at cents per day plus usage charges at cents per kilowatt hour of electricity used. The more electricity that is used, the more a customer will be billed in usage charges.
Prices for electricity will differ drastically depending on where a customer lives in New South Wales. Customers that live in Sydney and its suburbs often have lower supply charges per day and lower usage prices per kWh than customers living in rural areas. The reason being is that it costs less to supply electricity to homes within the city compared to homes in the country.
Electricity prices can also vary depending upon the type of meter that is installed in a home. Most homes use a single-rate meter, which enables the customer to pay the same price per kWh no matter what time of day they use electricity. Other households use off-peak meters for certain appliances like storage heaters and hot water heaters; these meters only supply electricity at night at a lower price for total usage.
Cheapest Isn’t Necessarily the Best
While getting the cheapest price would be ideal, the cheapest electricity rates don’t always guarantee that you will get the best service. For the best of both worlds in cheap rates from a top-quality electricity supplier, use the criteria listed below when searching for a supplier:
- Terms and Conditions – Make sure to compare rates, tariffs, and terms and conditions from supplier to supplier before switching.
- Rate Increases – Electricity suppliers can change their rates with only 28 days’ notice, meaning that your electricity bill could vary significantly from month to month. This is why it is imperative to look for a company that can cap rate increases so that you can rest assured that your cheap rate will remain secure in each billing cycle.
- Match Rates – Ask the electricity supplier if they are able to match or beat guarantees from other suppliers. This will ensure that you get the best deal from a dependable supplier that you can trust for the long-term.
It is recommended that you change suppliers every 12 to 24 months to take advantage of the best rates and the newest technologies.
Compare Rates Quickly and Accurately!
ElectricityWizard has a free call back service that will advise you if there is a better electricity plan released at any time. This service will keep you constantly updated with the best rates and discounts from our range of preferred energy suppliers in your area so that you never have to worry about wasting money on your electricity bill.
ElectricityWizard is based 100% in Australia and will deliver you the latest, most up-to-date comparison of rates, contract terms etc. We compare what you have now versus the best offers from our network of preferred energy suppliers. We do this to help you get a deal more suited to your needs. To compare your home or business electricity rates, call ElectricityWizard on 1300 359 779 today!