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Post on July 19th, 2022
Our guide to doing an electricity comparison
While Electricity Wizard can do the heavy lifting for you, you might be one of those people who prefers to do the research themselves. We don’t blame you—we love that stuff! So if you’re playing along at home, here’s how we would go about doing an electricity comparison to reduce your electricity bills.
How to compare electricity plans
To start with, dig out your last couple of electricity bills and find out how much electricity your household has been using. You can find this information on a couple of pages.
You’ll usually be able to find an electricity consumption graph here, which most suppliers include in your bills. This will help you compare electricity plans as it shows the amount you’ve been using in your household for that billing cycle, and what you’ve used for the year to date.
Using this graph, you can compare electricity plans by determining your (rough) electricity usage habits: when you use the most; electricity, whether your use is going up, down, or staying the same.
This is also where you’ll find out what you’re being charged for your bill. When you compare electricity plans, you’ll see that your charges are made up of a couple of different things:
- Kilowatt-hour usage: This is the basic rate for electricity that you’re getting charged, and is usually listed in kilowatt-hours (kWh), or sometimes as “units”.
- Supply Charge: This is the fee that you get charged to stay connected to the electricity grid. It can also be listed as a “service to property charge”, and you’ll see that you get charged at cents per day.
- Network Charge: There could also be an extra charge on your bill, the network charge or distribution charge, which is a little something you might be required to pay to help provide maintenance for the electricity poles and wires in your area.
The other important factor that determines what you get charged is your tariff. This is the pricing structure that your electricity plan comes under, and there are a few common types you might come across when you compare electricity plans:
- Single rate tariff. This tariff sees you charged at one set rate per kilowatt hour, regardless of when or how much electricity you use.
- Time of use tariff. A time of use tariff means you get charged at different rates depending on when you use your power. Obvious, we know, but this is where the terms “peak” and “off-peak” come into effect—peak hours, are usually during the day and into the early evening and are charged at higher prices, and off-peak hours tend to be overnight and earlier in the morning, and are lower.
- Controlled load tariff. A controlled load tariff is a specific meter for larger, single-use appliances, like your pool pump or your electric hot water system. These appliances have their own tariff, that gets charged independent of your regular tariff, and you can have more than one controlled load operating at your property.
So that’s what you’re getting charged for on your bill. Now it’s time to put this information to use, and compare electricity plans to see what you’re currently getting charged against what other companies are offering. You might be surprised.
- Have a look at what each company is charging. It sounds obvious, but it pays to make note of what each supplier is charging per unit, what tariff you’ll come under, your supply charge, and other fees that make up your bill. The more information you know, the more informed a decision you can make.
- Have a look at the length of the contract. You want to make sure you’re not only signing on for one year when you were looking to be in it for the long haul, or vice versa.
- Is your supplier going to increase their rates in the near future? While a lot of suppliers tend to keep their rate rises in line with the cost of living (although we all know how that’s going these days), there are some that say they don’t cap their rate rises. If you come across a plan like this, we recommend digging a little deeper, as this could mean that the supplier is planning to increase their rates in the near future—and you’re after a saving here, not a higher rate.
- Do they charge any fees for disconnection, moving house, or breaking contract? Organising a disconnection, let alone moving house, is stressful enough as it is, so you don’t want to find down the track that you’ll be charged a big fee for it. You also want the comfort that you’re free to change contracts if it suits you, so check this one too.
- What payment options do they offer their customers? You might like the convenience of having your bills debited directly from your account, or you might prefer the satisfaction of paying each bill via Bpay—whichever you prefer, check to see that your supplier offers that. You don’t want to sign up to a new contract, only to find that they still only accept cheques!
- Can they offer you any discounts? It sounds cheeky, but that’s the way the market is going—with the amount of competition around today, suppliers are doing what they can to entice you in as their customer, so why not play the game? You might be able to get a discount on your rate, or even some movie tickets, or something like that to sweeten the deal.
- But if you do get a discount, make sure you know what it’s a discount for. There’s a significant difference between a monthly credit, a discount on your usage rate, and a percentage discount off your entire bill. Check to see you know what your discount is for, before you sign anything.
- Can they match—or beat—rates set by their suppliers? Again, here’s where the competition on the market works in your favour. Asking if the supplier you’re looking at is willing to match or beat rates set by their competitors can see you get a better deal, with a supplier that you actually like.
Okay, so we admit that it might sound like a lot of work. But it’s worth it to compare electricity plans in the end. If doing in-depth research isn’t entirely your thing, then we can help you out with that.
Compare Electricity Plans and prices to find a good deal
Both residential and business users can save money by comparing electricity plans to find a cheaper retailer. If you are looking for a new connection or just hoping to find a better deal on your existing power prices, Electricity Wizard is happy to offer you a free, no-obligation electricity comparison.
We’ll talk with you about your electricity needs, compare your current electricity bill with a range of other electricity companies, see if there’s government rebates or concessions that you’re eligible for, and let you know what discounted electricity prices are available in your area.
With the rising cost of electricity, comparing available plans to find the best deal or lowest kilowatt hour rate is the easiest way to reduce your power bills. If you need help comparing the price of electricity and gas in your area, contact us. In one quick, 5 minute phone call we could find you much cheaper electricity prices.
Electricity Wizard has access to the range of discount market prices in Queensland, New South Wales, Victoria, and South Australia. For specific information on comparing electricity prices in your state, contact Electricity Wizard on 1300 763 159 or click the links below.
How does an electricity comparison work?
Electricity Wizard is an energy broker that works with leading electricity and gas companies to get the latest information on discounted rates and special offers. We stay up to date with changes in the electricity industry, so we always have our finger on the pulse when cheaper prices or better energy plans become available.
Because the wholesale price of electricity is constantly changing, retail prices also fluctuate. Electricity Wizard can help you compare electricity plans to find out which retailers offer fixed-price contracts, or keep their prices low. The Australian Energy Regulator’s quarterly average spot prices show how much the cost of electricity varies according to season, and the recent price increases in each state.
As well as comparing plans to find the lowest usage rate and daily supply charge for you on our panel. Electricity Wizard will also compare payment options, billing methods, tariff options, bonus discounts, and any other terms and conditions. Our skilled customer service representatives will walk you step-by-step through the comparison process to find lower rates available on the market, helping you save money on your power bills.
An Electricity Wizard energy expert will discuss your current and seasonal electricity and gas usage by comparing your current bill with discounted offers to let you know how much you would save by switching to a different supplier or updating to a new plan.
We compare electricity plans on our panel to match a range of criteria from the lowest price for electricity, to the plans with the best green rating for sustainable electricity generation. If you like the sound of a bonus pay on time discount, or want to find a plan with flexible payment options, Electricity Wizard can help.
If you place a premium on environmentally sustainable energy choices and would like to find an electricity plan from a company whose values match your own, Electricity Wizard can provide details on the environmental performance of electricity retailers in your state.
In 2020, electricity companies with stand-out environmental achievements according to the Green Electricity Guide include AGL for ‘most improved’ following their move away from fossil fuels, and Powershop, who ranked #1 overall for their Green Energy ranking.
Reduce your Yearly Power Bills and Benefit the Environment
Once you’ve taken advantage of an electricity price comparison and have switched to the best deal or cheapest rate, then it’s time to take a few extra steps to reduce your bill and save money.
Reducing your yearly electricity costs doesn’t have to stop at finding the cheapest price. Many homeowners who have compared electricity prices to get the lowest price have also benefitted by making simple lifestyle changes to reduce energy use around the house.
Electricity Wizard is committed to helping you pay less for your energy. While the first step in saving money is switching energy plans, we also have some practical advice to help you reduce your energy consumption as well as power saving tips for homeowners.
Simple ways to reduce your electricity usage includes turning appliances off at the wall, using smart powerboards, replacing outdated appliances with energy-efficient alternatives, installing a solar hot water heater, and insulating your home.
Don’t stop now – Compare electricity plans regularly!
Once you’ve switched to the cheapest electricity plan and reduced your energy usage, the next step to keeping your electricity costs as low as possible is keeping an eye on the energy market to make sure you continue to get the best rate. Comparing rates and plans at least every 12 months will ensure you always get the best price for your energy. It never hurts to compare electricity plans more regularly if you think you could be paying too much or if your circumstances change.
Electricity Wizard 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 new discounts and the best rates on our panel for your area and tariff type, so you never have to worry about wasting money on your electricity bill.
Electricity Wizard is based 100% in Australia and will get you the latest, most up-to-date comparison of which electricity suppliers are better suited to meet your needs. To compare your home or business electricity rates, call Electricity Wizard on 1300 359 779 today!
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