Compare Electricity Prices
Post on June 12th, 2015
ElectricityWizard has designed a helpful, accurate electricity comparison service as a completely free solution for homeowners and renters hoping to compare electricity prices to save money on rising utility costs.
When you compare electricity prices to choose a cheaper electricity retailer in your area, you could take advantage of the following benefits:
- -Save hundreds of dollars on expensive electricity rates each year.
- -Reduce annual power prices in just 5 minutes of your time.
- -Rely on expert guidance from our skilled customer service representatives with a free service.
- -Compare leading electricity retailers near you with an unbiased third-party quote.
ElectricityWizard makes it easier than ever before to compare electricity prices to potentially put hundreds of dollars back into your bank account each year. Simply fill out the form below or call us directly at 1300 359 779 to save on annual power prices in just 5 minutes today!
How to compare electricity prices
While we’ve tried to make it as easy as possible for you to compare electricity prices, it helps to know a little background first. This will give you an idea of why cheaper prices on electricity and gas are available, and what you can do to make the most of them.
It all began with the deregulation of the energy market in Victoria, New South Wales, South Australia, and Queensland. When the different State Governments removed their restrictions on energy pricing and competition, this opened the gates for new energy retailers to enter the market.
New companies sprung up, each offering different plans, pricing, and services.
With the current level of competition now available, as a consumer, you now have the power to be much more selective about who you go with for your electricity, which means you have the opportunity to find the cheapest rate for your home or business.
So what are you being charged for by these companies?
Understanding your charges
Your bill is made up of two main costs: your usage charge (the cost for the electricity you use), and your supply charge (the cost for your electricity supply itself).
The usage charge is essentially how much electricity you use, and is made up of peak time and off-peak-time electricity usage charges (charged in c/kWh), and “service to property” fees. The service to property fee is the cost of getting electricity to your home.
As the usage fee is set by the retailer, this means it will change depending on who you choose, so this is where you can save money when shopping around and compare electricity deals in the best way possible.
The supply charge is what you’re paying to connect to the electricity grid. This cost will usually stay the same each bill unless your supplier changes their fee. When shopping around, keep in mind that if the retailer you’re looking at is charging a cheaper usage fee, it’s likely they’ll offset this with a steeper fee for your power connection.
So which plan should you choose? This is up to you, but it helps to understand the type of plan you’re getting.
When comparing plans, the two types you’ll most likely find are standing offers, and market offers.
A standing offer is a basic electricity package, a default offer with a minimum set of terms and conditions that usually follow the rules set by your State’s government. These type of offers tend to be leftovers from the pre-deregulated market.
Offers like these are available to give everyone the opportunity to access electricity services.
Remember: The price will be set by the retailer, and you’ll usually find them to be more expensive, as they aren’t covered by any discounts or special offers. For a better deal, it’s in your interests to look at a market offer.
A market offer is where electricity suppliers vie for competition. All the terms and conditions, rates, features, discounts and more are set by the retailer. These market offers are where you’ll most likely compare rates, and you’ll be able to start saving.
Keep in mind, though, that even with electricity supply you have to make sure you’re getting the best value for money. The cheapest rates might not necessarily provide the best service and vice versa.
With so many options available to you these days, it can start to feel like it’s all too much. That’s where we come in—we want to make it easy for you. So you can make a decision easier, we recommend you get a pen and paper, find your last few electricity bills, and make a list of what you’re looking for.
Here’s how you can easily compare retailers.
Comparing electricity retailers
Your electricity plan is a long-term relationship, so you want to make sure it works out. Start by determining what matters to you.
Would you prefer that your electricity provider is locally-owned and operated? Does having a portion of your electricity come from environmentally-friendly energy sources matter to you? Whatever your preferences, there’s an electricity provider out there that’s sure to fit your criteria, so look around, and see what they’re saying.
Once you’ve worked out what’s important to you from a business point of view, have a look at your recent energy bills. Check to see if your usage as changed drastically, or if it’s stayed the same. What does the trend look like? Knowing what your electricity usage is can help you choose a plan that is more suited to your needs.
Now let’s have a look at the plans that are on offer. Here’s what you should look at when comparing rates:
- Know what type of plan you’re getting – When it comes to plans, you’ll generally find two types available, fixed rate plans and variable rate plans. A fixed rate plan fixes the usage rate for the term of your contract, so it’s always going to be the same. A variable rate plan means your rate will change based on the current wholesale energy prices—so if wholesale energy costs rise, so too will your rate.
- Terms and conditions – Reading the terms and conditions carefully before agreeing to anything have never been as important as when looking at your electricity plan. Check to see what each one says about their rates, tariffs, or fees. Make sure you know exactly what you’re getting into, and so you won’t get charged with any surprise fees or rate changes at some point in the future.
- Matching rates – Given the competition available in the market, electricity suppliers want to get your as their customer, so a lot of them have the option of matching, or even beating, rates set by their competitors. Ask if they’ll do this when you’re looking. This enables you to get a better rate, with a supplier that suits your needs.
- Discounts – A lot of suppliers will also offer discounts as a way to make their plans sound more enticing. Whether it’s for something as simple as paying your bill on time, for setting up an email correspondence, or organizing direct debiting for your bill, check to see what they have on offer and see how you can save even more. But make sure you know what’s being discounted—there’s going to be a difference between a discount on your whole bill, as opposed to your usage rate.
It’s best to look around and compare your rates every 12 to 24 months; this lets you stay on top of the competition, seeing where you could be saving, and even take advantage of new technology that’s come into the market.
As well as comparing your electricity rates, there are other things you can do to help reduce your energy bill, and reduce your environmental footprint.
Energy ratings on appliances could save you money on annual electricity
The first and most important step to take is to make sure you are paying one of the most competitive electricity rates is by comparing and making the switch with our free electricity comparison service. From there, you can do your part to reduce your household energy consumption to benefit the environment and cut down your annual power bills even further.
Energy rating labels have been used to rate the efficiency of household appliances in Australia for more than 20 years. Thanks to backing from the Australian Government, energy rating labels are receiving more recognition to promote greater consumer awareness so that each household can make educated decisions when purchasing energy-efficient appliances.
One of the most popular energy rating systems used for consumer electronics is in television sets for the home.
The Australian Government joined together with leading television manufacturers to introduce voluntary energy-efficiency labels for TV sets in 2008. The Commonwealth continues to work on a state-by-state basis to implement new regulations that will govern energy labeling with minimum energy performance standards for all television sets, in effect as of October 2009.
Given the fact that one in four Australian households buys a new TV set each year, televisions represent the fourth-largest electronic device used in homes after hot water heaters, refrigerators, and household lights. If televisions continue to increase in popularity, their energy consumption could double refrigerator use by 2020!
If you’re in the market for a new TV, think twice about its minimum energy performance standard before making a purchase. Checking an energy rating label on a television will determine its energy-efficiency based on a star rating system, its kilowatt-hour use per year, its total running costs, and its greenhouse gas emissions—enabling you to save money and benefit the environment by making a smart consumer purchase.
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 a great plan for you. 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?