Compare Electricity Providers and You Too Could Reduce Annual Energy Expenses

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Compare Electricity Providers

Post on June 12th, 2015

Looking to compare electricity providers? You are not alone! More and more Australians are beginning to realize how simple it is to compare and save on expensive electricity rates.

When you take just 5 minutes to compare electricity providers near you, you have the opportunity to reduce your annual energy expenses by potentially massive amounts.

It really is that easy.

Simply input your information in the form below or call us directly at 1300 359 779 to speak to one of our energy savings experts.

We will provide you with a free, accurate quote available at no obligation to you. If you decide to make the switch to a cheaper electricity retailer, we will make the transition as smooth and seamless as possible; with minimal paperwork and no red tape all in just a few minutes of your time. Saving money on your electricity bill has never been easier.

How to compare electricity providers and save money.

The even better news is that you’re in a pretty good situation when it comes to electricity providers. The deregulation of the electricity and gas market in Victoria, New South Wales, Queensland, and South Australia, and Queensland meant the removal of the Government’s rules and regulations on the cost of energy, which opened the door to new companies entering the market.

And enter they did, with anywhere from 10 to 30 retailers now available in different States. This wave of competition has put the power back into the hands of the consumer—you—and means you have the opportunity to look around and compare electricity plans to find a plan and a rate that suits you.

What you get charged for

So you can get an idea of what really makes a saving, it’s best to first understand how your bill works.

Your electricity bill comprises two key costs: the charge for the electricity you use (your usage fee), and the charge for being supplied with electricity (your supply fee).

The usage fee is made up of how much electricity you use. This is what your retailer charges you, and takes into account peak time and off-peak-time electricity usage charges (charged in c/kWh) and a “service to property” fee.

The service to property fee is what you’re getting charged to have electricity at your home. The retailer sets the usage fee, meaning the cost can change depending on your retailer—and this is where you can compare and save.

The supply fee is what you get charged to connect to the grid. This cost usually stays the same, unless your retailer decides to change their pricing. It’s important to keep this fee in mind—if your supplier has a surprisingly cheap usage fee, they’ll usually offset this by charging higher for you supply this is why compare electricity providers can make a serious difference in your overall budget.

So how do you know which plan to choose?

Understanding your plan

When comparing electricity plans there are two types of plans you’ll generally find: a standing offer, and a market offer – that’s why compare electricity providers it’s so important.

A standing offer is a generic, basic electricity package, a default offer with a minimum set of terms and conditions which will generally follow the rules set by your State’s government. These are usually legacy offer, left over from the pre-deregulation days.

Standing offers like these are made available to give everyone the opportunity to have access to electricity. While the rate will be set by the retailer, the price will usually be higher, as they won’t be subject to any discounts or offers that help to soften the charges.

A market offer is where you can start to save: market offers are set entirely by the retailers. All the terms and conditions, rates, features, and discounts are designed to entice you in as a customer. Looking at market offers is where you can compare plans and rates, and where you’ll be able to save.

Like most other things, you want to make sure you’re getting value for money, so keep in mind that the cheapest rates might not necessarily deliver the best service, and vice versa.

So now you understand what your provider is charging you for, let’s look at what how you can compare retailers against each other. Find your previous couple of bills, grab a pen and some paper, and let’s get started.

Here’s how we recommend you compare electricity providers.

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Comparing electricity providers

You want your electricity plan to not only deliver savings, but also feel right, so it’s important to find a company that matches your values.

Think about what you want from a retailer; are they locally-owned and operated?

Are they sources their energy from greener sources?

Whatever your preferences, with the competition available there’s bound to be a company that fits with what you believe.

Once you’ve worked out what sort of company you want to go with, have a look you’re your previous energy bills. Has your usage remained reasonably steady, or does it fluctuate? Is there a trend? Knowing your general energy usage is important when knowing how to choose the type of plan that will deliver you the best savings.

Now comes the fun part: comparing plans. Keep these important points in mind when comparing electricity providers and their offers:

Know the type of plan you’ll get – On the whole, there are two types of plans you’ll find, fixed rate plans and variable plans. A fixed rate plan means you’ll be charged the same usage rate throughout the lifetime of your contract. A variable rate plan means your rate can change as dictated by wholesale energy prices—so if energy prices rise, so too will your rate.

So if you prefer the comfort of a fixed fee, go for a fixed rate. However, if you feel like a change in energy prices isn’t going to make much of a difference to your bill, you can roll the dice with a variable rate.  Things to consider when you compare electricity providers.

 

  • Terms and conditions – It might sound boring, but make sure to read the terms and conditions of the plan you’re looking at, so you’re aware what you’re getting yourself into. See what each plan has to say about their rates, tariffs, or any fees. Knowing exactly what’s involved means you’re less likely to find any surprise fees or rate changes coming at you in the future.

 

  • Can they match rates? – Your electricity provider wants to get you as a customer, so they’ll try and stay as competitive as possible. This means that a lot of providers are willing to match or beat, rates offered by other companies. It doesn’t hurt to ask the question, and doing so gives you the opportunity to get a better rate with a company that you’d prefer to go with.

 

  • Are there any discounts available? – Much like price matching, you might also find that your supplier has one or more discounts on offer, as a way of making their plan more competitive. Whether it’s a discount for email correspondence, a discount for direct debit setup, or even for just being a good customer and paying your bill on time, have a look and see what discounts are available to you.

 

But make sure you know the conditions—there’s a difference between a discount on your usage rate and one over your whole bill, and make sure there are no clauses that can see your discount removed without warning.

In order to get the best rate on your electricity bill, we recommend that you compare your plan every 12 to 24 months. This lets you stay on top of what’s going on in the market, allowing you more flexibility, and the opportunity to save more.

But that’s not all you can do to help yourself reduce your bill. By making a few simple changes around your home, you can go greener, save energy, and reduce your utility costs at the same time.

Make sustainable choices at home to save even more on annual energy

Besides making the switch when you compare electricity providers to find cheaper rates, you can take an important step in the right direction by making sustainable choices at home to benefit both your budget and the environment at the same time.

Since lighting use represents roughly 12% of energy consumption in each household, the Australian Government has decided to target lighting alternatives to bring awareness to the need for energy-efficiency at home.

As a result, the government has made a move to phase out inefficient incandescent light bulbs given the fact that energy-efficient lighting alternatives like compact fluorescent lamps use just 20% of the electricity to produce the same amount and quality of light.

To break it down further for you, this government phase-out of incandescent light bulbs will yield great savings for each household that makes the switch to energy-efficient lightings, like compact fluorescent bulbs.

Making the switch and when you compare electricity providers, will save the average household roughly $50 per year in electricity bills. On top of that, it will greatly reduce carbon emissions and contribute to the solution to global warming.

On average, compact fluorescent lamps (CFLs) cost more than incandescent bulbs at roughly $3-$6, but they offer significant energy savings that make them a wise investment in comparison. Although the price tag may be higher for the initial purchase of CFLs, households will save more in the long run with lower electricity bills.

While the government doesn’t have the power to mandate the use of compact fluorescent lamps, they are continuing to consult with the lighting industry to provide greater access to energy-efficient lighting alternatives. This simple step will reduce electricity consumption throughout Australia and help to provide homeowners with easier ways to reduce your energy use, and save on expensive electricity rates state-to-state.

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. A plan that will cut down your costs and meet any other criteria you may have. Best of all, our service is completely free; so what do you have to lose?

Try us today! Call Electricity Wizard now on 1300 359 779 or fill out your details below to have one of our comparison specialists help you get a better deal on your energy bills starting today!

 


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