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Post on June 12th, 2015
Comparing and making the switch to a cheaper electricity retailer is easier than it has ever been before. It’s no wonder that more than 165,000 Australians have taken advantage of our easy, accurate, and completely free service that lets you compare electricity rates in just minutes. They came to us to find lower prices on electricity and gas rates from coast to coast!
If you’re in the market to save, you could reduce expensive electricity rates just by filling out the form below or calling us directly at 1300 359 779. You can speak to a real, live customer service representative, who will walk you step-by-step through the process to compare electricity rates and hopefully find more affordable prices in your area.
Even if you already have competitive electricity rates, it’s important to remember that the electricity market is ever-changing. The only way to guarantee that you have one of the most affordable rates in your area is to call us directly for a quick price quote at no obligation to you.
Reduce your living expenses with cheaper electricity rates
It’s no secret that a significant portion of your household living expenses come from costly electricity and gas rates, which only continue to rise year after year. If you feel overwhelmed by climbing utility costs, take heart that there is relief in sight.
Because of freedom of choice from full retail competition in most states in Australia, you can now compare electricity rates to attempt to reduce your annual power bill significantly.
How to compare electricity rates
We want to help you make comparing electricity rates easy, so let’s have a look at what’s involved with your bill.
First, let’s have a look at 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 fee is based on how much electricity you use in your household, and comprises 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 pay to get electricity to your dwelling. Your retailer will set the usage fee, so this means it can change depending on which retailer your go with—and this is where you can start to see savings.
The supply charge is the fee you pay to be connected to the electricity grid. This charge usually stays the same over the course of the year, unless your supplier changes their fee structure. When you’re comparing rates, keep this amount in the back of your head. If a retailer is charging a rather low usage fee, then it’s possible they’ll offset this this with a higher supply fee.
These are the two main charges that make up your bill, and what to look out for when comparing plans.
The two types of electricity plans you’ll be most likely to see are known as standing offers, and market offers.
A standing offer is a simple, no-frills, basic electricity package, a default offer with a bare minimum set of terms and conditions, usually following the rules set by your State’s government. These tend to be legacy offers, left over from a pre-deregulated market.
Standing offers are available to give everyone the opportunity to have access to electricity. The price is set by the retailer, and they’ll usually be a little more expensive, as they don’t get any special treatment from discounts or other offers.
A market offer is what you’ll generally be looking for when choosing a plan. The terms and conditions, rates, features, discounts and other details for these plans are all set by the retailer, so this is where they try hook you in with deals and better rates.
Now it’s time to look around at the plans that are on offer. Here’s what to pay attention to when comparing electricity rates:
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- What type of plan is it? – Electricity plans generally come in two forms, fixed rate or variable rate plans. A fixed rate plan sets your usage rate fee for the length of your contract, so it’s always going to be the same each bill. A variable rate plan means it can vary, and your usage rate fee depends on the cost of wholesale energy prices—so if this cost goes up, so does your bill.
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- Check the terms and conditions – It might sound boring, but it pays—literally—to check the terms and conditions when comparing electricity plans. Make sure you understand what each one is saying about rates, tariffs, or fees. It’s important to know what you’re getting into, and check to make sure you won’t get charged with any surprise fees or rate changes in the future.
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- Matching rates – With the amount of competition in the market today, electricity suppliers are most likely going to do what it takes to get you as a customer—and this includes matching, or even beating, rates set by their competitors. So it’s worth your time to ask if they do this, as it lets you get a more competitive rate, and go with the supplier that fits with your needs at the same time.
- Discounts – Also be sure to look into the availability of any discounts. Plenty of suppliers offer reductions for things as simple as setting up direct debit billing, switching to email corresnpondence, or even just paying your bill on time each month. It’s their way of making their plan seem more attractive than the competition, and it works in your favour.But make sure you know what exactly is getting discounted—there’s quite a difference between a discount on your entire bill, and a discount on your usage rate. li>
So you can stay on top of the market and keep getting great rates, we recommend you look around and compare your rates every 12 to 24 months. You’ll be able to see if there are any more competitive offers you could be taking advantage of, and even see if there have been any advances in technology that can make your supply more efficient.
How to save energy and reduce your bill even further
On top of this, the choices that you make around the house each day have a great impact on how much you can expect to pay in each quarterly electricity bill.
For starters, Living Greener by the Australian Government reveals that the energy needed to heat water at home is one of the largest sources of greenhouse gas emissions from the average Australian household. If you focus solely on reducing your water consumption, you can:
- Use less gas and electricity to save money each year.
- Reduce your total environmental impact.
- Proactively manage the negative effect of increasing electricity prices coast-to-coast.
Since the cost for heating water in your home could make up to 25% of your total energy expenses, consider not only the amount of hot water that you use but the type of hot water heating system in your home.
Due to their inefficiency, traditional hot water systems were phased out as of 2010. More economical hot water heating options for your home include solar, gas, or heat pump systems—which will reduce total household energy consumption to cut down your next electricity bill!
Here are some other quick tips to help you save energy and reduce your bill at the same time:
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- Switch appliances like the computer, TV, microwave, and phone chargers off at the wall when they’re not in use
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- Cool your house naturally by keeping your curtains, blinds, and windows closed during hot summer days. This stops the sun’s heat from getting in, and keeps your house cooler. Open up your windows in the evening and let the cool air in.
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- Use the fan instead of the air conditioner. Fans use around 80% less energy than air conditioners, meaning you can save anywhere up to $200 a year.
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- If you do use the air conditioner, set it from 23°C to 26°C in summer, and 18°C and 20°C in winter. Each degree difference in temperature can save 10% on energy use, which adds up over the year.
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- Dry laundry outside. Swapping four loads a week from your dryer to outside isn’t just better for the environment, it can also save you up to $150 a year on your bill.
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- Run larger appliances like your dryer, washing machine, or dishwasher outside of peak energy use hours. This means you’ll be likely to use them less, and receive a reduced energy usage rate at the same time.
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- Switch out light bulbs for newer energy-saving bulbs. These use up to 25% less electricity than regular bulbs, which can mean big savings over the year.
- Only using one fridge isn’t just better for the environment, but can also cut your energy bill almost in half. Older fridges use up to three times as much energy as newer models, so cutting down to one can save you up to $200 a year on your bill. And really—do you need two fridges?
See? It’s not hard to make some simple changes that will deliver you long-term savings.
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?
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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