According to the Energy Users Association of Australia (EUAA), Australians pay some of the highest electricity prices in the world. Their recent report shows that people living in New South Wales, Victoria, South Australia, and Western Australia pay more for monthly electricity than almost any other developed country, excluding Germany and Denmark.
How much is too much to pay for electricity, you might ask? Domestic electricity prices have spiked by 40% since 2007; prices are expected to increase another 30% by 2014. For many Australians, these statistics may be shocking, to say the least.
Fortunately, thanks to the introduction of retail competition, most states in Australia give you the opportunity to choose your own electricity retailer. What this presents for Australian homeowners is the opportunity to freely choose a competitively priced electricity supplier to potentially save a bundle each month.
Benefits of Reducing Electricity Costs
For starters, saving on electricity will provide multiple benefits in addition to saving you money on annual electricity bills. These benefits include:
- Minimizing your carbon footprint.
- Increasing your cash flow to add to your savings account.
- Becoming more aware of other utility usage, including water, gas, and the like.
3 Ways to Save Money on Electricity Costs Today
- Turn out lights every time you leave a room. This may seem simple, yet the effect of this electricity saving tip is astounding. Turning off lights every time that you leave a room – and asking family members to do the same – will drastically reduce your monthly electricity bill by eliminating unnecessary light usage when a room is not in use.
- Unplug idle appliances. In most homes, you could find 20 or more appliances plugged in and turned on at any given time. When you think about it, each idle appliance is wasting money every second that it is plugged into the wall. To make the process easy, plug as many appliances as possible in a room into a power cord that is plugged into the wall. At the end of the day, you can simply turn off the power cord to disable all appliances and save on electricity while you sleep.
- Use an electricity cost comparison service. At ElectricityWizard, we provide a state-of-the-art electricity cost comparison service. You can take advantage of the freedom given to you through full retail competition in the electricity market to compare, to then find and choose a more affordably priced electricity retailer near you. This act alone can potentially save you a bundle on electricity each year.