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Compare Electricity Rates New South Wales

Post on June 13th, 2015

It’s time to compare electricity rates in NSW, and start saving

Are you sick of paying too much for your annual power? You’re definitely not alone—consumers across the country are all feeling the pinch of increased utility costs. But there’s hope in sight, as we’re here to tell you that saving money on expensive electricity prices has never been easier. When you take just 5 minutes to compare electricity rates in New South Wales, you could reduce your electricity and gas bills by a small fortune each year!

By taking just a few moments to compare electricity rates in NSW, you’ll be able to find yourself a cheaper supplier, and be able to make your selection for your switch, ultimately letting you reduce your power prices dramatically. We are here to put savings back into your bank account each year. You never know, there could be substantial savings out there waiting for you right now!

For an absolutely free electricity comparison, fill in the form below or call 1300 763 849 to speak to one of our expert customer service representatives today!

Here’s why you should compare electricity rates in NSW

If you’ve been feeling like electricity prices aren’t what they used to be, and that you’re now paying more than ever for your energy, then you’re not wrong. In fact, it’s been going on for years. In the 12-month period of 2012 alone, residents throughout New South Wales saw a dramatic increase of 17% in their quarterly electricity bills.

In 2012, IPART, the Independent Pricing and Regulatory Tribunal, released a draft reflecting average proposed electricity price increases for electricity retailers in NSW. These price increases took effect in July 2012 for both home and small businesses, and haven’t seemed to slow down since.

IPART revealed that this shocking electricity price increase was the result of:

  • Increasing network electricity costs.
  • Introduction of the new Federal Carbon Tax.

In fact, roughly 50% of the price increase for electricity in New South Wales was due to more expensive costs incurred by electricity retailers to rebuild and maintain the electricity network to support the growing demand for electricity throughout the state. The other 50% can be attributed to increasing wholesale electricity prices that are forcing electricity retailers to raise their rates due to the introduction of the new Federal Carbon Tax on electricity generator emissions.

That was five years ago, and unfortunately, there doesn’t seem to be any relief in sight. Skip forward to 2017, and we see the same thing happening again—except this time, it’s worse.

Three of Australia’s major energy retailers announced that they would be increasing their electricity rates in NSW by a further 16-19%, state-wide.

For electricity customers in NSW, this meant an increase of on average more than $200 a year on electricity bills. And if you happened to be a small business owner, this spike in electricity prices was even more expensive.

This price rise was blamed on the increase in wholesale energy prices due to the closure of some of Australia’s large coal-fired power stations, and is still seeing consumers facing steep prices today.

It just doesn’t seem fair, does it?

But it’s not all doom and gloom—we’re here to tell you that there is hope in sight. And the good news is that you can start making changes today.

The most important step to take to counteract this outrageous ongoing price increase is to compare electricity rates in NSW. You could start saving money from your very next electricity bill! When you take the time to compare leading electricity retailers in New South Wales to find any cheaper rates available near you, you can reduce your total power prices. That’s right, this is your opportunity to see how much you could save on the cost of electricity.

Here’s how.

How to compare electricity rates in NSW

Comparing electricity rates isn’t hard, it just takes some detective work. So dig out your last few electricity bills, get a pen and paper (or pull up a new document on your computer), and get ready to do some digging.

Here’s how we recommend you start comparing electricity companies and rates, to get a better deal on your electricity bill.

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Understand your bill

It’s important to know how much you’re currently getting charged on each bill, and also what you get charged for. You can normally find this information on the last couple of pages of your electricity bill.

Here you’ll see that your bill is made up of two main costs: the charge from your supplier for the electricity that your household uses (the usage charge), and the charge for having your household connected to the electricity grid (the supply charge).

Together these make up the tariff, or the pricing structure, that your plan falls under. There are a number of different types of tariffs available, but the most common that you’ll find are:

  • A single rate tariff. Your electricity is charged at one set rate, regardless of how much your use, or the times you use it.

  • A time of use tariff. Under this tariff your electricity gets charged at different rates depending on what time of the day it is. Peak times, usually during the day and into the early evening when the majority of households use the most power, are charged at a higher rate, with all other off-peak times charged at a lower rate. This type of pricing structure allows you to be more creative with your electricity use, and save money—and energy–by adjusting your electricity use habits to fits outside of peak hours.

  • A controlled load tariff. This type of tariff applies to single-use appliances that are run off their own individual meter—things like your pool pump, or electric hot water heater, for example. This tariff only applies to that one specific appliance, and you can have several of these types of appliances at one residence.

It might not be immediately obvious, but your current plan may be receiving a discount, or a special rate, and you might not even know it. If you’re unsure, contact your supplier and find out.

This gives you the opportunity to ask them—if you aren’t already receiving one—whether they’d be willing to offer you a discount or even a better rate to stay on as their customer. This is where a deregulated electricity market works in your favour; each electricity supplier wants you as their customer, so you can use this as a bargaining chip with your current supplier to try and get a rate that suits you better. If you’re already looking at making the switch, it can’t hurt to ask!

Know your use

When looking at your bill, you should also be able to find a handy electricity use chart, that tells you how much energy you use. Some suppliers might even break this up into the times of day, or peak and off-peak use.

Compare your latest bill with your last few and see if your use has gone up, down, or whether it’s remained the same. Knowing the general trend of your electricity use, and finding out when you use the bulk of your electricity, can help you determine the best kind of plan for you to be on, for now and for the future.

Compare suppliers

Now that you know what you’re getting charged for, it’s time to compare suppliers, prices, and plans. Here’s what we recommend you look at when doing your research:

  • Work out what type of plan you’ll get – There’s usually two main types of plans around, fixed rate plans and variable rate plans. A fixed rate plan sees you charged the same usage rate through the whole of your plan, whereas a variable rate can see your usage fee change, whether it’s due to a change in wholesale energy prices, or simply at the whim of your supplier. So make sure you know which one you’re getting before you sign anything.

  • Determine your charges and tariff – It might sound obvious, but make sure you know what your supplier is charging you per kilowatt hour, what your supply fee is, and when any different time of use charges come into play.

  • Will the supplier increase their rates? – Most suppliers keep their rate rises in line with the cost of living, but there are some that don’t. If you find one that isn’t capping their price rises, we recommend avoiding them, as this could signal that they’re looking at raising their rates in the near future.

  • Will they charge you for moving house or for a disconnection? – Moving house is stressful enough as it is, without being slugged a fee for it. You also want to make sure you’re free to change suppliers without getting charged for that, either.

  • Are there any discounts they can offer? – Exactly like the situation with your current supplier, your new one may be willing to spice up their plan with a special deal or a discount. It could be for something as simple as switching from paper to email, or for setting up a regular direct debit for your bill.

  • But make sure you know what you’re getting the discount on – Check to see if it’s a percentage discount off your total bill, off your usage rate, or a monetary credit. It’s important to know where you’re getting the discount, to see if it’s actually worth it or not.

  • Is that the best they can do? – With the competition available in the electricity market today, much like with offering discounts, some suppliers may be willing to match or beat rates set by their competitors. Looking into this can allow you to find a supplier you prefer, and get a better deal at the same time.

Asking these questions when comparing suppliers not only demystifies the electricity bill process and lets you know exactly what you’re getting yourself into, but also sees you find the best rates available to you.

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And there are indeed plenty of suppliers to choose from. In fact, there are currently over 30 electricity retailers operating within Sydney and NSW:

So there’s sure to be a supplier out there who fits your needs to a tee.

But if that list started to make your head spin, that’s okay. Researching electricity rates and suppliers isn’t everybody’s cup of tea. It’s definitely doable by yourself, but if you feel like you need some support in comparing rates, that’s where we can help.

Compare electricity rates and fight the power today!

That pun was definitely intended, and we’re here to help you get the power back into your hands. It’s never been easier to compare energy providers than with ElectricityWizard. Call now on 1300 763 849 and speak to an energy specialist who will help you find a better deal to meet your needs.

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