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Post on June 16th, 2015

Why is Electricity so Expensive in Victoria?

The last few years have seen drastic increases in the price of electricity in Victoria. The necessary closure of the Hazelwood power station in the Latrobe Valley saw energy prices rise throughout the state. In 2017, Victorian residents relied on neighbouring states to boost their electricity supply. Gas-generated power was imported from South Australia, along with black coal-fired electricity from New South Wales.

Australian Energy Market Commission, 2018 Retailer Energy Competition Review

Wholesale electricity prices continued to rise in 2018. Although, thanks to increasing competition in the retail electricity market, consumers who shopped around were able to pay less for their energy.

As more wind and solar generated power becomes available, residents should soon have access to more affordable electricity rates. The ACCC is forecasting large discounts on retail market prices for electricity in Victoria and Melbourne. Customers looking for a cheaper prices for their electricity will need to compare prices in their area and ask for the lowest market offer.

Electricity Wizard has up to date information on all the best deals on electricity and gas in Victoria. We can help you compare the kilowatt per hour cost of electricity being offered by retailers and find the best discounted rates.

Forecasted Electricity Prices

Compare and Switch to the Cheapest Electricity Retailer in Melbourne

The easiest way to save money on energy bills is to switch to the company offering the lowest price per kilowatt hour for actual electricity usage. The Australian Energy Market Commission reported that households in Melbourne could save money on their electricity bills by swapping from the average standing offer to the best market offer in their area.

The 2018 Retail Energy Competition Review found that savings throughout Melbourne and Victoria varied according to the electricity distributors wholesale pricing, however homes on the CitiPower network are estimated at being able to save almost $600 a year on their electricity bills by switching to the cheapest electricity retailer. For the average business customer, the savings are a huge $2,662 a year!

How to Find a Better Electricity Price in Melbourne

Melbourne residents are encouraged to shop around for the right electricity supplier at a lower price. Victorian customers can find competitive retail prices in all local electricity markets compared to other states in Australia.

To help further reduce the amount you are paying each year for electricity, the Victorian government suggests thinking twice about big-ticket appliances that use excess electricity, like air conditioners and big-screen TVs. Sustainability Victoria has a handy website to let you calculate appliance running costs to find ways to save money.

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 the best electricity suppliers available in your area and help you select the right plan. We’ll help you to find the cheapest price or 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 electricity comparison specialists help you get a better deal on your energy bills starting today!

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