Electricity Rates: Comparing Electricity Rates

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Post on June 16th, 2015

How You Could Get the Cheapest Electricity and Gas Rates for Your Home or Business

Getting a better deal on your electricity and gas bills should for you be a quick and easy way to save money that can be put to better use elsewhere. ElectricityWizard has written a step-by-step guide below to help you find a better electricity rate plan that meets your needs. We work hard so that you can save as much money as possible.Read below to know how to compare electricity rates.

First, you must understand how your current power bill is structured. On the back of your bill, it is broken down into two types of charges.

  1. Kilowatt Rates: Represent the quantity of electricity that you have used during a billing cycle.
  2. Supply Charge: Measured in cents per day that accounts for the fees paid to your local distributor to supply the power, maintain the lines, and read your meters.

Understanding Electricity Rates on Your Bill

On your bill, you will find the electricity rates broken down in the following way:

  1. Peak Rate: Normal power use, e.g. lights, fridge, etc.
  2. Off Peak Rate: Dedicated hot water system.
  3. Shoulder Rate: If using a smart meter.
  4. Supply Charge: Daily fee in c/day.

If you have a Peak Only meter and natural gas, you will not have an “off peak rate” or “shoulder rate”. This depends on the type of meter you have.

Comparing Electricity Rates

Once you have found the rates on the back of your bill, it’s time to start comparing energy rates and plans and tariffs. Here is the best practice:

  1. Determine if you will pay your bills on time. If so, then opt for a “pay on time discount”. Otherwise, only seek suppliers that have flat discounts.
  2. Compare rates without GST and without any discount applied to them first. This will show you what your rates will be if you accidently didn’t pay your electricity bill on time.
  3. Determine how long will you be living at your property. If it is for less than 24 months, then ensure that you have flexibility to cancel your energy plan without fees or penalties when moving.
  4. Get a contract with rate protection. Ask the supplier if they cap their rate increases. (Some do; most won’t.)
  5. If you are speaking with an energy broker or comparison service, make sure they give you a fair comparison. Ask them who they have contracts with and who they don’t.

Take Action: Don’t Put It Off!

Comparing electricity rates in Victoria is a difficult task, and it takes several weeks of training for most electricity suppliers to enable their staff to do it accurately. But there is an easier way. Use an energy broker that does all the grunt work for you and helps you navigate through the electricity maze.

Call 1300 763 708 or Compare Now.

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