Energy Comparison: What Aussies need to know
Looking to spend less on your energy bills? It pays to look around. There are potentially hundreds of dollars of difference between the least and most expensive electricity contracts. Australians are getting increasingly savvy about not paying more than they have to. So if you’re looking for the cheapest electricity and gas, look no further! Here’s what you need to know about energy comparison in 2021.
Electricity market madness
Back in July 2018, the ACCC released a damning report on energy affordability in Australia. This report shined the spotlight on a serious and growing electricity affordability problem for residential and business consumers alike. “Unaffordable”, “uncompetitive”, “unsustainable”...none of these are good things. Fortunately, the outlook’s gotten a bit brighter since then. There’s been dedicated policy efforts to reset the National Electricity Market so that Australians can get a Fair Go.
Cheaper gas plans
Comparing electricity retailers has become a hot topic in Australia, but what about gas? Not all gas retailers are the same, so it pays to explore your options. Many retailers offer better deals when you bundle your gas and electricity together. You can also often receive significant discounts when you switch gas providers. So it’s worth making sure you’re getting the best deal.
Default Market Offers and Standing Offers
The enemies of any savvy bill-payer. All electricity service providers must provide at least one standing offer. This includes their prices and some standard T&Cs that apply to all providers; they’re usually higher than market offer prices.
Default Market Offers (DMOs) are the most expensive market offer your retailer provides. Many consumers sign up for a 24-month contract with an introductory discount; after 24 months they’re no longer on that contract and no longer receiving discounts. That means they’re paying more than they have to!
So if you’re looking for a better deal, the way to go is energy comparison! Find your cheapest electricity and gas deals by heading straight to a reputable energy comparison site like Econnex. At Econnex, you’ll find energy plan comparison at a glance, saving you time and effort scouring the web. But keep in mind that you’re not just comparing usage charges or supply charges. You need to carefully read and understand the conditions of the contract! Following these conditions can mean serious savings, and breaching them can lead to bill shock. Yes, it’s a bit boring, but it’s well worth doing. After all, you can save up to $522 on your electricity bill each year! (That’s for the ACT specifically; find info for your state or territory at the AEMC report atAEMC government website).
There are not many other things you can learn about for 10 minutes with that sort of return on investment. So go for it, and get the best deal for you!
