Australians all let us rejoice, for cheaper electricity! There have been some serious shake-ups in the electricity market in the last few years; what was once branded an uncompetitive, unsustainable market is now… well, somewhat better. With the Government’s big-stick approach to electricity market misconduct and increased competition, cheaper electricity offers are starting to trickle through. But many of us are still on unnecessarily expensive plans. The difference between the lowest and highest plans on offer can be hundreds a year. Market shifts are happening, so if you haven’t checked whether you’re getting your best deal, the time is now!
So, what do you need to know to get the cheapest electricity? Read on.
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Not all electricity plans are created equal (ly cheap)
There’s a lot of components to any electricity plan; usage charges, supply charges, introductory discounts, on-time discounts… and it doesn’t end there. On-peak/off-peak, or fixed tariff? It all sounds a bit complicated, but you can ride this wave. Yes, electricity plan comparison means reading a bit of fine print, but just think of the savings! Also, you don’t need to manually go to every electricity retailer’s website looking at offers; in fact, the figures they show may not be consistent between retailers. Life is a lot easier when you use an electricity price comparison website like Econnex. At Econnex, you just answer a few questions to get quotes anchored on the same estimated per-kWh usage. No need to compare apples and oranges! Econnexalso highlights important conditions of the contract offer, so you can choose an electricity plan that’s cheapest for you. (Not for your neighbour with a rooftop full of solar panels, or your mate who works night-shift and sleeps on-peak. For you. Yay!)
The cheapest plan might not stay the cheapest.
A lot of Aussie consumers sign up for plans with exciting “introductory offers” for the first 12- 24 months. But what happens after that? Where did all your awesome discounts go? Why is your bill so high? All valid questions. The bad news is, for many consumers, after your contract is up, you’re returned to a Default Market Offer. That means you’re no longer on contract; but also that you’re missing out on the discounts that you’d be offered for re-signing. In the meanwhile, there are so many shake-ups in the energy market nowadays. So it’s better to make sure that what they’re offering is worth re-signing onto in the first place. Is there a cheaper electricity plan out there that would work well with how and when you use your power? Then, all power to you – go grab that deal!
Want to know more? Mosey over to Econnex’s great feature article on what to know to get your cheapest electricity. Your wallet will thank you!
