How to compare and find the best energy plans
If you haven’t reviewed your energy plan lately, there is a good chance you are paying over the odds on each bill.
Can I change providers?
Depending on where you live, you are well within your rights to shop around for a better deal.
If you live in New South Wales, Queensland, Victoria, South Australia or the Australian Capital Territory you are able to change providers.
In Tasmania and the Northern Territory you cannot as there is only one retailer.
In Western Australia you can change providers so long as your current retailer isn’t Western Power. According to the Office of Energy WA however there may not be any other alternative providers at present.
Check your current plan
Before you begin shopping around, check to see whether there are any fees associated with changing energy providers. If this is not noted on your bill you may need to call your retailer to find out. While you’re there, check the specifics of your energy charges and current usage and note these down. Try to look at the last 12 months as you will most likely have different usage depending on the seasons.
What are your current charges?
Take a look at your bills to see how your prices are determined at present. For instance are you charged a flat rate for each kilowatt, or are there peak/off-peak charges. This will be useful to know when comparing plans with other retailers.
Where can I go to compare?
- Visit energymadeeasy.gov.au Australia wide, and yourchoice.vic.gov.au if you are based in Victoria.
- There are also commercial sites that compare plans for you, although they may only look at a selected number of providers.
What to consider before switching
You will need to look at several factors to compare retailers. The overall rate per kWh, any fixed supply charges, what discounts are available such as signing up to direct debit, late fees, length of the contract, and whether you should combine your gas and electricity provider if you have gas too.
How do I change?
If you think you have found a good deal with an alternate supplier, call your current retailer and see if they can match it. If not, double check that there are no fees for exiting your current contract.
Call the new supplier and let them know you want to switch. There will be no interruption to your electricity supply when you move retailers. There is also a cooling off period, so if you change your mind you can simply call up and let them know you wish to cancel the new contract.
Related links:
Understanding the “fine print” on your electricity bill
Tips to save energy in the kitchen
Energy companies charging too much, finds Vinnies report