*This is a collaborative post.
If you haven’t checked your energy plan in a while, you should do it as soon as possible. Energy plans tend to change over time, and offers and discounts offered while connected will expire. How do you know if you’re paying too much for energy? The answer lies in regularly reviewing your energy plan.
In Australia, where energy costs have skyrocketed over the past few years, it’s no surprise that a majority of Australians say electricity bills are one of the biggest household expenses.
The start of a new year is a great time to take stock and determine if your energy needs are still within budget. The fact that you’ve been loyal to one supplier doesn’t help when it comes to the energy bills you pay. But before making the switch, you should contact your current energy provider and check if you can get a better quote from them. Most energy providers want to keep their customers and therefore may offer you discounts or offers that may not be available to customers currently.
However, if you want to ensure you’re getting the best price, you’ll need to do your homework and look for what’s available. Here are a few things to keep in mind as you start shopping for a new energy plan.
Under the energy regulator’s rules, utilities are required to tell customers if they have the option to switch to a better plan. This year, it’s starting to show up on energy bills in many states and territories. However, you can still view and compare different providers and their offers.
Check if you can switch
A common time when everyone wants to change their energy retailer is when they move. If you buy a new home, you can definitely switch providers. Many realtors recommend certain providers, but you are under no obligation to use them. Even if you are renting, you have the option to switch providers as long as there is a contract between you and the provider.
If you live in a multi-unit complex, you are free to choose your electricity and other energy retailers as long as they are willing to quote.
Learn about your current plans
Review your past bills to determine your rate, which includes daily supply charges and general usage dates. All the terms may seem confusing at first, and it can be difficult to decode. But basically, you will choose one of the ones discussed here.
· General usage rate means you pay the same rate every time you turn on the power
· Time-of-use electricity price refers to the change of electricity price at different times of the day, including peak period, off-season and peak period
· A multi-unit or collective usage rate means you pay one rate for the first portion of usage and a different rate for the following portions
· Some residential plans now include a ‘demand tariff’, which is an extra charge on top of regular usage charges based on how much stress you’re putting on the grid at a given time
Additionally, you may have a “controlled load” rate associated with specific equipment that only operates during off-peak hours.
compare plans
The best way to choose a new provider is to compare your current plan with other plans. Electricity providers are required to publish a “fact sheet” for each retail scheme they offer.Also, if you Compare Electricity in NSW For the different providers, you will see the rates, terms and extras associated with each provider.
Available plans vary widely based on the location of the property and the electric dealer that serves the area.
last step
If you find a better deal, reach out to your current provider to see if they can match or beat it. If they can’t, now is a good time to double-check any exit fees you have to pay. If you decide to switch, you must contact the new provider directly. Depending on your retailer, distributor, and the billing cycle you’re on, the process of changing providers can take up to three months. Usually faster if you have a smart meter installed.
