Loyalty doesn’t pay, at least not according to this government study.
Find out how the simple act of comparing energy providers can keep you up to date on potential savings.
Since 2015, wholesale electricity prices rose across the National Electricity Market (NEM) by 130 per cent.
The price paid for electricity traded more than doubled, from about $8 billion to $18 billion.
These increases are visible all over the country, with Aussie household bills increasing by up to 20 per cent in 2017 alone.
Despite these findings, the Australian Energy Market Commission (AEMC) has released a new report with shocking figures. In Victoria, an alarming 94 per cent of customers are still sitting on a market offer, followed closely by South Australia on 89 per cent, New South Wales at 83 per cent, Queensland on 81per cent and the Australian Capital Territory on 68 per cent.
If you live in Victoria, you’re probably one of the unlucky majority missing out on the opportunity to take $465 off your energy bill because you haven’t shopped around for a better deal.
Aussie households paid up to 29 per cent more for their electricity than they did at same time in 2016, with Victorians shelling out the largest increase (up to $457 extra on their annual bills) followed by customers in New South Wales and South Australia.
However, an ACCC report has discovered that more customers across Australia are becoming switched on, leaving standing offers behind for better energy deals across New South Wales, South Australia and South East Queensland.
Electricity and Gas is encouraging all Aussies to ask for a better deal. The comparison service allows you access to policies from energy providers across Australia, making it easy to find deals in your area.
With prices on the rise, they think it is about time Aussies get the chance to uncover potential savings.