The real cost of loyalty to energy suppliers
If you have the set-and-forget approach to your energy bills, you could be paying too much. Here’s why it pays to compare electricity and gas suppliers Photo: Getty
Australians are known for their loyalty. But there’s no need to take the concept of mateship into your relationship with your energy supplier, as it’ll probably be a very uneven relationship.
By sticking with your current energy supplier, there’s a good chance you could be paying too much for your electricity or gas. And while rates continue to rise, the government’s Energy Security Board predicts retail electricity prices will drop 7.1% by 2022.
It doesn’t add up.
When it comes to electricity and gas, sticking with one supplier usually costs you more. That’s why even the government’s own energy body encourages people to shop around. And electricityandgas.com.au is one way you can quickly and easily find a cheaper deal.
So why don’t we switch more often?
Well, for one, people don’t pay much attention to their bills. And it’s not like energy companies shout loudly whenever they put their prices up.
Thanks to our set-and-forget mentality, it’s likely your bill will continue to rise. Working from home and chilly winter nights will only compound the problem.
Energy providers count on customers to be too lazy or time-poor to do the research and switch. And it works. After all, spending an evening researching electricity and gas prices isn’t really anybody’s idea of fun.
What’s more, there’s a chance customers who have been with an energy company for years are paying the Default Market Offer set by the government. That’s the maximum a company is allowed to charge. Again, most people aren’t aware of this.
The good news is, companies like Electricity and Gas Comparison can show people how energy prices compare, and help them find a cheaper deal. They do all the hard work – you just enter a few details and they’ll come back with a range of rates to choose from.
We all have to pay for energy, so why pay more?
It’s worth taking a few minutes to compare your energy bills – you might be surprised at just how much you could save.
This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.