After traditionally paying among the highest energy rates in the world (1), Australian households are finally in for some relief as electricity prices begin to fall.
But not all energy providers are passing on the rate cuts, meaning consumers need to shop around to get a good deal.
It’s why heading to ElectricityandGas.com.au to compare your energy prices can be a smart move.
They’re up to date with the latest rate rises meaning you can get some serious savings on your household bills in just a few minutes.
If you feel as if your energy bills are going through the roof, then it’s worth seeing what you could save.
The good news, though, is there could be some relief in sight as the Australian Energy Market Commission (AEMC) expects annual residential energy bills to decrease by 7.1 per cent (or an average of $97) by 2022. (2)
Despite this, not all energy providers are passing the same price reductions on to their customers. In fact, while some companies have already considerably slashed their prices, others have hiked their rates up.
For example, one energy provider in NSW reduced their rates by more than 15 per cent, while another increased their prices by more than 17 per cent.
That’s a whopping 32 per cent rate adjustment difference between two energy providers in the same state.
That’s a common story across the country. Rate reductions in Queensland span from a high of almost 18 per cent right down to a low of 2.8 per cent.
Victoria has seen a top rate reduction of almost 10 per cent, while one provider hiked up prices by almost 18 per cent (3).
And it gets worse. If you’ve been with the same energy provider for more than two years, there’s a good chance they’ve automatically moved you from your initial market offer to a more expensive Default Market Offer (DMO).
The DMO is the maximum an energy provider can charge you in certain states. Doesn’t sound fair, right? Well, it’s not.
Even the Australian government is encouraging consumers to shop around (4) to find the best deal.
To do so, simply visit ElectricityandGas.com.au to easily and quickly compare electricity providers, plans and prices to find the best deal available to you.
Energy prices may be on the way down, but that doesn’t mean your provider will come to the party.
You can compare energy companies at ElectricityandGas.com.au to make sure you’re always receiving the best possible rate reductions.
This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.