The COVID-19 pandemic has meant many Australians have spent more time at home. That means we’re using more and more electricity**. The result is many of us are in for a nasty dose of bill shock.
Or does it? The Australian Competition and Consumer Commission (ACCC) says consumers who shop around to find the best deal could save up to $219 per year*. Now we’ll tell you just how you can save on your energy bills.
The latest ACCC data shows electricity prices are on the way down*. On average, standing offer customers paid 4.4 per cent less in 2019 than the previous year. Default market offer (the maximum an energy provider can charge you) rates even dropped 3.5 per cent.
But Australian households aren’t necessarily seeing these savings.
One reader of over 50s magazine Your Life Choices said their electricity provider had charged $145 more for the same two-month period in 2020 than in 2019.
Another reader wrote that their energy supplier had increased its peak rate by around 3 per cent and its off-peak rate by a whopping 47 per cent. That’s completely at odds with the ACCC report.
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So where are these savings?
The report’s conclusion was quite simple: we need to shop around. The government watchdog said that comparing electricity suppliers could save households up to $219 per year.
In other words, if your electricity bill isn’t dropping, you’re paying too much.
Customers who haven’t switched energy suppliers in the past two years could now be on a high tariff – and paying much more than they need to.
Now’s the time to take action, compare suppliers, and make sure you’re not overpaying for energy.
Electricityandgas.com.au could save you hundreds of dollars in just a matter of minutes. We’ll do all the hard work for you and compare energy suppliers to find the best deal available to you. Get started now.
This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.
*ACCC, Enquiry into the National Electricity Market, September 2020. The median effective price paid by residential market offer customers across the four regions was around 17 per cent lower than standing offer customers in 2019. For a standing offer customer that used a median amount of electricity from the grid, this difference means switching could save $219 a year.
** ACCC, Enquiry into the National Electricity Market (Supplementary Report), September 2020.