Australia’s electricity market has significantly evolved over the years - nowadays, users have a wide variety of options to choose from and a range of information available from many providers.
If you’re in the market for a new electricity provider, you may already be scratching your head as to where to start. With deals, plans and prices constantly being upgraded, it can be difficult to determine where the best deal is for you and your family.
To help make the process easier for you, we’ve compiled a list of our top tips on how to find the best electricity providers and plans in Australia.
Check your current contract
While it may seem obvious, many users don’t actually know the content of their electricity contract and what they actually signed up for. It’s important to check the current terms and conditions of your current contract.
Here’s some things to check:
- How much is your monthly bill?
- How much energy are you using each month?
- Is your rate fixed or variable?
- What rate are you paying per kilowatt hour?
- When does your contract expire?
- Will it cost to cancel your contract early?
Always have your energy bill on hand when searching for a new provider, as it will help you make an informative decision about whether it’s worthwhile to make the switch.
Choose fixed or variable rates
Whether you have a variable or fixed rate can actually make quite a bit difference on your monthly energy expenses. Here’s some information on both options to help you decide:
Fixed - this energy plan is an agreed by your provider that the rates will not change over a set period.
Pros: You’re able to plan your budget around a stable monthly rate
Cons: Fixed plans are more likely to have cancellation fees
Variable - this energy plan means your provider can change the rates it charges at any time (with notice).
Pros: You’re able to save money by adjusting your energy usage when rates rise or fall
Cons: It can be hard to predict your monthly expenses
Choose contract or no contract
All electricity plan will either be on contract or no contract - and it’s up to you to decide which will provide you with more benefits.
Contract - being on a contract plan means locking into a certain rate for at least 12 months. While you’ll be locked into a contract - where you’ll generally have to pay a cancellation fee to get out of - some providers will provide prompt payment discounts and bonus account credits when you sign up.
No contract - the biggest benefit to signing up to a no contract plan is that you have the ability to switch providers frequently. This allows you to take advantage of lower electricity rates and plans if they become available.
Compare power prices and providers
Once you’ve got an idea of the type of electricity plan you need, you can now start comparing the different providers and plans out there.
All you need is your current bill and a few details of your usage, and you can use our online comparison tool to compare power prices, plans and rates. You can compare plans by rates, discounts, contracts and more, and easily find out which company can offer you the best deal on your power.
Looking for other ways to cut down utilities costs? Check out this great article on What to Look For in a Broadband Provider - you could end up saving on your internet bill too!