How to find the best energy bill deals
Tech Updates

How to find the best energy bill deals

With rising energy prices, Australians are told to follow a few simple steps to ensure they don’t overpay for power.

By talking to their retailer or going to a cheaper retailer by checking out a range of available comparison websites, consumers can get a better deal through the winter.

First, customers need to know they can contact their energy dealer and ask them if they are getting the best deal from the company – which the retailer is required to answer truthfully.

How to find the best energy bill deals

“If your retailer has an offer that makes you better off, they’ll let you know if you ask,” said Lynne Gallagher, CEO of Energy Consumers Australia.

Ms. Gallagher said it was understandable that many Australians were hesitant to take on the challenge of finding a better energy deal. Still, she said saving hundreds of dollars was surprisingly easy with a multitude of tools available online.

“Few of us like to waste time or scour energy store websites, but you’d be surprised how easy and quick it can be to find a better deal for yourself,” she said.

Camera Icon Consumers are told to shop around to save hundreds on their energy bills. NCA NewsWire/Andrew Henshaw Credit: News Corp Australia

Once customers have determined the best price available at their current retailer, it’s time to shop for others.

The easiest way to do this is through Energy Made Easy, the Australian Energy Regulator (AER) price comparison website, which allows customers to compare retailers by providing a few details or uploading an invoice.

The AER estimates that retail customers can save about $443 or 24 percent on their bill, and small businesses can save about $1,308 or 29 percent by switching.

From July 1, a consumer price cap imposed by the AER will rise by 7.2 to 14.1 percent for NSW, South Australia, and South East Queensland and by five percent for Victoria.

The Default Market Offer (DMO) is a “safety net” price cap designed to protect customers from unjustifiably high prices.

Announcing the change last month, AER Chair Clare Savage said her organization needed to balance customer concerns with rising wholesale energy prices, which were up 41.4 percent in NSW over the past year and up 49.5 percent. Percent in Queensland.

“In setting these new DMO prices, we understand the significant impact they will have on some consumers who may already be struggling with the cost of living pressures,” said Ms. Savage.

“Setting the DMO is not about setting the lowest price. We are committed to developing a price that allows retailers to recoup their costs, earn a reasonable margin, and support retailers to compete and offer better deals and products in a competitive retail environment.

Sarah McNamara, chief executive of the Australian Energy Council, explained that most customers weren’t actually paying for the standard offer, but many were.

“Standard offers are not the cheapest deal out there; they’re there for customers who aren’t looking for a better energy deal,” she said.

“We’d say to anyone, look at your utility bill and ask, ‘How can I get a better deal?'”