Aussies
have a lot to say when it comes to energy. You could almost say for two people,
there are three opinions! But one thing that most of us can agree on: energy
prices in Australia are too expensive. That’s why it pays to compare energy
plans.
Research
published by News.com.au found that over a million Aussies were having trouble
meeting their power bills in 2020. Energy is one of the biggest
cost-of-living expenses for Australian households at the best of times; the
dire economic straits many Aussies have found themselves in due to COVID-19 has
only worsened the situation.
Both
the Department of Industry, Science, Energy, and Resources and the Australian
Energy Regulator finds that consumers can save hundreds of dollars a year when
they compare energy plans.
Your savings will depend on factors like:
● The
number of people in your household
● The
state/territory in which you live
●
Whether you have rooftop solar panels
● When
you use most of your power.
●
Discounts, penalties for late fees, etc.
For example, let’s start with your electricity bill. Consumers who have been with
the same provider for many years are often on “standing offers”. This is a
Government-set price cap: the maximum that your energy provider can charge per
kilowatt-hour. Fortunately, less than 20% of Aussies in deregulated electricity
markets are still on standing offers; but if Nanna hasn’t talked to her power company
since 1993, there’s a good chance she’s one of that ~20%.
Other
consumers are on “default market offers”, the maximum rate that your provider
can charge for your plan. Because the market is increasingly competitive,
electricity providers often offer a time-limited discount (for example, 1 or 2
years). This motivates customers to sign up; once it expires, they return to
the more expensive default market offer.
Ankit
Jain, CEO of energy price comparison website Econnex, recommends comparing
energy plans “every two years, for many reasons. The energy market is changing
at a break-neck pace. What seemed like the best deal two years ago may not be
the best deal for you now. Too many Australian homes are dealing with bill
shock and unaffordable contracts, but the power is increasingly in the
consumers’ hands.”
“Econnex’s
services have already been used by many Australians to analyze energy plans. We
aim to disrupt an unaffordable national energy market, by helping Australian
consumers to explore options at a glance. With so many consumers
overpaying for power, there’s a strong economic case for comparing energy
plans; we’re proud to be making that easier.”
Econnex
also offers users easy-to-understand information about the main conditions of
the contract offer; for example, supply charges, usage charges, solar feed-in
tariffs, and so on. They also offer consumers the opportunity to switch
providers without leaving the website; consumers can authorise Econnex to begin
the transfer process on their behalf.
Want to
find out more information about Econnex? Visit econnex.com.au to get the best deal on energy plan compare.
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