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Energy discounts easy to lose and could end up costing $800 a year

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Energy companies lure people in with massive discounts, but did you know how easy it is to lose these cheap deals? And once you forfeit them, you’ll automatically pay top rate for your energy usage.

Comparethemarket.com.au highlights some great energy discounts available and offers advice on how to hold onto these cheap rates.

WHY THIS IS INTERESTING NOW: End-of-summer power bills are expensive enough, but imagine peoples’ shock when they realise they’ve lost their discounted rate and have been paying top dollar for their energy all summer.

LARGE DISCOUNTS CURRENTLY AVAILABLE (VIC, NSW & QLD):

However, be aware that if your direct debit bounces, then you’ll lose this discount and be charged an additional $200 on your next quarterly bill.

Origin’s guaranteed discount is not dependent on certain behaviours so is a safer bet than behavioural discounts, but because of this, these kind of discounts offer much lower savings.

Origin’s eSaver Plan – offers a 15% discount if you pay-on-time, and an additional 1% direct debit discount. This combined 16% discount will only apply to your usage charges. For a typical family living in Parramatta (2150), this discount equates to potential savings of $309 per year.

However, be aware that if your direct debit bounces, then you’ll lose this discount and be charged an additional $77 on your next quarterly bill.

However, be aware that if you fail to pay on time, then you’ll lose this discount and be charged an additional $53 on your next quarterly bill.

BACKGROUND ON DISCOUNTS: Typically energy companies offer two types of discounts:

If you’re tempted by a discount offer, then check if it’s guaranteed or based on certain behaviours. If it’s ‘behavioural’ then be aware that if you don’t stick by the rules, you’ll lose the discount and you’ll pay the full rate on next quarter’s bill.

Something as simple as not having enough money in your account when the direct debit comes out (which has happened to all of us – especially around the festive season) will cause you to lose your discount AND you could have to pay a fee because your direct debit bounced.

TOP TIPS ON GETTING THE BEST DISCOUNTS: When comparing energy plans and discounts,

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