Compare electricity plans for your household or small business in minutes
Are you looking for a solution to your expensive electricity bills? Do you want to find a plan with great usage rates, discounts and features? We’re ready to help. However, to get the most out of your comparison, you first need to understand a little more about your electricity bill.
1. What type of contract are you on?
Do you have a market or regulated (standing) contract? If you’re on a market contract, your provider will typically offer you more competitive electricity usage rates. Your contract will also likely feature discounts and perks; however, these may change at the end of a contract or benefit period (e.g. 12 months).
If you’re on a regulated/standing contract (like a Default Market Offer or a Victorian Default Offer), you’re likely on a plan that doesn’t feature any discounts. These offers may also offer uncompetitive usage rates. You may be on this type of contract if you’ve been on the same plan for more than 12 months.
2. Do you understand which tariff you’re on?
Providers charge different rates (i.e. tariffs) for your electricity usage, sometimes depending on when you use energy.
For example, there are peak and off-peak tariffs. With these tariffs, you have an opportunity to save if your plan charges less during off-peak periods (i.e. when the energy grid isn’t in high demand). Other tariff types include:
- single rate. On this tariff, you pay the same rate for electricity no matter when you use it. You don’t require a smart meter for this type of plan.
- time-of-use. There’s no one price of electricity on this tariff and it changes throughout the day. Typically, electricity costs most during peak times (usually weeknights), is cheapest in off-peak times (overnight and weekends) and slightly less than shoulder times (periods between peak and off-peak times). You require a time-of-use or smart meter configured for this type of tariff.
- controlled load. If you use appliances such as electric hot water systems, it’s possible for providers to charge a rate just for the appliance and the electricity it uses. These appliances usually operate in off-peak times. In most cases, these appliances have their own meter, that sits alongside your basic meter.
- demand tariff. On this tariff, you’re charged for the demand of electricity at a point in time in addition to usage and supply fees. For example, if you use several appliances at once, your demand (which is measured in kilowatts) is higher. You require a smart meter for this type of tariff.
3. Are you enjoying any discounts?
Many electricity providers commonly offer ‘pay-on-time’ discounts – these are known as conditional discounts. Some plans also offer further discounts on electricity usage and supply charges or other perks (e.g. movie tickets, game tickets) subject to conditions such as paying by Direct Debit or paying monthly. There’s also been an increase of retailers partnering to make additional or more attractive discount offers if you have memberships.
Providers can also offer unconditional discounts – which aren’t conditional of other factors such as when you pay a bill on time.
When comparing plans, these different benefits may provide real value to you. To help you spot value between plans, providers must now show how their discounted plans compares to the reference price. The reference price is a benchmark electricity price that’s based on your location’s average annual electricity usage and the usage and supply charges of each offer.
Source: Australian Competition and Consumer Commission: ‘Electricity Prices’ – November 2020.
Remember: these perks and benefits are typically set for a period (e.g. 12 or 24 months).
While it may seem easier to remain on your current plan, you could find value by comparing your options. You could find a more competitive plan that could save you money, thanks to better usage rates and discounts on offer.
How to compare electricity plans with us to find a great deal
It’s easy to compare electricity plans with our free comparison service. In fact, there are only a few questions you’ll need to answer to start your quote:
- do you need electricity for your current location or are you looking for power somewhere else;
- do you need an electricity plan for home or business purposes;
- do you want to bundle an electricity plan with gas; and
- what’s the postcode of the property that requires electricity?
You’ll then be able to compare a range of electricity plans and their features easily in one location. You can:
- add bill details. We can provide quotes based on the usage values of one of your previous bills, but with the equivalent new rates. This option may provide you with a better indicator of value and savings based on past usage, rather than the average assumed usage in your area;
- set quarterly or monthly results. You can set your quote results to a quarterly or monthly view to better compare against your existing bills or quotes;
- easily search for a plan with competitive pricing. You can see a like-for-like overall bill estimate from the cheapest options available to the most expensive;
- decide your conditions. You can easily filter out conditional discounts if you don’t want to be bound by meeting criteria; and
- understand plan features – without confusing jargon. We highlight plan features such as supply charges and usage fees that may help you decide which plan offers better value.
I’ve compared electricity plans. What happens when I’m ready to switch?
When you’re switching electricity providers, your existing account will be transferred from one electricity provider to another without any disruption to your service. No physical changes are made to your service (such as cabling or meters), meaning your service’s quality and reliability remains the same.
What is deregulation, and what does it have to do with comparing electricity plans?
Simply put, deregulation occurs when the government removes its retail price regulation on energy usage so that private companies can set more competitive prices. Deregulation is important because it allows you to pick an electricity provider (retailer) of your choice and take advantage of such competition between prices.
Anyone living in New South Wales, Victoria, South East Queensland, parts of South Australia or the Australian Capital Territory can take advantage of multiple retail suppliers due to energy market deregulation and greater competition in these locations.
Frequently asked questions
Take control of your budget: Compare electricity plans now
We make it easy to compare electricity plans and their features with our free electricity comparison service. Simply enter some details about your usage or the type of electricity plan you’re looking for, and we’ll do the rest.
Why settle for the same plan when there could be a better one out there? Compare electricity plans today.