Comparethemarket.com.au compares Energy plans with the assistance of our trusted affiliate, Thought World. Note: The below information was kindly supplied by Thought World.
Switching energy retailers is a simple process; however, there are certain factors you must consider before switching.
- If you’re aware of the date your current contract expires, then you can switch to a new energy retailer without incurring a termination fee i.e. before your contract is renewed.
- You can evaluate the term for electricity and gas by recognising the date and adding three months for electricity and gas (two months for gas in Victoria). This will give you your next scheduled meter read date. If your next scheduled meter read is BEFORE the contract expiry, then it is advisable to wait until after your meter read date to make the switch. However, if the meter read date is AFTER the contract expiry, then the switch could be made immediately.
- The switch will only occur to the address you provided on your next scheduled meter read date, and not on the date you signed up for a new energy retailer.
- Please keep in mind that energy retailers generally read meters every three months. It may vary in some areas.
- After you’ve signed up for a new energy retailer, you will have 10 business days cooling off period to cancel the agreement. If for any reason you do not wish to proceed with the new retailer, you can cancel the offer. You can either contact Thought World, or you may contact the energy retailer you signed up with during the cooling off period, and the offer shall be cancelled. Alternatively, you can also sign the cancellation form that would be provided with the offer letter, and send it in the prepaid envelope.
- Please note any cancellation after the 10 business day cooling off period will incur a termination fee from the energy retailer. If you still have any doubts, you may ask your current energy retailer to move your account to a no contract plan while you make an informed decision.