An ideal electricity plan can make all the difference to household or business energy bills. With so many options and an ever-changing market, knowing how to compare electricity prices properly can help save you money and get you on the right plan for your needs. Below are the key considerations for getting ideal electricity rates:
Compare Electricity Prices
One of the first steps toward achieving an ideal deal is to compare electricity prices from different providers. Electricity Provider and Econnex, among others, allow for easy comparisons of rates from various energy retailers. However, note that such platforms do not include all providers in the market. They only offer through a handful of retailers, so it’s worth comparing prices on several platforms to get a fuller view of what’s available.
Compare usage rates: what you pay per kilowatt hour or kWh and daily supply charges, which is the cost of maintaining a connection to your property. This will give you an overall look at the costs of every billing cycle
Compare Time-of-Use Tariffs
Some electricity plans entail time-of-use tariffs, which you pay depending on the time you consume electricity. For example, you could save money by using energy during off-peak hours, which are usually late at night or early in the morning, compared to consuming electricity during peak hours. Therefore, this is very helpful to households or businesses that can change their energy usage to off-peak hours.
When you make a power rates comparison, you would like to know if there is an available time-of-use tariff plan that would also suit your habits of energy usage. You can compare such tariffs on energy comparison websites that specifically have this option.
Fixed vs. Variable Rates
Another highly important consideration when choosing which electricity plan to go with is to choose whether it is a fixed-rate or variable-rate plan.
Fixed-rate plans allow you to fix your electricity rate for a specific time, mostly one or two years. That way, you won’t have to worry about the hike in prices during the contract period. It’s great for people who like stability in the price they pay for the electricity and dislike surprise bills. Then again, if the market rates are low, you won’t be able to take advantage of the low prices during the contract period.
Variable-rate plans change with whatever the market is doing at any given time, which can be both a blessing and a curse because sometimes the rates get cheaper, but sometimes the price just keeps going up. If you are fairly chancy and can keep track of and switch plans easily then a variable rate may end up being to your advantage.
When choosing an electricity plan think about what you prefer: having a fixed rate so you know what to expect or having possibly lower rates.
Renewable Energy Choices
Most mindful Australians want green energy plans. Plans provide sources of energy from renewable resources including solar, wind power, and hydropower. Also some plans provide 100% renewal energy use and some may provide a percentage where you can choose to have some green energy.
Even though energy plans coming from green power are sometimes a tad costlier, they definitely contribute to lessening your carbon footprint and paying for the transition towards renewable energy sources. Compare electricity tariffs of conventional and green energy plans to balance those that have the lowest costs with those that contribute least to impact on the environment.
Discounts, Promotions, and Incentives
Many energy providers give discounts or other inducements for new customers. This might be a discount on paying on time, completing the application online, or bundling your electricity and gas. These offers are enticing, but you need to compare standard tariffs too: you don’t want to be swayed by an attractive headline rate when the base price is higher.
Others may have sign-up bonuses, free smart meters, or lower installation charges for solar panels. Always compare the amount charged for electricity, remembering any discount or promotion in order to derive the greatest value.
Exit fees and contract terms
A subscriber should scrutinize the terms of the exit fee of the contract he would subscribe to. Some plans lock you into a contract, including fees that you might incur if you make an effort to switch electricity providers before the end of the term.
Exit fees may range from $50 to $150 depending on the provider and the length of your contract. If you want flexibility or can foretell that you would need to switch providers soon, choose a plan that has no lock-in contracts or minimal exit fees.
Government Rebates and Concessions
In Australia, a few rebates and concessions are available to eligible consumers through the government to lower their energy costs. Depending on the circumstances, it may qualify you to pay reduced rates or rebates on the electricity bills.
When you have a comparison for a power provider, make sure the plan you are looking into permits you to apply any available government concessions. Further savings on electricity might help you immensely and cut into your energy budget.
Customer Service and Provider Reputation
Price no doubt is an important factor, however, the level of customer service a provider offers must not be overlooked. In the process of comparing electricity providers, you should pay consideration to a provider’s reputation for customer service. Many of the sites offering comparison will give you consumer reviews or ratings. This may prove to be very informative as to exactly how a provider treats billing inquiries and complaints.
A good provider with satisfactory customer support will make your overall experience much smoother and hassle-free. You will switch plans and settle issues about your billing with far less hassle from a provider that emphasizes customer satisfaction.
Conclusion
When comparing electricity plans in Australia, consider several factors ranging from base rates and tariffs to contract flexibility and green energy options. Using a combination of tools such as Electricity Provider and Econnex, you will find some starting points; however, do remember that both of these platforms serve a limited number of providers. If you really want the full market comparison, it might be worth investigating some of the other government-approved sites, like Energy Made Easy to ensure you are getting the best possible deal.
