Power prices rise – shop around for an electricity plan

With electricity bills set to rise from this week, Compare the Market is urging Central Coast households to avoid the sting by switching to cheaper offers.

The region’s households will be subject to an 8.6% rise from July 1 – the second-highest rise nationwide.

The changes will affect the 807,882 households on standing offers and Compare the Market Economic Director David “Kochie” Koch says these customers are simply paying too much.

“If you’re on the standing offer, chances are, you’re already paying more than you need to for the very same electricity supply as your neighbours,” he said.

“While everyone is going to receive a $150 rebate on their bills, if you don’t switch to a better offer, you could see that money quickly swallowed up.

“We know 80% of households in the National Energy Market are over-paying for electricity because in so many cases there are better deals out there.

“The frustrating thing is that a lot of people don’t know they could be saving money because making the switch is so easy.”

Compare the Market suggests paying careful attention to individual plans and not just retailers.

The same retailer can offer different prices, discounts and benefits for different plans.

One size does not fit all.

Koch advises consumers not to get sucked in by a low usage fee.

“Also ensure that the daily supply charge and solar feed-in tariff measure up – particularly if you have separate meters, such as a solar metering supply charge, or controlled load supply charge,” Koch said.

“If you’re switching plans for a perk or reward, ensure that you’re not paying a higher price for electricity to reap that reward.

“This may be true for plans offering access to streaming services, frequent flyer points and other incentives.

“Fixed and variable electricity plans exist.

“Even if you compare and switch before 1 July, your prices could change if you opt for a variable plan.

“Fixed rate plans can give more certainty about what you’ll pay for the term specified in your plan.”