In the context of this article, it is going to guide you on using online tools for electricity rate comparison, bearing in mind the Australian market's scope.
Published on 08/10/2024
By Pallav Verma
Electricity Comparison
Electricity is one of the biggest expenses for Australian households and businesses, especially with the rising cost of living. So, how can you reduce these costs? Among the most effective means of saving electricity expenditure is by making use of online tools to compare electricity rates. It can help the consumer to look through many plans, and thus clarify the ideal options for a change, but, certainly, switch providers very easily. In the context of this article, it is going to guide you on using online tools for electricity rate comparison, bearing in mind the Australian market's scope.
The electricity market is one of the world's most competitive, with numerous providers out there offering a wide variety of plans for different needs. This creates significant price differences between the various providers and even from one plan to another on the same provider. Comparing electricity rates can help you avoid overpaying and find a plan that fits your household or business needs. It's a simple way to make sure you're not spending more than necessary.
Many Australians do not know if they are paying much more than they should on electricity. Online comparison tools can help you find a better deal and potentially save a significant amount over time.
First, you need to know how much energy you consume before comparing electricity plans. Check the recent electricity bills to gather the following:
KWh: kilowatt-hours- how much electricity you use
Type of Tariff:
You likely have one of these types of electricity plans:
These tariffs vary depending on your usage patterns and provider, but knowing the differences can help you find the right plan for your needs.
NMI: Short for National Metering Identifier. It's essentially that number associated with your meter and you're likely to need it when using online comparison tools.
This information enables comparison tools to advise you accurately on the plans that best suit your consumption.
There are many online tools for making an electric rate comparison in Australia. Few of the popular and reliable ones are:
Electricity Provider: The website makes it possible for electricity users in Australia to compare various electricity plans from the range of providers according to the locale and their consumption. The platform is very friendly, and thus it becomes easy to compare plans from various providers.
Econnex: A trusted platform that provides unbiased comparisons across energy providers, helping you find the ideal plan based on your needs.
Energy Made Easy: The website is run by the Australian Government, ensuring that all retailers listed are licensed and accredited by the Australian Energy Regulator (AER). This tool is available for comparing electricity and gas plans across most Australian states and territories, except Victoria, where residents use the Victorian Energy Compare tool.
Victorian Energy Compare: If you live in Victoria, this site is very helpful because it allows you to compare all plans in the state, and it provides state-specific energy rebates.
Must read: How to Change Electricity Providers in Australia?
Once you have selected a comparison website or tool, you will enter your personal information. In general, this involves:
Address: Your postcode allows the tool to identify the providers that are accessible and the plans for your location.
Electricity usage: You will input your kWh usage, which may be divided into peak, off-peak, shoulder periods, and controlled load (if applicable), depending on your usage characteristics. This helps the tool match you with the most suitable plan based on your energy consumption patterns.
Current provider and plan: Many tools provide a side-by-side comparison of your existing plan versus other plans in the market so you would know how much you can save with a switch.
The better your input information is, the better your results will be.
Once you have inputted your personal information, the tool will create a list of active electricity plans in your area. Each plan will have all this important information listed:
Rates: This consists of the usage rate-cost per kilowatt hour, and the daily supply charge-a daily fixed fee for the maintenance of the electrical supply to your property.
Special offers: Some plans offer pay-on-time discounts, sign-up bonuses, or bill credits.
Contract terms: Some plans are fixed-length contracts that obligate you for a minimum period, but some plans may have more flexible terms with no exit fees.
Renewable energy: People interested in green energy plans can use some of the comparison tools to filter for plans offering a percentage of their energy through renewable sources.
Note: Do not just focus on the price. The less costly plan may have stiffer terms and penalties for late payment. Take your time to study all the terms and conditions of the plans before settling.
Most online comparison sites apply filters to enable users to get a more accurate search. These filters include:
Type of Plan: Click on fixed or variable rate.
Contract Length: You can choose between short-term or long-term contracts depending on your requirements.
Renewable Energy: You can filter by green energy plans. These are plans using renewable resources
Payment Options: Some plans allow you to choose your payment options. These might include direct debits, credit card or BPAY.
You will use filters to narrow it down to what best suits your personal preferences. This might be a bit easier in choosing the ideal plan.
If you have installed solar panels on your land, then you should also compare feed-in tariffs. Feed-in tariffs is the money a homeowner gets back as return for any excess electricity produced by your solar system and fed into the grid. Some of the tools are exclusively for solar users, like SolarQuotes. You can input the specifics about your solar system and it allows for comparisons based on energy usage and solar export. High feed-in tariffs are also a great way to cut down on the overall electricity bills.
Once you narrow down your choices, take some time to read reviews and ratings from customers of the electricity providers you're thinking about. Customer reviews can provide you with valuable insights into customer service from the provider, the reliability of their bills, or even any hidden fees on top of problems.
While some of the tools take you right to provider reviews, you also can check independent review platforms in addition to this for a well-rounded view.
Once you find the right plan, it's time to switch. Most online comparison tools offer a simple way to do this, with some allowing you to switch directly through the tool itself, whereas others direct you to the provider’s platform to complete the process.
Alternatively, you can directly reach out to the provider to finalize the switch. When you initiate the process, your new provider will handle the switch for you, and this will involve informing your old provider as well. The switch will not affect the supply of electricity at your premises, and it is mostly possible to withdraw the decision within a cooling-off period.
You can compare electricity plans and find alternatives that suit your consumption and, hence, save hundreds of dollars per year. Many Australians overpay just for their electricity due to lack of consideration for competitive offers.
With dozens of plans compared in minutes, online tools avoid having to phone multiple providers or browse through individual websites, and having all your options in one place saves time and hassle.
Licensed comparison tools ensure that you are comparing plans from licensed retailers in Australia. This gives you confidence that the rates and plans you’re comparing are accurate and trustworthy. These tools allow you to input your specific energy usage and preferences, enabling them to provide tailored recommendations based on your needs.
This ensures that the plan you choose will always align with the energy consumption needs of your household or business.
Victoria is the second-smallest state in Australia and, as such presents a completely different regulatory landscape. It is a far more difficult exercise to review electricity plans compared to the rest of the other states in Australia. In that case, it is integral to understand this market's dynamics.
In Victoria, the Victorian Default Offer, or VDO, is a benchmark for pricing electricity. It is a regulated price by the government which lets consumers pay a reasonable rate for electricity even though consumers do not actively seek a better offer. Nevertheless, VDO is more of a "safety net" price wherein, more often, there are much better offers coming in from other retailers. Victorian Energy Compare, the state's dedicated comparison tool can aid Victorians to find better plans that are way cheaper compared to the VDO.
Being a resident of Victoria comes with advantages such as rebates and subsidies on energy. The Victorian Government frequently rebates in order to assist the households and businesses manage energy expenses. Several rebates are included in comparison at the website Victorian Energy Compare, which makes it easier for the consumer to determine the overall sum heaved.
Of all states, Victoria makes it rather easy to switch electricity providers by virtue of the transparent market structure. Many providers observe the Energy Comparator Code of Conduct, thus making the switching process smooth and transparent. Furthermore, Victorian consumers are covered by strong regulations that make it easy to dispute billing errors or service issues should they arise.
“Victoria stands out for making it easier to switch electricity providers, thanks to its transparent and competitive market structure. Many providers follow the Energy Comparator Code of Conduct, ensuring a smooth and clear switching process. Additionally, Victorian consumers benefit from strong regulations that protect them, making it easier to resolve any billing disputes or service issues that may arise.”
When comparing electricity prices in Victoria, take into consideration the following:
GreenPower plans: If you want to help renewables, most Victorian retailers provide GreenPower accredited plans.
Peak, Off-Peak and Shoulder Tariffs: Victoria has some pretty diverse tariffs based on what time of day you consume electricity. Time-of-use tariffs can really save you money, if you can shift your usage to off-peak times.
Customer Support Ratings: Many Victorian consumers have it that though price is everything, provider responsiveness and customer support are equally important when one is making his or her choice of plans.
In a highly volatile electricity cost scenario, the ideal alternative could well be to look up online resources for a comparison of electricity rates. Subsequently, Australian consumers can take these steps towards an informed decision to switch to better electricity plans that cater to the unique needs of their household. If you would like to cut down your electricity bill, first of all, you will have to gather the details of your energy bills, followed by a comparison tool that you can trust. You may end up saving much on electricity costs within just a few clicks.
