Comparing energy plans online
The Australian Competition and Consumer Commission (ACCC) released the Retail Electricity Pricing Inquiry in June, with a series of recommendations to government to reduce power bills.
Some of those recommendations deal with consumer outcomes and experiences, specifically requiring any advertising of discounts by retailers to be unconditional and referenced to the default offer rate. This is to make the default offer that’s in the market regulated by the Australian Energy Regulator and that all discounts must come off a common base.
In an ABC news article, the ACCC said, “That will mean you’ll get clearer marketing to consumers, and therefore they’ll be better placed to take up better offers”.
While the recommendations in the report may make things easier for consumers should they come into effect, there are currently ways to see how much you could be saving on your electricity bill.
Energy plan comparison site, Econnex, allows people to see how much their electricity costs would be if they switched to a different provider. By entering your details from your most recent bill (like the billing period, peak and off-peak rates, and kilowatt hour usage), Econnex will then show you a range of plans and how much they would cost based on your current needs.
This means that as a consumer you will be able to see if the plan you are switching to is cheaper, or more expensive, than the plan you are currently on. Econnex is a free service and does not have a call centre, so you don’t have to worry about a salesperson calling you to convince you to change plans.
When you’ve chosen your new plan, Econnex then begins the transfer process so it’s all taken care of for you. The switching process can take 1 – 3 months to complete depending on where you are in your billing cycle, and your supply won’t be interrupted when you change to a new energy plan.
While electricity costs have increased significantly over the last decade, consumers may also be paying too much if they haven’t changed their plan recently. When you sign up to a new plan, you may benefit from conditional discounts which typically expire after a year or two.
Compare plans with Econnex today and find out if you could be saving money on your electricity costs.