In Australia, You Could Be Paying An Excess $1600 On Power Bills

POSTED ON December 14, 2018 BY

For over a decade, electricity prices have been exploding across Australia.

Too many customers are sticking to their current power retailer and not shopping around for sharper rates.

The reality is that affordable power rates are out there, merely waiting to be found!

Not being on the ‘best’ electricity offer in your state, could be costlier than you think!

It’s time that Australians realised the frightful extent of how much they are overpaying on power!

A survey of household spending by the industry watchdog ACCC paints a troubling picture.

According to the survey, you could be paying an extra $1600 on power by staying on the most expensive offer, rather than switching to the ‘best possible’ market offer.

Find out: Stop overpaying on power! We can help you search for a sharper rate!

Widening Gaps

Plans on the electricity market increasingly have large discounts, with some retailers in VIC and NSW offering discounts of up to or above 40%.

Meanwhile, other states such as SA and QLD, have discounts that are well over the 25% mark.

With this in mind, the ACCC has come out with a new report that makes for troubling reading.

In the report, the ACCC alleges that the “gap between the best and worst offers in the market has been widening”.

According to the report, only around 1% of the customers in South East QLD are on discounts higher than 20%.

In contrast, close to 40% of NSW residents are on discounts of 10% or less.

Worryingly, half of the homes in SA are on discounts less than or equal to 10%.

To that end, even in a highly competitive market such as VIC, less than half the customers are on discounts over 25%.

How bad are the offers Australians are on?

According to a household survey, by moving from the worst offer to the best market offer in your state, you could save your family or business a lot of money!

For instance, homes in VIC are shockingly paying up to $1657 more than needed!

Meanwhile, in NSW and SA you could stand to save over $1000 a year.

In particular, QLD residents won’t be pleased to learn that being on a bad deal could be costing them about $978 extra every year.

Ultimately, the competition watchdog believes that there is a “tax” on customers who are not engaged in the market.

Being engaged in the market means staying on top of electricity price changes and making an effort to search for some of the best offers available.

Be that as it may, doing so by yourself means pouring through hundreds of web pages of all the offers in your location.

By all means, doing so today is extremely easy for Australian customers.

All you’ve got to do is contact Electricity Monster!

We can help find you a sharper rate, quickly and easily!

Call us on 1300 232 848 and see what our electricity brokers can set up for you!

* We do not compare all energy providers

Troublesome Standing Offers

For customers on ‘standing offers’, the picture is grim as well.

Mostly, ‘standing offers’ from retailers are less cost-effective than market offers.

By and large, standing offers do not come with discounts and can impose a higher electricity usage and supply charge on customers.

SA homes on a standing offer fork out an excess $832 annually than if they were merely on the cheapest available offer.

In South East QLD, homes pay up to $504 more than needed, while in VIC they could be paying $652 more and a stunning $411 more in NSW!

In effect, the severe injustice to customers has led the ACCC to push forward a default market offer to replace standing offers.

Seeing that, the introduction of a default market offer is slated for July 1, 2019.

Read more: Everyone In Australia’s Grid Could Be On The Same Electricity Plan In 2019

How can I save on electricity?

Not being on a great plan is, however, something you have the power to change.

Switching retailers or even power plans has never been easier, and you could stand to save a lot!

At Electricity Monster, we provide a free electricity comparison service that allows you to switch retailers.

To point out, our expert team of brokers can even sort out the gas and internet for your property!

Have a conversation with us for a few minutes about the unique needs of your home.

What’s more, we will see if we can find a sharper rate for you from our partner providers.

Call us on 1300 232 848 or submit your details below and experience the ease of our 100% Free Service!

 

* We do not compare all energy providers

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* We do not compare all energy providers