When trying to save a bit of money on your power bill you’ll sometimes have to separate fact from fiction.
In short, there’s a lot of myths floating around about your energy.
From which appliances to turn off, to which source of electricity is the cheapest.
These myths have become so prevalent that’s it’s about time someone put them to bed.
That’s why we’ve prepared this list of energy myths that just won’t die.
So take the time to give it a read and let us know in the comments any myths you’ve heard about energy use.
1) Discounts = Savings?
Picture two energy providers, one offers you a 15% pay on time discount, the other offers you a 30% pay on time discount. Now you always pay your bill on time, so the question is which do you go with?
The one with the bigger discount right? A lot of people fall for this, and it’s a big problem. Energy retailers often put their discounts front and centre in the marketing material.
They like to bombard you with big, easy to understand numbers like 20%, 30% or 40%, but the problem is that a discount is only half the story. Do you want a pay-on-time discount or a guaranteed discount? Do you want any discount at all?
Here’s what Electricity Monster's Cory McGown has to say on the subject of pay on time vs guaranteed discounts:
[custom_quote_widget text='What happens when you don’t pay the bill on time? You could get stung with late payment fees and lose your pay-on-time discount, so the discount might work against you. Pay-on-time discounts can be risky, if you have a guaranteed great rate regardless of late payment or paying early, you won’t have to worry']
Then there are the rates overall. A 30% discount on a $3000 power bill, is more expensive than a 15% discount on a $2400 bill. The truth is that many of the sharpest plans are based around low rates, not big discounts.
In the past, we’ve taken a look at how the retailers stack up in that regard, so check out our reviews for more information.
2) If it’s off, it’s not using power
We’ll start off with a big one. One that people still don’t get after all these years.
When you flick your TV or computer or any household appliance off at the end of the day, you might think that’s it done costing you money.
Unfortunately, this is actually a major waste of money.
You need to turn your appliance off at the wall and then unplug it.
Otherwise, it will continue to draw a small amount of electricity from the grid, and the value you get from this electricity use is exactly nill.
Worse still is the dreaded standby mode.
Closer to a bug than a feature, standby mode still exists for some reason.
Appliances left on standby rather than being properly turned off can account for about 10% of your electricity bill.
If you’re interested in wasting money today, make sure you leave your appliances plugged in and on standby mode.
If you’re not, just take the extra two seconds to ensure they’re all the way off.
3) Your deal can’t get much better
One of the biggest electricity myths is that you can't get a better deal than you're currently on. Ever opened up your power bill and just sighed and accepted it as the way things are? You might not think there’s much you can do about your power bill, but the stats prove otherwise.
According to a 2018 study by the ACCC many Australians are still on the worst possible rates available. The report found that over 37% of customers had not searched for a better rate in the past five years. It also found that 37% of people who hadn’t searched for a better deal might also be on the most expensive rates.
Many of these people are on no discount at all and are just sitting on a standing rate. When you combine the fact that they aren’t looking for a better deal, with the fact that they’re not looking for one, you’ve got a recipe for a punishing power bill.
If you think you might be on a standing rate or are part of the 37% who haven’t searched for better prices in years, give Electricity Monster a call. We’d be happy to see if we could help you search for something better.
4) Solar is expensive
Maybe in the ‘70s it was, but this is the 21st Century, and we frankly can’t afford not to think about solar.
Perhaps you’re concerned about the environment?
Maybe your third $1000 power bill of the year was the last straw?
No matter what angle you’re looking at it from, solar makes sense.
Since 2010 the price of solar panels has fallen dramatically, in some places by up to 50%.
The cost of producing solar panels has dropped dramatically.
This means the savings are being passed onto everyday consumers like yourself.
Once you get solar installed, you might start seeing further savings on your power bill as you feed power back into the grid.
More and more Australians switch to solar and we can help.
Electricity Monster’s sister company Solar Monster can help you design a high-quality solar system of your own.
Solar makes sense, so give us a call today on 1300 232 848.
5) Lowering the thermostat will cool my home quicker
Here’s one of the more counter-intuitive entries on our list.
You might think that cranking down the thermostat will quickly cool your home.
In fact, this won’t do much of anything.
The truth is AC or heating will always operate at about the same speed.
All changing the setting is going to do is waste energy.
This is because the AC or heating will have to work significantly harder to change the temperature, and in turn, use more energy.
Set your thermostat to an efficient temperature and leave it there.
Bonus Myth: You Can’t Do Much About High Prices
There are a few things you can do.
For starters calling the friendly team here at Electricity Monster.
No-one wants to pay through the nose for their power.
So make sure you give Electricity Monster a call today.
We’ve helped over 30,000 Australians just like you find sharper rates than both the VDO and DMO.
Myths are one thing, but the high prices many Australians have been subjected to are a reality.
Using an Electricity Broker to find you an electricity plan, can help you save money.
Call us on 1300 232 848 today!