It’s been all over the news for years, Australians are overpaying on power.
Be it for their business or their homes, if there’s an Aussie, there’s someone getting taken to the cleaners when it comes to their power bill.
It’s a real problem and everyone is feeling the pinch.
This phenomenon has given rise to a new term “energy poverty”, which is, unfortunately, entering the everyday conversation with greater frequency.
In a country this blessed with abundant energy resources, we shouldn’t have to put up with such outrageous rates.
Australians are entitled to a square deal on their power and need to stop overpaying on their power.
But why’s it happening? We’ve got some of the reasons right here, and a few neat tips to help.
High wholesale costs
You've probably heard the term wholesale costs being bandied about but a lot of people still feel a bit in the dark about what that means.
Here’s a brief rundown of how electricity gets into your home that should help explain it.
To begin with we have a generator. This might be a coal plant, a natural gas facility or even a wind farm or solar battery farm.
The generators, for lack of a better word, generate the electricity.
Once the electricity is made, it’s sold by the generators in the National Energy Market, in a system that works a bit like a stock exchange.
Here is where your retailer comes in.
They purchase the electricity off of the generators.
This is wholesale electricity sold at wholesale prices.
When these prices are high the cost gets passed onto consumers.
Often this is a result of the demand for electricity is higher than the available supply.
Should we have a situation in which Australia doesn’t have enough energy for its people? Definitely not, but here we are.
Here at Electricity Monster, we think it’s time for a change.
Sticking with the same big retailer for years
Let’s say you signed up with a retailer many years ago.
Maybe it’s one of the big, more recognised retailers.
And you’ve sat by as year after year the price you pay for power has slowly shot through the stratosphere.
This is the mistake many Australians are making.
Approximately 70% of Australians are with one of the big 3 retailers.
These same three retailers also control more than half of the generation capacity in NSW, SA and Queensland.
They have a complete stranglehold on the market and a complete stranglehold on prices.
Can you really blame them for charging what they want?
When people just stick with the same provider year-in-year-out the companies have no incentive to offer competitive rates.
Here at Electricity Monster we want to see a change.
Not shopping for sharper rates
But change starts with you.
If you aren’t aware of the other offers on the market you might not know where to start.
The key is to take the time to compare electricity retailers.
Depending on your state you could be looking at anywhere from a 25%-43% discount on your electricity usage charges.
The problem is comparing a large number of retailers can get a little overwhelming.
That’s why you should use Electricity Monster and we’ll take care of everything for you.
We compare the available retailers in your are and figure out which one is offering the sharpest rate for you.
If you’re happy with the most cost-effective rate we have we take care of the rest.
We handle the changeover to your new provider with no disruption to your power supply.
So if you’re interested in jumping on a sharper rate and no longer overpaying for you power give us a call!
Our number is 1300 232 848, our brokers are waiting to take your call.
Looking for some other ways to save? We’ve got a couple major ways right here.
Pay your bills on time
You’ve probably heard of the pay on time discount.
This one of the major ways electricity retailers incentivise you to sign up for their service.
These will often slice a major chunk out of your bill.
However, as the name suggests, you have to pay them on time.
A lot of customers discover a massive bill when they either forget or can’t, pay their bill when the bill arrives.
Another thing to keep an eye on is when your pay on time discount ends.
Pay on time discounts usually remain in effect for what’s known as a discount benefit period.
Sometimes people don’t keep an eye on their discount benefit period and wake up to a very rude surprise in the mailbox.
Get in touch with your retailer and double check when your discount benefit period ends, peace of mind is worth its weight in gold.
Install a smart meter
One problem that you could be having is estimated readings.
An estimated reading is one that your provider simply makes an educated guess on how much you’ve used, without getting a human involved to read it.
Sometimes a retailer’s estimate might be way off leaving you with a massive bill to pay.
Smart Meters are different.
They send readings to your retailer every half hour ending the need for estimated readings.
Installing a smart meter is a great way to make sure you’re never overpaying for your power, only paying for exactly what you use.
Remember to get in touch with Electricity Monster
If you still think you’re paying too much for power get in touch!
We’ve included a form below this blog so you can get started on your journey towards sharper rates.