You've mastered energy efficiency. But how do you know if your energy retailer is giving you the best deal?
Electricity prices have been steadily rising since 2007. With so many energy products available to choose from, it can be difficult finding the right product to meet both our usage needs and our budget. Some energy retailers will provide online tools to help you understand how much energy you use and when, but how do you find the right retailer for you?
COMPARE is an independent government tool that lets Victorians enter data online from their smart meter or power bill to find the best electricity, gas or solar offer. It is the only independent price comparison tool that has every generally available electricity, gas and solar tariff on the market.
The average Victorian household spends about $2,800 on energy bills every year, which represents about 2.3 per cent of the average household income and up to about 7 per cent of income for lower income households. Government data shows nine out of ten Victorians could save money by switching electricity plans. However, despite the fact that regularly reviewing energy plans is proven to be one of the most effective ways to save on energy bills, one in three (32%) Victorians have never switched electricity or gas retailers.
"I am so pleased with your advice. Through the switch and save recommendations you gave me I though I'd let you know I am going to save 28% on my electricity and 18% on my gas. Thank you very much!" - YEF Retrofit particpant, 78 yrs old
COMPARE makes it easier for Victorians to review their energy plan and save money, with early trials showing it takes the average user just a few minutes to complete. Over 50% of all visitors to the COMPARE website discover they can save $340 per year, while the minimum savings for 75% of all visitors is $200 per year. That's some significant cash that you might not have to fork out to light and heat your home.
So what can you do to receive similar savings? The easy three-step process is:
- Get a recent electricity bill on hand and jump on to COMPARE to create your own power profile
- Compare offers, and then...
- Switch to the best deal! You may not even have to switch providers. It's possible there are alternate plans available through your current provider that you can jump over to.