Are you missing out on savings by not switching electricity plans?
With many living costs on the rise, it’s a good idea to look at your current electricity plan and provider and see if you can make savings by switching.
How do I compare electricity plans?
There are a few factors you need to consider when comparing electricity plans. Not only do you have to think about price, but you should think about your other energy needs.
First you should check if you are on a standing offer contract or a market offer contract. A standing offer contract is an offer every provider is legally obligated to provide. The government sets the maximum allowed to be charged for these contracts. These contracts have no expiry date and no exit fees; however, the cost can be changed when the government changes the standing offer amount.
Market offer contracts will often offer a customer discounts and benefits for a set time. Often standing offers cost more than market offers and looking at switching to market offers is where you can potentially save money.
With market offer contracts, you should check other terms of the offer like:
- if you will be locked into the contract for a certain amount of time
- if the plan has a discount offered for a benefit period, how long is it for and how much is the plan after the benefit ends
- what other fees the plan has, for example late payment or account set up fees – it’s also a good idea to check if your current plan has an exit fee
- what other discounts the plan has – for example paperless billing or bundle discounts
- which type of tariff the plan uses – find out more about tariffs and which one is right for you.
To easily compare electricity plans all in one place, you can use the Energy Made Easy website. It’s run by the Australian Government and compares plans offered by all electricity providers in south-east Queensland. You will still need to check with each provider that the plan suits your needs before making the final decision.
What if I am in an embedded network?
If you live in an apartment complex, caravan park, or retirement village you may be in an embedded network. In this case the site owner or operator buys electricity and on-sells it to the residents. This may make it more difficult for you to switch providers. Find out how to access an authorised retailer of your choice if you live in an embedded network.
What if I live in regional Queensland?
Electricity providers in regional Queensland are very limited and most customers are with Ergon Energy. Ergon Energy receives a subsidy from the Queensland Government to provide electricity to regional areas. This subsidy ensures regional customers are paying the same as customers in south-east Queensland. In most cases other electricity providers cannot offer a more competitive plan as they don’t receive the subsidy – they are also not obliged to offer plans for regional Queensland. However, some providers may offer other benefits and discounts so it might still be worth exploring other options.
I have an issue with my current provider.
If you have a complaint with your current provider and can’t resolve it with them, EWOQ may be able to help. We offer a free, fair and independent dispute resolution service. Find out more about complaints we can help with.
Am I eligible for rebates and concessions?
You might be eligible for rebates and concessions that will reduce your energy bill. Find out more about some common rebates and concessions available to Queenslanders. The Queensland Government has also announced a Cost of Living Rebate on electricity bills for 2023-24. Find out more about the Cost of Living Rebate.