Switching Made Easy- How to Compare & Choose Better Electricity Plans

With electricity costs changing by the day and new retailers emerging left, right, and centre, it’s little surprise that even more Aussies are putting their power bills under the microscope. If you’ve ever wondered if you’re getting fleeced by electricity costs or just aren’t convinced that your existing plan is playing fair you’re not alone. The silver lining? Swapping has never been simpler. Let’s break it down, so you can compare your options confidently and make the switch stress-free.

Why Bother Switching Electricity Plans?

You’re probably on a standing offer but sticking with the same provider year after year might be costing you hundreds of dollars a year. Many households don’t realise they’re on what’s known as a “standing offer,” which is often the default plan that comes with no discounts or competitive rates.

Energy retailers have their best deals for new customers, so being loyal can actually cost you in your hip pocket. By switching to a better plan and comparing plans, you can reclaim control and save some serious money.

What Should You Be Comparing?

When you’re shopping around at various electricity plans, it’s not always about who has the lowest rate. Here’s what to watch out for:

• Supply & Usage Charges: Your account contains two components a day-use supply charge and a usage charge. Some plans offer low supply charges but higher usage rates, and vice versa.
• Contract Terms: Look for whether there is a lock-in period, exit fees, or any early termination fees.
• Discounts & Incentives: Some stores provide upfront credits, pay-on-time discounts, or bonus offers, but ensure these do not come at the cost of higher base rates.
• Greenpower Options: Want to help renewable energy? Find plans that offer Greenpower percentages.
• Billing Frequency & Payment Methods: Monthly versus quarterly bills, direct debit conditions- all such little things can influence your experience.

Use a Trusted Comparison Tool

Shopping around for electricity plans previously involved leaping from site to site with a calculator but thank goodness those days are over. Comparison websites have made it blissfully easy. Simply type in your postcode and a little usage information and you’ll be presented with a list of competing plans available to you.

Don’t Forget Solar Feed-In Tariffs

If you have solar panels installed on your roof, you’ll need to consider the feed-in tariff (FiT) that is, the amount paid per unit of unused electricity returned to the grid. Deals range wildly in FiT rates, and some include caps or limitations. A higher FiT can pay back your bills significantly, so make sure to shop around this as well.

How Long Does Switching Take?

In most cases, switching providers won’t interrupt your power the poles and wires stay the same, no matter who’s billing you. It generally takes one to three weeks for the switch to go through, based on your meter read cycle. You’ll get a final bill from your old provider, and then you’re off to greener pastures.

Final Thought: Don’t Set & Forget

Electricity plans change. What’s competitive today might be out of date in six months. Make it a habit to check your plan once a year, especially when prices go up or government rebates are updated. Staying proactive keeps your bills low and your power usage smart.

Bottom Line

Changing electricity companies is not a hassle anymore. With some time and proper information, you can compare, select, and switch to a plan that actually suits you without losing electricity or sanity. Try it out with Utility Market Plan and begin saving today!