If there’s one thing all Australians want, it’s the best deal possible.
Whether that be a piece of furniture on sale or, in this case, the lowest energy bills from a provider, Australians everywhere are constantly looking for the best deals from retailers, with electricity being no exception.
Naturally, this will cause Aussies to begin to shop elsewhere for different electricity providers, but finding the best energy plan can be challenging even at the best of times.
Luckily, this article will dive into everything surrounding energy retailers and all you need to know about switching electricity providers.
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Why Switch Energy Companies?
There are plenty of reasons an individual will want to switch electricity plans, the most common being a case of gazing at other plans with rose-tinted glasses on, believing the grass is greener on the other side and their plan is better than their current plan after a quick price comparison.
This can be a case of price fluctuation, as most states don’t have a standard price for energy, meaning costs will often change, especially with regulatory changes happening in the last couple of years. A plan that seemed like the best thing on the market may now pail in comparison to the great deals another energy retailer is offering.
Money isn’t always the cause for switching energy providers, as the more environmental consumer may target an energy provider who generates power with renewable energy. Many electricity retailers will offer a more green, renewable energy option that will cause many to reconsider their current electricity plan and switch to the more sustainable option.
Ultimately, the main cause for switching electricity distributors is still to save money, as new plans are coming and going with the opportunity to receive greater energy savings from energy prices. Thankfully, switching to a new retailer is free for select states with no exit fees (VIC, NSW, SA, ACT, and South-East Queensland).
Beginning the Switch
Before deciding to switch electricity providers, thorough research of both the current retailer and the other providers should be done. This includes assessing the offers, discounts, and incentives of all retailers to see if the switch is worth it.
Research is important, as a supposedly great discount could hide a nasty initial charge or even a condition that hurts the wallet in the long run, with additional supply charges, as well as some usage charges.
Ideally, employing the services of an energy broker will make the process a lot smoother, as an energy broker will be able to spot the bottom line of an electricity plan and even get you a better deal from your existing retailer.
When looking over a current plan, assess benefits and compare them to other energy deals the energy suppliers are offering. The best way to ensure benefits are researched is to refer to previous bills from the current provider and focus on energy consumption and the amount previously paid.
The Financial Four
To narrow it down to key points, there are 4 items to focus on when assessing energy contracts; Fees & Charges, Billing, Length of Contract, and Discounts.
- Charges & Fees – This could range from fixed costs from energy usage to any services fees or late payment fees that will require a direct debit to be paid on any electricity bill.
- Billing – Ensuring the billing options and payment methods for any new provider are suited to the needs the consumer is after. Also to know when to expect bills to arrive in your postcode.
- Length of Contract – Staying informed on how long the contract with an electricity provider will be, allowing an opportunity to prepare a final bill if necessary, as well as a verification of how long the lock-in period is.
- Discounts – Targeting any introductory offers and benefits as seen above.
Finalising the Switching Process
Now that all options have been assessed, the switching process should be a lot more simple now that you’ve made a great energy comparison.
Thankfully, if there’s concern about selecting the wrong deal, there’s still no charge for cancellations made within 10 business days, beginning from the day the welcome pack is received.
Once a new electricity provider has been chosen, focus on creating a clean exit with the past retailer. This includes ensuring the final bill is paid off completely, as well as making sure any outstanding balances and debt is settled with the current provider.
Thankfully, at MyConnect we know a thing or two about service providers, as we’re partnered with the very best of them! We’ve partnered with Australia’s leading electricity providers to give you a wide range of options in the energy market. These electricity providers consist of:
If you need help getting your utilities connected sorted, please call MyConnect on 1300 854 478 or use the Get Connected form here! All residents from Victoria (VIC), Queensland (QLD), New South Wales (NSW), Australian Capital Territory (ACT), and South Australia (SA) can get connected today. If you’re a first home buyer and you’re unsure about using a utility connection company, this post here can assist you.