Flick a switch to save cash
HOUSEHOLD power bills will surge in the next three months but many consumers could save hundreds of dollars by switching providers.
Energy comparison site Mozo.com.au examined 712 electricity plans from 27 providers and found the annual cost difference between the cheapest and most expensive could be more than $1000.
Mozo.com director Kirsty Lamont said winter delivered a double whammy of bill spikes because the colder weather pushed bills 20 per cent higher to an average of $557, and in several states tariff increases applied from July 1.
“Electricity bills are the second highest household budget expense after mortgages or rents,” she said.
Australian Bureau of Statistics data for March shows electricity prices have more than doubled in the past decade, up 114 per cent, increasing more than four times faster than overall inflation, which was 27 per cent for the period.
Mozo found SA’s average annual bills were the nation’s highest at $2931 but Victoria and NSW had the biggest gaps between the highest and lowest offers — $1091 and $1001.
“If you have been with the same electricity provider for a while it’s highly likely that you are paying too much for your electricity,” Ms Lamont said.
“The best deals and discounts are generally reserved for new customers.”
Buyologists founder Mike Chalmers said several factors had been pushing prices higher, including renewable energy and soaring gas prices.
But falling costs in wind power and solar battery storage would eventually “completely change the game”.
Mr Chalmers said consumers could visit independent website www.energymadeeas y.gov.au for advice and to compare electricity offers.
It was often possible to get a better rate simply by telephoning your existing provider.
“If you push your existing supplier, they will start to offer you the same offers that they offer new customers,” he said.