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Energy prices are rising. Here’s how to see if you’re getting a good deal

 

fireplace, winter fireplace, toyotomi stove-1857814.jpg

A lot of us are used to energy prices going up in winter. It’s a time of year when we tend to stay in more, use heaters and may even take longer showers.

But this year’s electricity or gas bill may sting a little bit more than usual. Prices are already going up generally, but a range of different things like supply shortages, transportation costs and the war in Ukraine has meant energy prices are rising quite quickly. However, as with most things, some providers charge more than others.

Depending on where you live, you may have the option to switch to another energy provider if you find a better deal for your needs. Here’s a quick breakdown.

If you live in NSW, ACT, Queensland, South Australia or Tasmania

If you don’t know if you’re getting a good deal for your current usage and needs, you can do a price comparison on electricity and gas using the Federal Government’s Energy Made Easy.

You’ll need to enter the following information to make the comparison:

  • Your postcode
  • A paper or PDF bill or your energy meter reading
  • The type of energy plan you’re on.

Once you’ve entered the information, the website will give you an idea of the prices charged by energy providers in your area.

If you live in Victoria

You can compare energy costs and see if there are cheaper providers available at Victorian Energy Compare.

You may also be eligible for a $250 ‘Power Saving’ bonus from the Government if you pay for your energy bill (current as of July, 2022). Details are on the same website.

If you live in Western Australia

Western Australia has a regulated market, which means there is usually not much difference in price between different energy retailers. Some customers have limited options in terms of the plans they are on, depending on the size of their household or business and the area they live. You can read more here: Can I choose my retailer?

If you live in Northern Territory

Like Western Australia, the Northern Territory regulates the prices that retailers are allowed to charge. That means prices don’t tend to vary much between the few retailers in the region. If you’d like to read more, visit this website. 

Other ways to save in winter

Here are a few other tips to try and manage energy costs:

  • See if there are any discounts or concessions available – Sometimes discounts are offered to certain people and households, such as people living with certain illnesses, those experiencing family violence, in low income households or older Australians. Again, these depend on the state or territory you live in. More information is available through your energy retailer or the state or territory government’s energy website.
  • Use a clothes line instead of dryer – This isn’t always easy if you live in a cold or rainy climate, but if possible, it may help to save on that energy bill.
  • Switch off electronics when going to bed – This may include the TV (off at the powerpoint), computers and gaming consoles.
  • Load up on blankets – Having extra blankets instead of a heater can help to cut down on that gas and electricity bill.
  • Use door snakes or sheets to stop air coming through doors – Extra draughts can really cool down your home, but they can be blocked using door snakes or sheets.

This article is general in nature and doesn’t constitute personal financial advice. 

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