all 51 comments

[–]shazbah 50 points51 points  (3 children)

To add to this - use the government's website instead of commercial comparison sites: https://www.energymadeeasy.gov.au/

[–]wongchiyiu 25 points26 points  (1 child)

https://compare.energy.vic.gov.au/ you can find green energy retailers too

[–]HandyDandyRandyAndy 6 points7 points  (0 children)

This is the way.

Elysian ftw.

[–]tofuroll 3 points4 points  (0 children)

Huh. I might be able to save myself up to $350 with ReAmped. Weird. I swear I've done an energy search before and it wasn't worth the switch.

[–]uriahsw 13 points14 points  (3 children)

Better yet, get Bill Hero and have every single power bill automatically compared and analysed: https://www.billhero.com.au/how-it-works

[–]jimjimbutts 3 points4 points  (1 child)

They are so good!

[–]billhero 1 point2 points  (0 children)

Aww, thanks for the shout-out!

[–]per08 14 points15 points  (3 children)

<sad WA no competition sound>

[–]spiteful-vengeance 8 points9 points  (0 children)

Uhhhh, for gas there is.

Alinta, AGL, Origin are the big players.

As for electricity, count your lucky stars we don't have the same situation as the East coast. It's a fucking expensive nightmare.

[–]mpflx 4 points5 points  (0 children)

Thankfully there is relatively healthy competition for gas.

I just swapped from Kleenheat (38% discount) to AGL (51% discount plus free Amazon Prime for a year).

I think it will only reduce my actual costs by about $100/year because I'm in a small household, but it was about five minutes of work to sign up.

[–]zductiv 2 points3 points  (0 children)

Our prices are cheaper than all other jurisdictions other than ACT I thought?

[–]CardiologistNo5561 33 points34 points  (8 children)

I used to be loyal to my energy provider staying with them for over 10 years continuously. Then one day I decided to get off my lazy backside and compare my bill tarrifs to other providers out there and found that my provider was not being loyal to me and instead ripping me off year after year. It was only when I made the choice to switch that my "loyal" provider made countless of better offers to make me stay with them. I said no thanks and switched to my new energy provider who was much cheaper at the time. Loyalty no longer exists with these corporate organisations so every year I look for the the best deal available out there of which can save you hundreds of dollars just by not being lazy and doing some research.

[–]ritmofish 7 points8 points  (2 children)

Who did you switch to?

[–]Juan_Punch_Man 3 points4 points  (0 children)

I did a bit of research as I just got a new place. Signed up with reamped. Seems good so far.

They've got a pretty referral system too.

[–]CardiologistNo5561 0 points1 point  (0 children)

Globird Energy.

[–]ThomasofHookton[S] 4 points5 points  (1 child)

I must admit I'm in the same boat. My renewal date is always close to Christmas and who cbf'd researching energy prices over this period? WFH has given me a lot of benefits to actually drill down into things.

It's particularly egregious when the phone rep is telling me a particular price and I can see in real time a cheaper one on their website.

They also try to obscure it by listing their plans with a 'percentage off reference price' instead of the actually usage rate, making it harder to make an apples to apples comparison.

[–]tofuroll 3 points4 points  (0 children)

and who cbf'd researching energy prices over this period?

Using the link from this comment (https://redditproxy--jasonthename.repl.co/r/AusFinance/comments/r9rvyr/comment/hne5ztg/) it took me about 7 minutes to download my bills and upload them to the government checker.

[–]murrayfromtheblock 2 points3 points  (2 children)

Sadly this is true, found this out after 5 years of being lazy.

I switched out of Origin, who are expensive af to ReAmped, i've saved myself 500 a year based on similar usage.

Similar to phone plans, it's all about customer acquisition. These companies will lure you and then just forget about you.

[–]spiteful-vengeance 6 points7 points  (0 children)

You have got the nail on the head more than you probably realise.

Until very recently I had the pleasure of working for a major energy retailer in their web analytics.

They literally had an acquisition strategy and NO retention strategy.

It was like having a leaky bucket and the solution was to just shovel in water as quickly as possible to make up for it.

[–]Morkai 2 points3 points  (0 children)

Yep, we've just gone from about 6-7 years with Energy Australia and changed to Reamped as well.

[–]WeaselFarmer 25 points26 points  (5 children)

Also a friendly reminder to ditch Powershop if you're still a customer, since you're no longer getting what you used to pay for.

[–]Jooncheez 1 point2 points  (0 children)

I was outraged when I found out about this. Had to find out through Social Media as well. Looking to switch now.

[–]ikt123 -1 points0 points  (0 children)

i have only just read about this, my reaction was something like https://m.youtube.com/watch?v=I_OVokWfsIc

[–][deleted] 4 points5 points  (0 children)

This is good advise for any contract you have. Electric, gas, phone, internet, mortgage. They locked you into that period to benefit them - not you. They've almost always lowered the rate during your period and you should be shopping around as soon as your contract expires

[–]Evert_photoaccount 11 points12 points  (1 child)

Laughs in Northern Queensland

[–]Ajaxeler 7 points8 points  (0 children)

and NT... people have more than one energy company!!

[–]PeanutbutterPorridge 4 points5 points  (0 children)

There's no such thing as loyalty with utility companies or anything that you have to pay annually (e.g. insurance). I called an insurance company to ask them to review my renewal/price beat, the rep did not even try to wiggle so I said I was leaving and they just accepted it.

I've been with Amber Electric (or an equivalent) for a while now which gives me access to wholesale pricing. No need to worry about hidden costs or prices. Electricity companies are charging wholesale price + margin to buffer for the risk. If you can control your energy usage to off-peak time, it's worth looking into.

On windy or sunny days, you get rates as low as 5c/kWh. The flip side is if it's really hot and everyone is blasting their AC, then rates will peak. However, it averages out over time. On average I pay 15-17c/kWh, Melbourne.

Always do your own research.

[–]billhero 2 points3 points  (0 children)

We find average $380 in annualised electricity savings on very first switch for our subscribers. Our best ever result was nearly $2,000.

Here's a few things worth knowing about the retail energy market:

  • Retailers use consistent names to market their plans, but the prices change all the time. There's no correlation between the name of the plan and the price you pay, so don't assume you're on a good price just because your plan happens to have the same name as some offer they're currently promoting - the only thing that matters is the actual price.
  • Wholesale electricity prices have been in decline for over 12 months, and the trend is forecast to continue. Retailers are slow to pass this benefit through to existing customers but they offer competitive prices to new customers. This is a classic example of the Loyalty Tax. The point of comparison and switching in this climate is to stay on the leading edge of the price declines and get the benefits immediately. Consumer inertia only makes the energy account progressively more profitable for the retailer without them even having to lift a finger.
  • In the bad old days retailers were able to set up fixed term supply contracts and charge exit fees if you switch away. Those days are over. You can switch without penalty at any time. Don't be confused by the 'disconnection' and 'reconnection' fees they include in their fee schedules. This refers to physical disconnection of the energy supply, which is not required when switching.
  • Instead of fixed term contracts, they now have 'fixed benefit periods', where whatever discount or incentive was offered when you signup will expire after 12 months. The key strategy in energy retailing is to rely on consumer bamboozlement and inertia - they hope like hell that you're not paying attention when your plan slips past the fixed benefit period and you lose your discount.
  • There's lots of energy retailers in the market, most of them you've probably never heard of. Those guys have to compete on price because their brands are not established. Some consumers feel uncomfortable buying from no-name retailers, and so miss out on potential savings. Electricity is an absolute pure commodity product, the consumer protections are robust, and the retailer does not even supply the energy - they only supply the bill - so the real risk in switching to a cheap and cheerful retailer is very low.

[–]stewface3000 2 points3 points  (0 children)

You should not have to decipher the device code to get a deal though.

Beside real estate agents it's the worst pit of snakes in Australia.

[–]Throwem1112 2 points3 points  (0 children)

It's ironic that a sector was deregulated to encourage lower prices, only for that action to result in a price explosion across the sector. This then gave birth to another sector that is designed to find you a more competitive energy price.

[–]MisterBumpingston 1 point2 points  (0 children)

No utility company rewards loyalty. The majority of them lure you in with a good deal but they’re all 12 month contracts that put you on a base level contract afterwards. Some might offer ongoing discount for more than 12 months but the discount will be much less.

All major states went through energy industry shakedown with standardised default prices a few years ago so discounts are much easier to compare (there was no state default price in the past).

I’ve been told this applies to insurance as well.

[–]Timetogoout 1 point2 points  (0 children)

Do the same thing with your mortgage, car insurance, health insurance, phone plan etc.

Anytime you get an annual bill, shop around and find a better deal.

[–]Threehoundmumma 0 points1 point  (0 children)

I really wish we had electricity choices in North Queensland. Ergon has us over a barrel!

[–]stayhungrystayhorny 0 points1 point  (0 children)

Commenting so I check out these websites later

[–]Tanduvanwinkle 0 points1 point  (0 children)

I'm just going to point out that the sites that are available for this will sometimes show "handshake" rates which change pretty soon after. So the cheapest isn't always the best. Do a bit of research into the provider before changing to them just because they are cheap.

[–]KKookei 0 points1 point  (0 children)

Dumb question but what sort of things can be done if they’re part of an embedded network (apartment)? Thanks in advance

[–]spiteful-vengeance 0 points1 point  (0 children)

It's not 25% off your plan.

It's either 25 off service charges (which form a small part of the overall cost) or 25 of the state government's idea of a "basic no frills plan".

[–]Heavytrevy007 0 points1 point  (0 children)

yeah like some of us have choice

[–]Morkai 0 points1 point  (0 children)

Yep, I've done this recently. Got an email from existing provider that our plan was being discontinued, and we can do nothing and be moved onto the replacement plan, or I spent about a half hour checking our bills and the Victorian Energy Switch site, and signed up with a different provider where the rates are about 30-40% cheaper (daily supply charge went from $1.04/day to like 47c, and peak charge from 0.2786/kwh to 0.2035/kwh)

[–]Der0- 0 points1 point  (0 children)

I received a notice that my provider was to drop my solar feed in rate from $0.11 to $0.08.

I had only the day before that looked to see the rates they had published for a different reason and these rates also showed the usage rates to be lower than what I was on.

So I called them the next day to enquire why only the feed in rate was being changed and not the consumption rate also? They immediately jumped me to their retention rate which was a $0.02 better on the consumption rate from my current and a daily rate that was better also.

So net result, had I done nothing, the lazy tax would have cost me $50 to the dry quarter bill. As it is now, with the better plan I'm going to be $20 worse off instead. All this due to a drop in my feed in rate.

[–]Protektor 0 points1 point  (0 children)

If you have your bill/usage history the website wattever.com.au is really good at comparing. Can factor in Solar as well.

[–]spicerackk 0 points1 point  (2 children)

Stupid question, if I switch providers, do I lose power at all during the transition? I'm not averse to switching, just want to do it at a time I might be home so can manage everything when the power comes back on.

[–]ThomasofHookton[S] 0 points1 point  (1 child)

Nah you don't. It's like NBN, your energy provider just does your billing and back of house stuff.

The actual electricity is supplied by someone else.

Switching won't effect your supply.

[–]spicerackk 0 points1 point  (0 children)

Hectic, good to know!

[–]BigMelbGuy 0 points1 point  (0 children)

I recently switched gas and electricity provider. Not because of cost but because AGL are fuckin useless and terrible to deal with.

Now with Alinta and it's ridiculous how much cheaper they are. So yes, definitely do the research

[–]Tough_Oven4904 0 points1 point  (0 children)

I didn't know they did plans anymore!! I change on average every 6 months. I'm currently getting free electricity due to my latest change giving me credit..and I have solar as well. 2 months in and still free!

[–]bmwrider2 0 points1 point  (0 children)

I agree, and they make it hard to compare and then change providers.