Energy Compare: Quick wins on energy bills

Can you believe it?

Attendees at the upcoming Electrify Boroondara Expo could probably save
a total of $100,000 per annum if they used the Victorian Energy Compare website!

Let’s justify this claim!

In December 2023 the ACCC published a report into the National Electricity market. The ACCC sampled over 5 million customers in NSW, Victoria, SE Queensland and South Australia.  They found that:

• 47% of residential customers were on plans with a calculated annual cost equal to or higher than the default offer

• 42% of concession customers were on plans with a calculated annual cost equal to or higher than the default offer

• 79% of residential customers could achieve a better offer if they switched to a competitively priced acquisition offer in Energy Made Easy or Victorian Energy Compare.

If we assume that 1,000 people will attend the Expo, representing 800 households, and we apply the percentages shown above, we can estimate that 790 attendees (representing 632 of the households represented at the Expo today) could achieve a better offer.

$300 off each year!

Bill savings of $300 per annum can often be achieved by using the Victorian Energy Compare website.  So, it is just possible that attendees at this year’s expo could save around $190,000 per annum if they all used the Victoria Energy Compare website.

Allowing for inaccuracies in the assumptions above (and possibly a bit of exaggeration) a saving of $100,000 per annum is probably achievable for the attendees.

Do you want to avoid paying too much for energy?

Use the Victorian Energy Compare website and pick the best deal.

It is easy and most people who take the time (15 mins approx.) save significant amount. with $300 to $400 annual saving not unusual.

If you are not sure how to do this:

• Come to the Electrify Boroondara Expo where Lighter Footprints will be providing assistance at their stall if you bring along your bill (or can access from your phone).
• Watch the Youtube video showing how it is done
• Go to the website and jump in – we provide some guidance below – it is simple to use;
• If you still need assistance contact Anglicare Victoria who will provide assistance here or phone them on 1800 809 722

What help does the government provide?

• It has created the Victorian Energy Compare website making it easy for customers to find their best offer and has also created the Victorian Default Offer which is a reasonably priced electricity offer set by an independent regulator
• It has mandated that retailers inform you if you are not on their best tariff
• It supports Anglicare Victoria who will assist consumers who need help including providing help with comparing retailers

Why do you need to take action?

Almost all energy retailers are commercial businesses with a focus on making profits.

• They make more money if you pay too much.
• Customers who use the tools available should end up saving money

How often should you take action?

• Now, if you haven’t already used the comparison website
• If you bill says that you are not on the best tariff from your existing retailer
• Every six months as retailers can change plans
• If your retailer informs you that they are changing you tariff

Extra care required if:

• You have just moved to new premises
• You have made significant changes to your energy usage (EV, Hot water heat pump, children left / returned home etc)
• You had a long absence from home in the last year

The reasons for this is that the website uses your previous year’s energy usage data to perform its comparisons.

The website does provide an option to provide information in a different way if these circumstances apply.

How to make the process easy

Make a few decisions – direct debit or not?

• Decide whether you want to go for discounts for paying on time
  • If you pay by direct debit this is guaranteed and you will save
  • If you pay separately every time – the penalties for a late payment will probably outweigh any discount

 

For electricity

• Have your latest electricity bill available –
  • Know your retailer
  • locate the NMI number (usually beginning with a 6)
  • Know your postcode
  • Know your distributor (sometimes needed)
• Allow the website to access your usage data from the distributor

For Gas

• Have your latest electricity bill available –
  • Know your retailer
  • Know your postcode
• Answer some simple questions