Dollar Saver Tip #22
Electricity prices are estimated to rise by up to 22% in some of the major states including New South Wales, South Australia and Queensland. You can find significant savings by switching your energy plans.
Dylan here, Finder energy expert and someone who spends way too much time thinking about their energy bill.
The Australian Energy Regulator (AER) has announced its draft decision to increase benchmark pricing for electricity prices by up to 22%. The final decision will be made in May and changes will come into effect from 1 July 2023.
The benchmarks, also known as the default market offer (DMO), are the maximum amount energy retailers can charge customers that are on a standing offer contract. There's a good chance you're on one if you haven't changed energy plans in over 12 months.
Did you know?
A Finder survey of 1,059 respondents found nearly 1 in 4 (24%) Australians see their energy bill as the expense causing them the most stress.
Switching energy providers could save you up to $400* a year depending on where you live.
Here's how you can quickly and easily compare via our energy switching service.
- Enter your details: This will help you get price estimates tailored to your location and specific needs.
- Personalise your results: Enter the details from your latest energy bill to get a more accurate estimate based on your energy use.
- Compare plans: Each electricity plan displays a reference price. Remember those DMO benchmarks we discussed earlier? A plan 10% less than the reference price is 10% less than the current benchmark. The lower your new plan is from the reference price – the cheaper your plan will be.