Dollar Saver tip #36
On 1 July 2023, electricity prices are set to rise by up to 25% in many states including New South Wales, Victoria, South Australia and South East Queensland.
Even if you've switched energy plans in the last 12 months, you can save by comparing plans again now.
The price hikes come as the Australian Energy Regulator (AER) and Essential Services Commission revise their benchmark pricing for the new financial year.
The benchmarks (also known as the reference price, default market offer or Victorian default offer) 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.
Even if you're on a market offer, which is usually more competitively priced, you should still look for a plan that's below the reference price.
Did you know?
Finder data found energy bills are the third most stressful expense for Aussies after mortgage costs and groceries.
Switching energy providers could save you hundreds of dollars over the next year.
For example, the annual difference between the cheapest and most expensive plan on Finder for NSW is around $700+. For VIC it's $589, for QLD it's $778 and for SA it's $811*.
Here's how you can quickly and easily compare via our energy switching service.
- Enter your details: This will give you price estimates tailored to your postcode.
- Personalise your results: Enter the details from your latest bill to get an annual estimate based on your energy use.
- Compare plans: Each electricity plan displays a reference price. Remember those benchmarks we discussed earlier? A plan 8% less than the reference price is 8% less than the current benchmark. The lower your new plan is compared to the reference price – the cheaper your plan will be.
*These savings are based on annual estimates for a certain usage in each state. Your own savings can vary depending on how much power your household uses.