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To help you navigate the world of energy discounts in pursuit of the best deal, we've put together a short guide with everything you need to know.
Discounts are appealing because it's nice to feel like you're saving, but never purchase a plan based on discounts alone. What matters most are the rates you get charged for electricity. Here's why.
The majority of discounts are temporary, with many expiring after 12 months. Your low prices may evaporate a year later, leaving you paying more than you would on a different plan with no discount.
Conditional discounts can be great when you meet the condition, but can be extremely punishing when you don't. According to the industry watchdog ACCC:
...retailers often advertise large conditional discounts and many consumers end up paying a much higher price when those conditions are not met. These 'penalties' provide an excessive benefit to retailers. - ACCC, 29 March 2019
For example, if you have a pay-on-time discount and are late with a single payment, you'll not only lose the discount but be slammed with a late payment fee too.
Discounts aren't always a set reduction to your bill. It's not uncommon for discounts to be delivered in credits that are applied to your bill.
Sumo Energy, for example, offers $100 in credits over 2 years, but only applies it to every third monthly bill. It pays to read the details for these kinds of discounts, since they can be applied in weird or variable ways.
While the sheer number of energy discounts out there from different providers may seem complicated, they mostly fall into just a few different categories. Usually, you'll be looking at a conditional discount, something which only applies when a certain condition is met. Here's what common discount types exist:
The information above was last checked as correct on April 2021.
The reference price is a benchmark price set by the Australian Energy Regulator to help make understanding prices easier in New South Wales, South Australia and South East Queensland.
It's the highest a retailer can charge a customer on a standing offer.
Victoria uses a slightly different benchmark called the Victorian Default Market (VDO) offer.
You'll often see the reference price mentioned with discounts to make it easier for you to understand how much you are saving.
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