Should you switch energy plans now or wait until July?
Each year energy prices are reset in July, making now the ideal time to shop around and take advantage of any deals.
It's time to start reflecting on your energy bills given prices are trending upwards and the overall rising cost of living is putting pressure on Aussies across the country.
According to the Australian Energy Market Operator's latest report, wholesale electricity prices have more than doubled in the last 12 months. This means energy customers are likely to see an impact given wholesale prices make up 30% to 40% of their energy bills.
When the 1 July electricity price reset comes around, providers are almost guaranteed to raise prices if they haven't already done so.
So what can you do?
Take advantage of energy plans with 12-month fixed rates
You have 2 different types of energy plans on the market: those that offer fixed rates for a certain period (such as 12 months) or others that have variable rates.
If you don't like switching electricity plans on the regular in search of the cheapest variable rates, you're likely to benefit from a fixed rate plan instead.
Here are some providers to consider and any offers they might have along with their fixed-rate plans.
- Keep in mind. Discounts will vary between states. Reference price or Victorian Default Offer (VDO) refers to the benchmark set by the government to compare energy plans.
1. AGL Value Saver plan
You can get anywhere between 6% and 22% less than the reference or VDO price and have your rates fixed for 12 months.
If you decide to bundle your utilities, you can also get:
- Up to $150 in online sign-up credit
- 3 months free if you sign up to an AGL mobile plan
- 1 month free if you use AGL NBN and $15 per month off after
- 12-month free subscription to Amazon Prime when you get an energy or Internet plan with AGL
2. Tango Energy plans
You can get anywhere between 4% and 25% less than the reference or VDO price when you sign up to one of Tango Energy's fixed rate plans over 12 months.
While you don't get much in the way of extra perks and features, where Tango stands out is:
- You can get fixed rates across all 4 of its plans. All you need to do is choose the best one for your home.
3. EnergyAustralia plans
All of EnergyAustralia's energy plans come with a 1-year benefit period with discounts from the VDO or reference price varying between 7% and 20% less.
During the benefit period, you will have your energy rates fixed for 12-months, protecting you from any rate increases.
Depending on which plan you sign up to, you could also get:
- Up to $50 in sign-up credit
4. Origin Energy's Origin Go plan
The Origin Go plan gives you fixed rates for 12 months that are anywhere between 7% and 26% less than the reference price.
On top of this you can also:
- Access Origin's Everyday Rewards points, with up to 10,000 bonus points if you're a new energy customer
- Get $10 per month off if you bundle your Internet and energy plans with Origin
5. Red Energy Living Energy Saver plan
Red Energy offers anywhere between 1% and 22% less than the reference or VDO price and offers fixed rates until 31 May 2023.
- You also get access to Red Energy Rewards, with over 4,500 discounts and offers when you sign up to an electricity plan
Save money by reducing your power usage
There are a bunch of things you can do around your home to cut your electricity or gas usage such as turning off appliances, using the heater an hour less in the day during winter and more.
Find out more on energy tips that could save you up to $700 here.
Would you rather chase after the cheapest variable rates? Compare energy plans on Finder to sign up to one that best suits your budget.
