Switching your energy is now much faster + you could save $126 a year
Starting 1 October, you'll be able to switch energy providers within 2 days and take advantage of fast-moving discounts.
Gear up for a weekend of money-saving life admin because switching energy providers is getting easier.
Thanks to news rules coming into play on 1 October, energy providers will be mandated to let customers switch providers within 2 business days.
This is a significant movement in wait times. Previously, providers could take up to 90 days for a final meter reading. Even those with a smart meter would likely need to wait 10 days.
Luckily, that's now going to be a thing of the past.
Take advantage of market offers by switching energy providers
These changes, being led by the Australian Energy Market Operator (AEMO), will make it simpler for Aussies to pounce on energy offers and discounts in a matter of hours.
It'll also mean energy providers will be looking at some healthy competition in the market in the race to get new customers.
Don't be surprised if you end up seeing more discounts and benefits up for grabs down the line as providers compete for your business.
"Our priority has been to work with industry and consumer representatives on the development, design, and market readiness to the benefit of all consumers in preparation for commencement on 1 October," AEMO's Chief Markets Officer, Violette Mouchaileh, told Finder.
"As the industry transformation continues at pace, we must enhance consumer choice to ensure all Australians can access better electricity offers and new services, when they want them."
Switching energy providers could save you $126
The biggest reason to shop around and switch energy providers is to save on your utility bills.
- There are 171,329 residential customers with electricity or gas debts, with an average debt of $1,008 as at December 2020, according to Finder's analysis of Australian Energy Regulator data.
With lockdowns likely putting more stress on Aussies, it's more important than ever to shop around, switch energy providers and get on a cheaper rate.
Depending on which state you reside, you could stand to save up to an average $126 a year, according to the Australian Competition and Consumer Commission (ACCC).
Here's a breakdown of potential savings across the country from the ACCC:
- Brisbane: up to $126 a year
- Canberra: up to $46 a year
- Sydney: up to $88 a year
- Melbourne: up to $181 a year
- Adelaide: up to $118 a year
However, these are just average figures and the number could be much higher depending on your individual circumstances.
You can quickly compare energy plans via Energy Finder™ – our in-house database to see if you're on the best deal available to you.
- Good to remember. Don't set and forget about your energy bills. Many providers offer 12-month benefit periods after which you'll notice your bills start to creep up. It's always best to do a health check of your utilities to see if you're on the best deal.