Plans with no contract term:
These are open-ended plans which continue until you or your provider decides to cancel them. These have no exit fee associated with them.
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The two main types of energy plans you may come across are:
|PLANS WITH NO CONTRACT TERM||ONGOING CONTRACT WITH BENEFIT PERIOD|
|Fees for leaving the contract||None||Usually|
|What happens over time?||Plan continues unless it's cancelled||Retailers will either roll over your plan with a new benefit period (either with the same benefit or a new benefit) or they will continue the contract with no benefit|
|Responsibility of provider||Notify you if price changes||Must tell you your benefit is ending or if they are rolling over your plans with a new benefit at least 20 business days before it happens|
|Price changes||Prices may change at any time||Prices are fixed for the benefit period|
|Who is it best for?||You don't want to be locked into a plan||You want to get prices locked in for a period of time and don't mind a contract that continues indefinitely|
We've explained each contract in greater detail below to help make sure you know what you're getting into when shopping for an energy plan.
|Plans with no contract|
|Plan continues unless it's cancelled.|
|Notify you if prices change.|
|Prices may change at any time.|
|You don't want to be locked into a plan.|
|Ongoing contract with benefit period|
|Retailers will either roll over your plan with a new benefit period (either with the same benefit or a new benefit) or they will continue the contract with no benefit.|
|Must tell you your benefit is ending or if they are rolling over your plans with a new benefit at least 20 business days before it happens.|
|Prices are fixed for the benefit period.|
|If you want to get prices locked in for a period of time and don't mind a contract that continues indefinitely.|
While the energy market used to have quite a few energy contracts with set periods and exit fees, this is no longer the case. Finder's latest search of energy plans on the government's comprehensive plan database, Energy Made Easy(1), returned zero plans with exit fees in NSW.
It's still worth double-checking when you sign up, but on the whole you don't need to worry about being locked into a contract.
If you're comparing energy you may have come also across the following terms: Standing offers and Market offers. Our infographic below helps explain the difference.
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