As living costs continue to rise and energy prices skyrocket, bill shock is a real issue for many Australians. Heating appliances are among the biggest energy users, so coming into the cooler months, it’s a good time to consider reducing your energy costs.
Understand average energy use for your household
Most energy bills will show you how your usage compares to similar households in your area. If you are notably above the average, it may be worth considering whether you can reduce your energy usage.
You may also have a faulty appliance that is drawing considerably more power than it should and driving your bill higher. If you think this could be the case, investing in a plug-in power meter is a cheap and effective way to identify the culprit.
Of course, using less energy is a great way to save on your bill and help the planet. But if you are already energy-savvy, there are other ways to save on your power bill this winter.
Explore government rebates
State governments offer various household energy rebates, and if you are eligible, it’s worth taking advantage of them.
In NSW, this includes seniors, families, concession card holders and low-income households as well as schemes for approved upgrades to certain appliances.
In VIC, all residents with a power bill in their name are entitled to a $250 rebate in 2023/24, and the Energy Assistance Program helps eligible Victorians struggling with power costs.
Compare your current rate
If you’ve been with the same provider for some time, you may have fallen off special offers or contract rates offered when you signed up. It’s unlikely they’ll tell you that you could be paying less, so it pays to do your research.
If you can’t find it on your bill, ask your provider for your current gas and/or electricity rate and use a comparison website to see if you can get a better deal.
Where to compare energy prices
- NSW, ACT, QLD, South Australian and Tasmanian residents https://www.energymadeeasy.gov.au/.
- VIC residents https://compare.energy.vic.gov.au/
- WA Residents https://www.wa.gov.au/organisation/energy-policy-wa/household-electricity-pricing
- NT residents https://www.powerwater.com.au/customers/power/choosing-a-power-retailer
Speak to your provider
If you’ve found a better rate, it can be beneficial to speak to your current provider first and see if they’ll match it. It can reduce the (albeit small) administration required to change providers. But if they aren’t prepared to meet the better price, then it may be time to switch.
Can’t find a better price? There may be other rewards to be had.
If you’re paying the best possible price, that’s great news. If other providers are offering the same rate, you can also look at what offers are available for switching. From bill credits in the hundreds to frequent flyer points, you may be able to save in other ways.
General Advice warning
The information provided in this blog does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. Apt Wealth Partners (AFSL and ACL 436121 ABN 49 159 583 847) and Apt Wealth Home Loans (powered by Smartline ACL 385325) recommends that you obtain professional advice before making any decision in relation to your particular requirements or circumstances.
