Hey there,

It's Joel Gibson here, your WhistleOut Savings Specialist. This month we're talking about electricity saving and a handy new rule you can use to spot a cheap electricity plan. It’s this:

The cheapest electricity plans in NSW, SA, SEQLD & VIC are now 15% off the government reference price or ... better!

If you want to find inexpensive electricity in your area, watch the video or read on.

Cheers,

 

My '15% rule of thumb' for cheap electricity

The Government Reference Price is a benchmark price for an electricity plan that’s set by the energy regulator and all plans on offer are then compared to that price: some are 5% or 15% below it, others are above it.

In fact, data suggests around half of households could be paying the reference price or above, so there are hundreds of dollars in potential savings from switching to one of these cheaper plans.

Households can still pay substantially less than the government price if they shop around for one of the cheapest deals available and switching takes less than 10 minutes.

Last time I checked, the number of retailers offering plans that cost at least 15% less than the government reference price was at least:

• 13 in NSW
• 6 in VIC
• 3 in SA
• 8 in SEQLD

Here are some of the retailers I found with plans better than 15% off the Reference Price:

RETAILERS WITH CHEAP PLANS

• IN 4 STATES: Powershop, Kogan, Globird
• IN 3 STATES: Alinta, Ovo, Sumo
• IN 2 STATES: Ampol, Covau

ENERGY COMPARISON SITES

To check the latest cheap options, don’t go to retailer websites! Just like with telco plans, the best way to search is using a comparison website:

• energymadeeasy.gov.au in NSW, SEQLD, SA & ACT
• compare.energy.vic.gov.au in VIC

 

PRICE CHECK

Another trend in energy plans right now is big upfront credits for switchers. Some retailers are offering $50-$200 for switching electricity - or double that if you switch gas too.

Before taking up one of those offers, just make sure it’s also cheaper than the Government Reference Price - no point getting a credit if it’s going to get eaten up by high rates!

The prices on most plans have changed in July and August, with some rates going down but other plans going up by as much as $1000 or rising to double the government price.

So it’s vital that households do a ‘price check’ now to make sure they’re not paying twice as much as they have to for their electricity over the coming year. 

And it's not just energy where regular price checks pay off - a recent WhistleOut survey showed that over 70% of customers who switched their telco services saved an average of $200 per year. Whether it's energy or phone plans, taking a few minutes to compare and switch can lead to significant savings across your household bills!