A change in electricity providers could see you saving

Electricity prices have recently increased by over 30%, meaning now is a good time to re-evaluate your electricity retailer to ensure you’re getting the most bang for your buck.

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Inflation is something that is currently impacting all of us. Price increases are happening across the board, which means yes – the energy sector is being impacted too. To make matters worse for those of us residing on the East Coast of Australia, we’re experiencing a cold snap at the moment – which would normally see us turning our heaters on to full tilt but soaring electricity prices may have you thinking before reaching for the heating remote!

Why are electricity prices rising?

Australia has seen an exponential increase in wholesale electricity prices, in fact – prices have increased as much as five times compared to the same quarter last year and it is predicted that they will continue to worsen. There are a multitude of reasons as to why prices are rising including the Ukraine war, limited domestic gas supplies, La Nina and a slow progression to virtual power plants (VPP’s). Collectively these factors mean the cost of producing electricity has increased and to put the cherry on top, there’s also been less supply and higher demand. Yep, you guessed it, all of this means prices have and will continue to take a steep hike!

How do I best avoid paying through the roof for electricity?

Our first piece of advice is to make sure you are utilising your roof to its full potential! On a serious note, installing a solar system, ideally one with a battery, is your best bet. Reducing your dependence on the grid is the most economical way to safeguard yourself from ever-increasing electricity bills. Our next suggestion is to take a look at what your current electricity retailer is offering you in comparison with the rest of the market. Having your most recent electricity bill on hand will allow you to take a closer look at your daily consumption habits including on peak and off peak charges as well as feed-in-tariffs (if you have solar) and compare the associated costs with other retailers. You can compare the retailers in your area here. Making the shift to a retailer that meets your needs and consumption habits could see you saving on your electricity bill in no time at all!

If you’d like to find out more about anything mentioned in this blog – get in touch with our knowledgeable and friendly energy consultants today on 1300 18 20 50 or hit the button below.

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