As power prices continue to rise for residential customers, it’s important to find ways to mitigate the impact on your bills. Various major energy retailers have increased rates for customers across different regions, with some seeing hikes as significant as 29.8% or $565 per year. These hikes are often applicable to variable electricity market contracts, which means your energy costs can fluctuate with the market.
To get a better deal on your power bills, consider the following steps:
- Understand the Increase: Be aware of how much your power bills are expected to increase based on your location, current provider, and plan.
- Comparison Shopping: Take the time to compare different energy plans and providers. Even small variations in pricing can accumulate to substantial savings over time.
- Utilise Comparison Services: Consider using comparison services like iSelect to easily compare different energy plans and identify potential savings.
- Regular Review: Don’t stick with the same plan for too long. Regularly review your energy plan and provider as the market changes and better deals may become available.
- Switching Benefits: Research indicates that those who switch energy providers or plans every two years on average save around $240 annually.
- Stay Informed: Keep yourself informed about recent and upcoming changes in energy prices. This awareness can help you make informed decisions about your energy plan.
- Savings Prioritisation: With rising energy costs, cutting back on discretionary expenses like takeaway food and entertainment could help offset the higher bills.
Taking a few minutes to educate yourself about energy pricing changes and exploring your options could lead to substantial savings on your power bills. Remember that even in a market with increasing prices, there are often opportunities to find a better deal that suits your needs and budget.
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