Energy bills are one of the more annoying aspects of modern life. Powering your home is a necessity, of course, so we have to bear the costs one way or another, but how do you know if what you’re paying is right?
Well, understanding your bill is a big part of that equation. Here are five things you may not have known.
Your tariff may impact how much you’re spending
Did you know your energy bill may be higher than you expected because of the tariff you’re on?
Switching to a time-of-use (TOU) tariff can therefore help you get this down, which allows you to pay for your electricity at variable rates depending on the time of day.
So for example, the TOU tariff’s off-peak rates offer lower, discounted energy prices during hours when homes and businesses use less electricity – such as weekday evenings and the weekends.
Your supply charge can account for a large portion of your bill
If you don’t use a lot of energy typically, your supply charge could account for a large percentage of your total electricity bill. A supply charge is the cost households pay to be connected to the electricity network.
This charge is typically broken down into a daily figure in cents and can range from 80c to $1.20 per day. These also vary from state to state.
The best way to combat a high supply charge is to compare energy plans to see if you can find a better deal.
If you’re having trouble paying, a financial hardship program can help
Different retailers may have a financial hardship program you can participate in if you’re struggling to receive income on a consistent basis. These programs may offer you more time to pay, or a payment plan that allows you to pay small amounts regularly.
Your provider may also help you work out if you are eligible for government concessions, or even financial counselling services.
Get in touch with your retailer to find out if such a program exists with them.
Changing your bulbs to LEDs can help lower your bill significantly
Changing your incandescent or halogen bulbs to energy-saving ones, such as LEDs, can help you save a lot of money on your bills.
Whilst LEDs are more expensive up front, they have much longer durability (lasting up to four or five times longer) and can therefore save you more over time. They are also usually more efficient and versatile than other types.
LED bulbs with the ENERGY STAR rating are highly recommended for quality and an optimum light experience.
You’re not locked into one energy provider
It’s really common that a lot of Australians assume they are automatically locked into their chosen provider after signing up the first time.
Whether you’re on a standard or open contract, you can switch anytime you want without paying any exit fees (unless you entered into a specific marketing contract with an exit fee of course).
Comparing different energy retailers online allows you to find the best competitive rates and deal for you – and can be done within just a few minutes using an energy comparison website, such as Econnex.
To find out if you could be getting a better deal, enter your postcode in the box below.
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We hope these tips and tricks for managing your energy bill will help you stop paying more money than you have to – and get the best deal for you.