Considering Switching Your Energy Provider? Here’s Why You Should Consider It And How

Introduction

Competition is the name of the game in almost every industry, but one industry that often flies under the radar when people are looking for the best deals is electricity. Electricity is in almost every facet of our lives, and we often forget how much this miracle of technology permeates our world, from our phones to our heated showers and even the streetlights of our roads. Most people just stick with one gas company or electricity supplier and forget about it, but did you know that there are, oftentimes, several different companies that will be supplying electricity to your area? 

Whether you’ve been living in the area for years or are moving to a new place, it is a great idea for both you and your wallet to consider the various different electricity providers in your area. It can be difficult to navigate the specifics of electricity plans, which is why we’re breaking it down here and highlighting what you need to know and what to look out for.

Why would you want to change electricity providers?

There are more reasons to change electricity providers than you might think. The most obvious benefit that we can get from switching electricity providers is the potential savings that we can get. Oftentimes, competing electricity providers will offer promotion prices, rebates and discounts to woo potential customers from their current providers. By comparing prices, you’ll guarantee that you will be getting the best deal. Electricity bills aren’t anything to scoff at, either, as the accumulated savings over months or even years can add up to a pretty penny. You can also have the opportunity to consolidate all your utilities into one cost if you put them all under the same provider (if they cover it), which means ease of payments and tracking. 

Everyone is starting to become more environmentally conscious, too, and some electricity providers go the extra mile to reduce their carbon emissions and footprints below their competitors. If the environment is important to you, you should look into the different ways electrical providers generate their electricity. 

Not only that, competing electricity companies may offer better customer service support and offer more flexibility for contracts. If you’re tired of always fighting your current electricity provider for assistance or support, you may want to look at other providers. Some providers can also offer flexible contracts with adjustable cut-off dates and no termination fees, solar electricity rebates and other perks that may fit your situation better.

Am I able to swap electrical providers?

Depending on where you live, you may or may not have the ability to change electricity providers, subject to laws and competition presence. In Australia, The following regions are able to choose the electrical and gas providers: New South Wales, South Australia, South-East Queensland, Australian Capital Territory and Victoria. The regions of Western Australians and Regional Queensland are currently unable to swap their electricity providers. 

What do I need to do to switch electricity providers?

When planning the swap, it is important to consider the termination fee of your current electrical plan when calculating your savings and how long it would take to experience the savings. This will help you plan your contract period better!

It is also important to understand your electricity usage. Some providers are only able to provide a certain amount of electricity on their contracts, so it’s important to keep it in mind. 

The things you should look out for to catch a good deal

Energy contracts differ from provider to provider, and sometimes a provider may provide different styles of contracts themselves in order to cater to different needs and requirements. 

Look out for contracts that offer a fixed rate over a period of time. If you’re someone that is not looking to move frequently and plan to plant yourself for a period of time, these are the best for you. You can use these types of contracts if you’re anticipating rising electricity costs, as the cost in the contract is fixed for that period. These types of contracts are not the best choice for people who are looking for short-term contracts or those that might need to terminate their contract early, as they often come with a termination fee. 

Secondly, you want to look at the avenues that the electrical providers have to access customer support. Some providers, other than the conventional phone call support, also offer online services that can help you access your electricity usage and costs, as well as other potential services you might need. The more efficient the customer support, the better!

Lastly, look for companies that offer concessions and rebates for certain programmes. For example, you might be eligible for these if you’re under government subsidisation and other support services, particularly if you are a senior or a veteran. Looking out for these can help you shave off some of the cost of your bills.

Does swapping electrical providers take a long time?

In Australia, electrical provider switching now often takes two business days, whereas before it could have taken up to 90 days! This is great as there will be minimal inconvenience caused by the swap and you’ll be up and running in no time. Additionally, some companies also offer the ability to retrospectively do the swap up to 65 days to the start of the contract, meaning that you’ll be paying the new rate for that period instead! 

Do note that if you’re moving to a new residence, it’s important to contact them in advance and inform them of the intended date of residence so that they can ensure the electricity is set up by the time you move in. 

Conclusion

Swapping electrical companies can be a great way to reduce your expenditure, and ensure that you’re not getting overcharged. Depending on your needs, it’s important to pick the right contract and electrical supply for you, and if it’s important that you have a high capacity electrical supply or not. 

Remember to mark the new dates of your electrical bills when you swap over (old habits are hard to break!) so that you don’t miss any payments and avoid paying late fees.