Last year electricity and gas prices dropped to a five-year-low, according to the Australian Energy Regulator*.
But those costs aren’t being passed onto the average household, as a recent survey from Compare Club found just 14% of Australians felt their energy bills had dropped over the past three months**.
Energy prices are predicted to stay low, so surely that means your bills should also drop? If you think your bill should be lower, you’re probably right. The good news? It only takes a few minutes to check if there’s a better deal.
Why hasn’t my energy provider lowered my bills?
Remember that super-cheap energy plan you signed up to last year? Chances are, you’re not on such a good rate now.
Energy providers often move customers to a higher tariff when the discount period ends. That means there’s a chance you’re now on a much more expensive contract if you haven’t compared in the past 18 months.
Even the government regulators think you could do better
Don’t take our word for it – three different government bodies have also indicated energy bills should be lower.
In December, the Australian Energy Market Commission (AEMC) reported that household electricity bills are expected to continue to drop through 2023^.
This followed the ACCC’s report that suggested households could save up to $219 on energy bills by shopping around(4).
And in 2021, the Australian Energy Regulator dropped the Default Market Offer(3) – the most residents of NSW, South East Queensland, and the ACT can be charged by providers – so there’s never been a better time to cut hundreds off your bill.
So don’t throw your hard-earned money at an expensive energy plan. Cut your costs and help out your bank balance by using our free energy comparison tool. Like what you see? We’ll even take care of all the paperwork when you switch.
This article is opinion only and should not be taken as financial advice. Check with a financial professional before making any decisions.
*Australian Energy Regulator, Annual Retail Markets Report 2019-20, November 2020.
**Compare Club, Bill Shock Index, May 2021.
^Australian Energy Market Commission, Household Electricity Bills Set To Fall Over Next Three Years, December 2020.
(3)Australian Energy Regulator, Electricity customers on a standing offer will share in over $65m of bill savings, April 2021
(4)Australian Competition and Consumer Commission, Inquiry into the national electricity market, September 2020.