A Victoria’s economic regulator report shows that Victorian consumers are needlessly paying too much for the energy bills. The report presented by the Essential Services Commission shows around 2 million Victorian consumers are paying more than they should. It means they are not on the best “offer” from their energy retailer.
Victoria’s economic regulator has urged Victorian consumers to contact their energy retailers to switch to the best energy plans. Here are a few tips for finding the best energy plans in Victoria.
Determine What Kind of Energy You Need
As per recent data, the average annual electricity bill of Victorian households is $1012. To shop for the best energy plans, you need to determine what kind of energy your house needs. For example, do you have electric heaters, stovetops or boilers? Do you have any appliances powered by natural gas? If you have electricity or a mix of both, you need to go through websites that offer data on Victoria energy compare the best energy plans available to Victorian consumers.
Check Your Current Plan
Victoria has five electricity distribution zones. Two distribution networks provide electricity to regional Victoria and other suburban areas, while three networks provide electricity to Melbourne and the inner suburbs. The energy rates and tariffs can vary with distribution areas.
You need to check your current plan to know the energy rates and tariffs. Find your past bills to know the different energy rates applied to your electricity consumption like rate per kWh, supply charges, Block one and Block two energy rates. If you cannot find past energy bills, you can visit your energy retailer website to find out the details. Once you know the current energy rates of your electricity bill, you will be able to use the data on websites about Victoria energy that compare the best plans available to the residents and effectively shop for the best energy plans.
Consider Your Energy Patterns
According to recent data, Victoria electricity consumption is on the rise, and the state electricity consumption in 2020 was around 20,000 GWh higher than 2002. The energy usage pattern is not the same throughout the day. As per data provided by Victoria’s energy retailers, the peak period applies from 3 pm to 9 pm Monday to Friday. The off-peak time period applies from 10 pm to 7 am every day. For the remaining time, shoulder time applies.
Australia’s energy retailers apply a higher energy rate for units consumed during peak periods. Your electricity bill has a section that mentions the number of energy units consumed during peak, off-peak, and shoulder periods. You need to study the energy usage pattern of your house and then look for energy plans that offer the best peak and off-peak rates.
Choose the Right Energy Plan
Victorian consumers have options of two types of energy plans- variable and fixed. In a fixed-rate plan, the energy retailer will not change the energy rates for a specified period that is around 1-2 years. The energy rates are revised every 12 months in variable-rate plans, and the consumers are informed about rate change in advance. To make the variable plan attractive, energy retailers offer discounts to customers opting for a variable-rate plan like prompt payment discount.
To sum up, these are a few guidelines and tips you need to follow when selecting the best energy plan in Victoria.
Learn more about Prioritization for an energy plan.
