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Why it's worthwhile comparing energy suppliers

March 22, 2022

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Comparing and contrasting energy bills is rarely an enjoyable job.

But this uninspiring chore may well save you money so it's worthwhile ensuring you're enjoying the best possible energy plan.

Why a supplier switch is worthwhile

Firstly, the sheer size and number of energy providers on the market is remarkable, with Victoria alone having more than 20 energy companies.

As a result, provider competition is high which is great for you, the consumer, as it can culminate in some great prices as well as discounts and promotions.

Secondly, the recent deregulation of the energy market enables state suppliers in Victoria, NSW, south-east Queensland and South Australia to set their own usage charges, rather than the government.

And thirdly, don't forget the growing cost of energy bills, particularly over the last decade, with COVID not helping prices to slide.

Admittedly, electricity costs at least are set to drop a little in coming years, according to the Australian Energy Market Commission's annual Residential Electricity Price Trends report published in November.

But the average customer will still only enjoy a $77 per year, or 6 per cent, saving on their electricity bill by 2024 compared to 2020-2021, which while better than nothing isn't brilliant either.

So, here you have at least three good reasons to consider a supplier switch.

Help! Where do I start?

We agree it can be both tedious and daunting to study your energy bills and get your head around tariffs, fees, wholesale costs, network charges, retail margins and other confusing terms.

But here's some encouraging news for you, which will definitely assist you to trawl your way through such terms.

The Federal Government's Australian Energy Regulator earlier this month finalised a mandatory guideline to simplify bill details for consumers, helping them understand how much they're paying for their energy and assisting them to make better decisions when they switch suppliers.

Known as the Better Bills Guideline, the document will comprise a tiered approach, guiding consumers to the most important bill information and using simple language to make bills easier to understand.

Sounds great, right?

Rest assured we'll keep you posted on how this document pans out in reality but we're certainly excited about it.

Also making it easier to switch suppliers is the abundance of websites now providing easy comparisons between a plethora of energy providers and suppliers.

Such comparisons are one of the key bread-and-butter details that Moving Loop offers, because as strange as it sounds, we love nothing more than investigating energy bill comparisons.

why-its-worthwhile-to-compare-energy-suppliers
Moving Loop makes comparing bills less tedious. We do it for you - and it only takes a couple of minutes

Questions to ask your energy provider

Here are the most important points to consider when seeking out a potential provider:

Is the contract fixed or variable?

What are the fees involved including connection, exit and meter reading costs?

What are the rates per kilowatt (electricity) and per megajoule (gas) and the supply charge?

If I want to leave a contract early, do I have to pay extra fees?

Can prices go up during the contract?

    What discounts, incentives and promotions do you offer?

    We're here to help

    As well as rummaging through energy bills to find the best provider for you, Moving Loop can help house movers with utility disconnections and reconnections, including water, so that everything is good to go when you relocate.

    We also enjoy helping house movers find removalists and similar.

    Don't forget our sister 'Loops' either, with Listing Loop giving you the chance to enjoy first access to pre-market, off-market and secret property listings, while Lending Loop can give you fantastic rates from more than 40 of Australia’s biggest banks and specialist lenders along with plenty of great loan advice and tips.

    Comparing energy bills only takes a few minutes and can save you hundreds. Head on over to Moving Loop and start saving!

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