How to Find the Best Electricity and Gas Deals for Your Home
Living in today’s economy, with the ever-increasing cost of living, each and every way that can be sought by an average Australian in order to save on household expenses becomes essential. One of the easiest, most effective ways to do this is to shop around for the best electricity and gas deals. With the prices of energy always in flux, finding the right fit can save you a bundle. This guide will walk you through comparing energy plans and show you what to look for to lock in the best deals on electricity and gas for your home.
Why It’s Essential to Compare Energy Plans
Energy consumption can take up to a large portion of the budget of a household, whether it be for families, renters, or even individuals. You could easily save hundreds of dollars each year simply by switching to a better energy plan. The energy market in Australia is very competitive, with several retailers offering different types of plans that best suit particular needs. Comparing energy plans opens your options and helps avoid being stuck with some outdated or costly deal.
However, most consumers either do not know the best deals of electricity and gas available or how to compare energy plans. Here is a step-by-step guide to get you started.
How to Find the Best Electricity and Gas Deals
It may be a headache to find the best electricity and gas deals considering the number of retailers in the market. You can simplify the process by paying attention to a few key factors:
- Understand Your Energy Usage
Before making any comparisons, it is essential to know approximately how much energy your household uses. Check your past energy bills to understand your normal usage patterns. Consider things like:
Peak hours of use: Do you use more energy during the day or at night?
Seasonal variation: Is your energy use higher in winter or summer?
Appliances: Are they energy-efficient or older models?
This will then help you find the best deals when you compare electricity and gas offers. Some deals may be more suitable for low-energy users, while others give more efficient rates for high-energy users.
- Consider: Fixed vs. Variable Rates
Energy plans generally come in either fixed or variable rates. Here’s a quick explanation to help you find the best deals for electricity and gas as per your needs:
Fixed rate plans secure your rate for the entire term of your contract. That provides predictability but may not be indicative of future energy price decreases.
Variable rate plans move with the market. These might be worth considering if you think energy prices may go down, but they carry the risk that you could end up paying more in periods of price spikes.
- Consider Incentives and Discounts
Most electricity retailers offer sign up credit or discount for new customers. Consider:
Signup bonus: a once-off discount or bill credit.
Direct debit discount: receive money off your bill for setting up direct debit.
Some retailers may offer bundle discounts when you bundle electricity and gas under the same provider.
When you go about comparing energy plans, it’s essential to read the fine print and make sure these discounts apply to you.
Tips on Comparing Energy Plans Effectively
Now that you know what to look for, here are some tips to help you in comparing energy plans for the best deal:
- Make Use of a Comparison Tool
This can be made quite easy by using online comparison websites. Most of these sites let you put in your postcode, the amount of energy you use, and what your preferences are regarding specific energy providers, and then present you with a list of available plans. It saves time and you will definitely have a clear view of what each provider has to offer.
Make sure to visit platforms that do not advocate for promoted products or show ads. For example, in Econnex, you can compare energy plans to see a wide array of unbiased offers from various retailers.
- More Than Just Price
While it’s really tempting to go with the cheap one, the best deals for electricity and gas aren’t always in the price. Other factors to consider in your deal include:
Contract term: Are you comfortable committing to a long-term contract?
Exit fees: Are there any charges if you decide to switch before the contract ends?
Customer service: Is this a provider that’s got a good reputation for customer support, particularly if there are outages or other billing issues?
- Consider Renewable Energy Options
If reducing your carbon footprint is important to you, seek out energy plans that include a renewable energy component. Most retailers have “green” plans that invest in renewable energy sources, such as wind and solar.
While these may come at a premium, depending upon one’s value system, the difference it means to a cleaner environment could be well worth the extra cost.
Common Pitfalls Encountered
While searching for the best deals on electricity and gas, beware of the following common traps that will eventually make you pay more than you should:
- Getting Seduced by Discounts
Some deals boast huge discounts, but these are often off a higher usage rate, so you could well end up paying more than you anticipate. Always check what the base rate is after the discount has been factored in.
- Overlooking Fees and Charges
Some plans will have hidden fees for late payment charges, credit card processing fees, and disconnection and reconnection fees. Always read the terms and conditions so that you can avoid surprise costs.
- Not Reviewing Your Plan Regularly
Energy deals change throughout the year, so it is essential to evaluate your plan yearly in order to determine if it is still considered competitive. Just because you had a good deal last year doesn’t necessarily mean that there can’t be even better deals on the market today.
Conclusion
Being proactive, comparing the offers, and being in touch with the consumption would certainly bring about the best offers for both electricity and gas. There are several varied plans on offer, and you should be constantly updated to avoid being stuck in an outdated plan. Follow these useful tips, take charge of reliable comparison tools to lead the rein in energy costs, and save today.
