The electricity market in Australia is highly competitive and offers a wide variety of options for you to choose from.
The reality is that no one can guarantee that they’ll be able to give you the cheapest electricity rate. Even if they do, it’s important to compare all their available options before committing to one plan. It’s not just about finding the cheapest product.
The right electricity provider can quickly become the worst one if the service isn’t up to scratch. To help you out, here are a few mistakes to avoid when looking for the best electricity deal in Australia.
Not Doing Research
In-depth research into your electricity usage is essential to ensure that you find a provider that suits your requirements, as well as the amount of money you will spend on your utility bill.
If you’re not sure where to start, try comparing offers from a few suppliers or investigate a marketplace that compares them all in one place. It will help you know what each retailer offers to choose based on price and features instead of going with one based on how pretty their website is.
It might seem like trivial information, but even little things add up over time. Save yourself some money and nerves by doing your homework before signing up with an energy provider for the best electricity deal.
Putting Price Above All Else
Although it’s tempting to decide on an energy retailer based purely on price, it’s worth considering whether you want a provider with more customer-friendly policies. One of these is your exit fee, the amount you need to pay if you leave your contract early.
The lesser the exit fee is, the better value you are getting from your deal. Also, consider discounts for paying by direct debit or paperless billing, bundling your energy with another service, and being loyal. That is, don’t switch providers before giving them a chance.
If you do jump ship without doing these things first, be sure to check if there are any penalties or excess charges involved.
Not Checking If There Are Any Hidden Fees or Charges
When comparing to bag the best electricity deal, don’t just look at the cost per kWh. Energy companies include many different fees in their price, so it’s essential to consider your entire bill when deciding if a plan is right for you.
Here are a few things you should ask about:
● Standing charge
● Hook up fee
● Disconnection fee
● Termination fee
● Early termination fee
The more costs you can eliminate from your plan, the less money you’ll spend over time. And remember, these fees are separate from your rate.
Trying To Be Loyal To Your Current Provider
It is a common mistake, mainly if you’ve been with your current provider for some time. But you can benefit from shopping around and getting new quotes or speaking with multiple providers.
It’s easy to find providers that will match or beat your existing rate because they know that they have competition out there. If you are worried about being loyal to your current provider, don’t be.
So, if you want to find the best electricity plan and start saving money on your energy bills, follow the tips so that you can discover and choose a reliable and affordable supplier. The more energy-saving tips people follow, the less money they’ll pay on their energy bills.
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