Major energy retailer AGL has introduced a new offer for NSW, Victoria and Queensland customers which will likely be welcome news in the face of steep energy bills.
Under the new offer, customers opting for the AGL Set & Forget or Savers energy plans will get their 12th month of electricity for free. This includes 30 days of usage and supply charges.
On top of that, customers can snag a first bill credit of $50 in NSW and VIC and $25 in QLD when they sign up online.
For a four person household in Sydney paying $425 each quarter, this equates to a saving of around $190 in the first year.
Aussie households will likely welcome the chance to save, as data from the Australian Energy Market Commission shows that residential electricity prices have been on the rise and are predicted to continue increasing.
Most Aussie households - 73% in NSW, 91% in Victoria and 70% in South East Queensland - get their electricity on a market offer. But the price of these energy plans, which allow retailers more flexibility in deciding terms, are largely on the rise.
In NSW, market offer prices increased by 9.8% from 2015/16 to 2016/17. This is expected to increase again by 0.9% in 2017/18 and 6.9% in 2018/19.
In Victoria, market offer electricity prices increased by 0.7% in 2016/17, and are expected to increase by another 8.4% in 2017/18. The good news is, they’re forecasted to decrease by 1.3% in 2018/19, evening out to a 3.5% increase over the two year period.
South East Queenslanders are in a happier situation - market offer electricity prices have increased by 3.1% from 2015/16 to 2016/17 but are expected to decrease again by 6.8% in 2017/18. In 2018/19 they’re expected to increase by 4.2%, leaving households with a decrease of 1.5% over two years.
To find out more about AGL's energy plans visit our dedicated page here or if you’re keen to avoid a swelling electricity bill, make sure you head over to our energy comparison tool to find some of the best offers in the market.