Less than half of Aussies are fully satisfied with their electricity plan when it comes to value for money, but even more have never switched plans in a search for a better deal, according to the biannual Energy Consumer Sentiment Survey from Energy Consumers Australia.
The survey, which reveals Aussies’ feelings on the energy market, showed that in June 2017 - just before the July 1 price hikes - 52% of households rated their electricity as either ‘neutral’ or ‘negative’ in terms of value for money, putting it in last place compared with other banking products and utilities.
Households’ value for money of all services, June 2017
Insurance didn’t fare much better, with only 49% feeling positive about the value they were receiving, while on the other end of the scale, Aussies were most satisfied with their mobile phone plans and banking products.
But while Aussies might be feeling underwhelmed with their current electricity plans, the report also revealed that not many of them are switching to a better deal - an average of 55% said they had never switched energy providers.
In areas where households have a choice of energy retailer, 58% said they had looked into switching, but surprisingly, only 21% had actually taken the plunge.
Mozo Director Kirsty Lamont said one of the reasons Aussies may choose not to switch away from an expensive plan is that they underestimate the difference switching can make to their bottom line.
“Energy bills are a huge cost for Aussies, and our research has shown that switching from the highest priced plan in the Mozo database to the lowest could save the average 3-person household over $1,000* each year, depending on which state they live in,” she said.
“That’s a much bigger saving than they could snag by simply limiting their energy use, so for any Aussies dissatisfied with the value they're getting from their electricity plan, switching should be top of the to-do list.”
But changing energy providers can seem daunting, especially when the range of different discounts and offers available can often make comparing deals tricky.
“Not all energy plans are created equal, and what seems like a bigger discount initially may actually not be the best choice for you in the long-term. So take your time and consider all your options before signing up,” Lamont said.
That’s where resources like Mozo’s handy energy comparison tool come into play. Head over to find some of the cheapest energy deals in your area, just by plugging a few details into our search tool.
*Figure based on Victorian energy plans and prices.