Energy prices: which retailer offers the cheapest electricity plan?
Within the next few weeks, many Aussie households are expected to receive their latest energy bill. And for some, it won’t be good news.
In fact, according to Mozo research the average household is expected to fork out an extra $88 a month due to an increase in electricity usage because of the Covid-19 lockdown.
But there may be a silver lining on the horizon, as many retailers are acknowledging the financial strain the Covid-19 pandemic has had on Aussie wallets by announcing price decreases.
On 1 July 2020, close to 20 retailers announced they would be cutting the electricity prices for customers located in either New South Wales, South Australia, South-East Queensland or the Australian Capital Territory.
And in some instances, retailers have vowed to cut prices in all three states, like Powershop.
“We are pleased to be able to bring some much needed relief to households in NSW, SE-QLD and SA, especially during winter and given many of our customers are spending more time at home, which may lead to higher power bills,” said Powershop CEO, Jason Stein.
“Our existing residential customers saw our prices decrease on average by approximately 14.2% in South Australia, 8.7% in New South Wales and 7.5% in South East Queensland.”
Other retailers cutting prices across NSW, SE-QLD and SA included energy giant, Origin Energy, Simply Energy and newcomer, Kogan Energy.
NSW and TAS to see little difference in prices
While lower electricity prices is music to the ears of any energy customer, certain states might not have a reason to celebrate.
Following a Mozo number crunch, NSW and TAS are set to experience the lowest price change, averaging at just -0.57% and -0.82%, respectively.
SE-QLD households will see the biggest difference on their bills, with the average price decrease coming in at -4.01%, followed by SA at -3.48%.
Where can I find the cheapest electricity plan?
According to Mozo data, the average quarterly bill for a NSW household using an average of 4000kWh is $333, which depending on your budget could be a dream or disaster.
So, if you are looking to make the switch to a cheaper electricity plan this winter, you might be wondering where to start.
Peering into the Mozo database, we found that the cheapest electricity plans* for NSW**, SE-QLD and SA was the GloBird GloSave plan. In TAS, the 1st Energy 1st Saver plan came in as the cheapest.
Want to find out how GloBird stacks up to other players in the market? Head on over to our energy comparison tool and make the switch to a better value plan today.
Or if you’d like a better look at some of the other retailers who cut prices this time around, make your next stop our energy price updates page.
*Based on the average usage of 4000kwh for a non-smart meter, non-battery, non-subscription plan