Is a fixed energy plan the best option for your budget?
As steep electricity prices wreak havoc with Aussies’ household budgets, a number of energy providers like AGL and EnergyAustralia are looking at new ways to solve the problem, including offering prepaid or fixed rate energy plans.
But while these plans can be a handy tool for managing a budget, they’re not always the best value option available to households, says Mozo Director Kirsty Lamont.
For example, Mozo crunched the numbers* on one fixed rate plan from its database and found that while NSW and QLD families might save by opting for the fixed plan, a Victorian family could wind up paying $112 more per year on a fixed plan than on the cheapest plan available to them.
“It just goes to show that there’s no one size fits all solution when it comes to finding the best value. Shopping around for an energy plan that suits your lifestyle and budget should absolutely be a priority,” Lamont said.
If you’re after an excellent value energy plan to keep your electricity bills low, check out some of our Mozo Editor’s picks below:
NSW
Dodo Power & Gas - Residential Market
- 30% pay-on-time discount off usage charges
- No lock-in contract
- Mozo Experts Choice Winner Best Value and Best Value Solar-Friendly Electricity 2017
- Also available in Victoria, SA and QLD
With a massive pay-on-time discount up for grabs and no exit fees, Dodo’s market offer is a top contender when it comes to cheap energy plans. For the environmentally minded, there’s also a solar feed-in tariff and 10% Greenpower offer, plus you can opt for up to 100% Greenpower by paying a little extra.
Energy Locals - Simple Saver
- Lock in your price until July 2018
- 100% carbon neutral
- 100% Aussie owned and operated
- Also available in parts of QLD
Straightforward rate structures, zero exit fees and socially conscious principals make EnergyLocals stand out in the energy game. Not only can you shave dollars off your bill with an EnergyLocals plan, but you can feel good about where your power is coming from and where the money you pay will be reinvested.
VIC
GloBird Energy - GloSave
- Get 35% off your entire bill when you pay on time
- Generous solar feed-in tariff
- Mozo Experts Choice Winner Best Value and Best Value Solar-Friendly Electricity 2017
If you’re looking for cheap power and excellent customer service, look no further. GloBird offers affordable energy with no lock in contract, and they have a Melbourne based call centre in case you need to speak to someone. There’s also a pretty generous discount on offer if you pay your bill on time through direct debit.
QLD
Powershop - Auto Pay with Power Saver
- 100% carbon neutral at no extra cost
- 18% guaranteed discount off usage and supply charges
- 16% online saver discount off usage and supply charges when you pay via the online shop
- Also available in Victoria and NSW
Looking for an environmentally friendly energy plan that won’t break your budget? Powershop is Australia’s greenest power provider (as voted by Greenpeace) and offers 100% carbon neutral power. There’s also no lock in contract, and a solar feed-in tariff for those households with solar panels installed.
SA
Momentum Energy - Smile Power Flexi
- Backed by 100% renewable energy
- 100% Australian owned and operated
- No lock-in contract
- Also available in Victoria, NSW, QLD and the ACT
If you’re sick of wading through confusing discounts to find a great value energy offer, then Momentum might be just the solution to your woes. With no lock-in contract and no complicated discounts, just great rates, Momentum is super upfront about the value you’re getting. It’s also owned by Australia's largest generator of renewable electricity.
These are just a few energy options, and finding the right choice depends on a lot of factors, such as your energy use and your address. So, if you haven’t found the right plan for your needs yet, be sure to head over to our Energy Cost Cruncher to find the best plans in your area.
*Cost estimates based on the average consumption for a 3 person household in each state. Correct as at 20/3/18.
^See information about the Mozo Experts Choice Energy Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.