NSW energy prices fiercely competitive for those who do this one thing.

A new government report has revealed NSW households that regularly switch energy providers are up for serious savings thanks to greater competition in the market.

While power prices have taken a hit since the Australian Energy Regulator increased network charges by 1.5% in July, the Independent Pricing and Regulatory Tribunal (IPRT) confirmed a competitive industry is giving consumers more opportunities to save.

In a draft report reviewing how competitive the NSW electricity market is, the tribunal stated that the “electricity market is delivering customers greater choice, service innovations and prices consistent with a competitive market.”

“We also consider that the recent price changes retailers announced in July 2016 reflect changes in the underlying market costs of supplying small customers, and are therefore consistent with a competitive market,” the report noted.

Consumers are becoming savvy with their switching habits too, according to recent data by Newgate Research. Almost half of Australian residential customers have switched energy plans in the last 5 years, and almost 70% find it easy to compare.

Based on the tribunal’s calculations, consumers can save hundreds just by shopping around, whether that’s through haggling with their current provider or ditching them for a new one.

The NSW energy retail sector was deregulated two years ago, and not-for-profit activist group Getup! released a scathing review last month on how it’s effectively rammed up prices.

But so far the NSW draft report by IPRT believes otherwise, stating it found no need to investigate retail prices and profit margins in detail.

Thinking of switching energy providers? Here’s what you need:

• Your most recent energy bill. This golden ticket has important info about your energy usage to help you compare, including how many kilowatt hours you use daily.

• Knowing why you want to switch. People break up with their energy supplier for all sorts of reasons, whether it’s because they aren’t “green” or are too expensive. Whatever your reason, use our award winning comparison tool to find a better deal.