Top 3 energy bill myths exposed
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With energy prices constantly in the headlines, it’s easy to get swept up in some common misconceptions. Whether it’s thinking your energy-saving habits are enough or that switching providers is too much of a hassle, we’re here to set the record straight. Using the latest insights from the Mozo Energy Report, we’re busting three of the biggest energy bill myths, so you can save smarter.
Myth 1: If you’re not using it, it’s not using electricity
The truth: Whether it’s your computer, kettle or phone charger, you’d be forgiven for thinking that just because you’ve switched the appliance off it’s no longer using power. However, forgetting to unplug appliances at the wall could be adding to your annual energy bill. In fact, according to Mozo analysis, the average Australian household is paid $1,812 annually for electricity in 2023, that’s an increase of 40%*.
What to do instead: We all lead busy lives and remembering to switch off your appliances might not be as easy as it sounds. A great way around this is to set a reminder on your phone to switch off before bed at night, then you can sleep knowing you aren’t using unnecessary power.
Myth 2: Switching providers won’t make a difference
The truth: This one couldn’t be further from reality. Energy providers often have widely varying rates, and there’s big money to be saved if you shop around and compare pricing before you commit.
What to do instead: Use comparison tools like Mozo’s to easily see if you can find the best deals in your area. A few minutes spent comparing plans can lead to significant savings over the year.
Myth 3: My energy bill is high because I’m on a fixed-rate plan
The truth: While fixed-rate plans offer some predictability, they’re not always cheaper. Households on variable-rate plans could end up saving more in the current market if they monitor changes and switch when rates drop. It’s about staying flexible and understanding when to lock in or go variable.
What to do instead: If you’re on a fixed plan, check if it’s really giving you value for money. With energy prices still fluctuating, you might benefit from going variable and taking advantage of potential drops, but only if you keep an eye on the market.
The energy market can be a minefield, but busting these myths is a step in the right direction. Armed with the right information and a little effort, you can keep more of your hard-earned money while keeping the lights on.
