Victorian households may soon notice a difference on their regular energy bills under a new initiative from the State Government which would require retailers to display their best energy offers (as a dollar figure) on each bill.
The initiative, which was announced on March 11, aims to make Victorian customersmore aware of the opportunities they have to reduce their power bills by highlighting better value alternatives.
“These changes will boost transparency and support hard working families and businesses,” said the Minister for Energy, Environment and Climate Change, Lily D’Ambrosio, in a statement.
“We know Victorian families are struggling with increasing energy prices – that’s why we’re helping more Victorians switch to a better offer.”
Latest review implementations
The latest measure is just one of the 11 recommendations put forward by the bipartisan, ‘Independent Review into the Retail Electricity & Gas Retail Markets in Victoria’ last August.
Tasked with assessing whether Victoria’s energy retailers were “operating in the best interests of Victorians”, the review’s recommendations included the price rebate scheme that kicked in on January 1, which could provide nearly 300,000 households with bill rebates of up to $720.
Along with changes to customer bills, the State Government also announced that the Essential Services Commission (ESC) - Victoria’s economic regulator - would begin to monitor and report on the competitiveness of Victoria’s energy market for the first time.
The government would also “undertake further analysis” of two of the other 11 report recommendations, including the potential introduction of a “no frills” basic energy offer and the abolition of standing offers.
Prices on the rise
According a recent energy price analysis by Mozo, Victorians were hit by some of the largest energy price rises in Australia between October 2016 and 2017 - with hikes of up to 29% or around $457 to an annual bill.
While the research indicated that Victorians had experienced the most bill pain over the period, it also showed that households in the state had the most room to save.
“The latest energy initiative from the Victorian State Government shows the importance of not only being aware of what you’re paying, but how much you could be saving,” said Mozo Director, Kirsty Lamont.
“Households frequently look to trim their power use in order to cut down their bills, which can certainly be a great start, but being willing to make the switch to a better value deal can often be an even more rewarding way save on your energy bills.”
Are you a Victorian customer looking for a way to stop the shock you experience every time your quarterly bill hits your inbox or mailbox?
Get started by finding out just how much your household could be saving by plugging in a few simple details into the Mozo Energy Cost Cruncher, or start comparing top deals yourself by heading over to the Mozo Energy Comparison Hub today.