According to analysis from the St Vincent De Pauls Society’s annual Tariff-Tracking report, regulation changes, like the Default Market Offer (DMO) and Victorian Default Offer (VDO) have made a drastic difference to energy prices across the country.
In New South Wales alone, the DMO price is lower than most of the standing offers that were offered by energy giants, EnergyAustralia and Origin Energy in 2018/19.
A further 14 out of 16 retailers within the Ausgrid network also moved to change their market offers and reduced their base rates between July 2018 and July 2019.
And according to the report dual fuel customers (households who get their electricity and gas supplied from the same provider) in Sydney are predicted to see the biggest decrease in energy costs in NSW.
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Households in South Australia, another state in which the DMO has been introduced, also saw a drop in electricity prices.
The average electricity bill for customers using 6,000 kWh each year is now $2,545 - $95 less than the previous year, however, standard contract gas prices increased by $55 in the last year.
And while these may be small numbers, the data found that the price difference between the best and worst market offer in South Australia was a massive $1,065 per annum.
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One of the more striking figures from the report was the difference between solar and non-solar households in Queenslands.
The average annual bill for households with 3kWh solar systems was $1,360 - $870 less than households without solar panels.
But that’s not to say non-solar homes didn’t see a change in their annual bills, as the average electricity market offer has decreased by $100 since 2018/19.
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And in Victoria, in which the VDO was introduced back in July, standing offers from AGL, Origin Energy and EnergyAustralia have dropped by an average of 20%, 22% and 26% respectively in the last 12 months.
Interestingly, customers on the VDO using an average electricity consumption of 4,800kWh could be getting a better deal elsewhere by switching from the VDO to the best market offer, saving anywhere between $225 - $330 (depending on their network area).
Thinking you could be on a better energy deal? Find out for yourself by using our energy comparison tool, which can help you compare some of the retailers available in your area.
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