Energy plans: How to find what's right for you
Finding the right energy plan can help you cut down the costs you pay for power usage throughout the home. But with a number of factors influencing which provider will best suit you, it can be quite confronting making a switch.
That being said, finding the right energy plan can ensure you’re not paying any more than you should be for the power you’re using, so finding the right provider is definitely worth the effort. We’re doing our best to make that process as simple as possible by breaking down how to find the right energy plan for your home.
Find energy providers that operate in your area
The first step in finding the right energy plan for your household is to determine which providers operate in your area.
While the larger providers will often have a larger reach geographically, you may find some smaller or newer providers offering good deals in your area.
You can check which energy providers are in your area over at our energy hub, or you can use our handy comparison tool at the bottom of this page.
Choose the right energy tariff for your household
Put simply, your energy tariff is the base price you will pay each billing cycle for your energy usage, with any excess fees on top. Prices and fees change between providers, plans and areas, so this is where finding the right option for your home can take a bit of research.
Thankfully, our energy hub makes it easy for you to compare providers in your area and uncover tariffs, rates and fees. You’ll need to decide between a fixed or variable rate tariff, depending on when you usually use your power.
A fixed rate plan offers stability in the cost of any power you use, and can sometimes offer big discounts, while a variable rate tariff means your energy cost will differ at different times of the day as the energy price fluctuates in the market.
If you’re using the majority of your power in off-peak periods, then a variable rate tariff may provide you with cheaper prices than the flat rate you incur on a fixed tariff. But this will depend on your own personal circumstances.
Choosing the right contract term
Deciding on a contract term for your energy plan is another important factor. While most providers will offer plans with no fixed contract term - allowing you to leave without any fees at any time - a fixed-term plan can feature benefits such as guaranteed pricing that may be worth considering.
Contracts with no fixed-term are perfect for anyone who is happy to evaluate their energy usage and affordability each billing period. These types of contracts are great for those who may be moving premises and don’t wish to pay any exit fees on their energy plan, and while your energy prices may be subject to change, you will always be notified prior to this occurring.
A fixed contract term will offer you the same energy pricing over the life of the contract, and may offer other benefits such as movie tickets or small added incentives. Should the energy market fluctuate over time, you can rest assured your prices are locked in over the life of your contract. If you decide to leave prior to its end date, you will likely need to pay an exit fee that will vary based on your provider.
Supporting renewables or installing solar
If the clean energy transition is something you’re interested in supporting, then you may want to consider an energy provider that helps you do so.
We’ve put together a guide for all of your renewable energy questions, including how you can support the transition to green power with your own energy plan. Whether you want to get renewables into your home for your power usage or you want to sponsor your energy via a GreenPower plan, choosing the right energy provider is key.
There’s also the option of carbon offset programs that some energy providers will allow you to take part in, which help you support renewable projects by offsetting your emissions.
If you have solar panels or you’re considering getting a solar system installed at your residence in the future, you’ll need to find a provider that offers a suitable feed-in tariff. This way you ensure you’re not only getting the best out of your solar and any other backup power option, but you’re provided with the opportunity to sell any unused power back to the grid.
With the right solar energy tariff, you may be able to turn your panels into a money-making asset as you cut your reliance on the grid and turn your excess generated power into credit.
Compare prices between energy providers
The last step in choosing the right energy plan for your home should be finding what prices are offered among providers. This will include any deals or offers that may be available at the time, or any incentive that may apply for staying with your current provider or switching to a new provider.
You’ll also need to weigh up going with one of the major power providers or a smaller company, considering the benefits and negatives of each, although they should effectively be doing the same thing in providing energy to your home.
To find and compare providers in your area, head over to our energy hub or make use of our handy comparison tool below.