Offsetting energy price hikes: Mozo's top energy tips
Mozo offers 8 tips that could help Aussies prepare for higher energy prices
4 July 2022
Many Aussies will be hit with higher energy prices from July 1, with regulators in some states updating the default market offer by increasing the cap on how much providers can charge.
“The news of an energy price hike comes at a time when many smaller energy providers have turned off their services to new customers and Aussies are feeling the pinch as they navigate the rising cost of living,” says Tom Godfrey, Mozo spokesperson.
“It's often the small habits that add up, so we've pulled together some helpful tips for Aussies to consider when it comes to lowering their energy bills."
1. Install a smart meter to monitor energy consumption.
A smart meter will measure and record household energy usage in real-time. This can be a great way to avoid estimated bills as the device automatically sends the reading to the provider. Aussies can also use this as a tool to gauge how much energy they are consuming on a daily basis and set themselves targets for reducing consumption.
2.Get into the habit of reviewing bills & submitting a meter reading.
For households without a smart meter, it is a good idea to get into the habit of submitting a meter reading manually. This can help cut out estimated bills that can bite into budgets if the amount is unexpected. Of course, energy companies will credit the next bill if the actual usage is less than the estimated amount, but by doing the meter reading themselves, they’ll be able to ensure the bill is accurate.
3.Get on the phone with their energy provider.
Something as simple as jumping on the phone could help Aussies take the heat out of their power bill. A good question to ask is if you are on a standard or market contract. If they haven’t switched providers in a while then they could be on a standard contract or on a default market offer, which despite the name, is often more expensive.
4.Start practising energy-saving behaviours.
Research which appliances are the most power hungry, and see if there is a way to reduce their use or the amount of energy they chew through. For example, a wall adapter with a time controller, or smart plug can be a great way to limit power hungry appliances.
5. Search for rebates or assistance programs.
For Aussies already feeling the pinch, it's important to seek assistance where possible, with most states offering rebates or assistance programs.
6.Consider bill smoothing or a different payment plan.
Some providers will offer different payment plans to help those who have fallen behind on their bills. One option is to ask for bill smoothing, which spreads a customer's estimated bill cost over 12 months, with small regular payments. This can be a great way to reduce bill shock during peak periods, such as winter when people might be more likely to use heaters, as well as make bills more predictable.
7.Take advantage of deals and discounts offered by energy retailers.
The signup incentives offered by energy providers can be easy to overlook, but taking advantage of these offers could see people reduce their day-to-day costs, leaving more money to put towards energy bills. For example, one retailer is offering up to 10,000 points on everyday rewards cards, while others will provide discounts on energy bills or even complimentary subscriptions to streaming services.
8. Stay up to date with market changes & compare plans.
With so much happening in the energy industry at the moment, it is worthwhile keeping an eye out for announcements from providers, energy regulators and the government. Aussies should also be regularly comparing energy providers and seeing if they can find a more competitive deal to keep their bills as low as possible.