If there’s one thing we’ve learned from the COVID-19 lockdowns, it’s the importance of having the power flowing in your home whenever you need it. We saw our homes become schools, offices, and entertainment centers, but any homeowner or renter in New South Wales doesn’t want to break the bank when it comes to their electric bill. Here are some things to keep in mind as you look for the most affordable electricity prices out there and the options that are at your disposal in the marketplace.
What types of electricity contracts are out there?
If you’re trying to determine which is the cheapest electricity provider in NSW, you first need to understand the types of contracts your utility company may afford you. In NSW, you can opt for either a standard electricity contract or a market contract. Under standard contracts, the price you pay for your energy is set at the Default Market Offer (DMO). Under a market contract, you can negotiate your electric rates with a licensed retailer, which means you could potentially capitalize on discounts or even adjusted rates.
There are a whole bunch of different energy providers to choose from in New South Wales, so don’t hesitate to look into what cheap electricity could meet your household needs. AGL, Origin, Simply Energy, and EnergyAustralia are just some of the retailers that can afford the cheapest electricity for your home, depending on use rates and availability during peak hours of usage.
How do I determine the best electric plan for my home?
When looking into electricity providers across New South Wales, determine your average energy use on a given day. Be sure to also take into account days of the week that you are home more often and relying on the grid even more. When looking for cheap energy, be sure to look over the fees and charges that may come with an electric contract. Some power companies may pass on charges for a connection or disconnection fee when moving, or an exit fee to switch electric providers.
When you sign up with a particular energy provider, you’ll want to check what payment methods are accepted, such as direct debit, electronic transfer, or Centrepay. This will help you to determine if there are any additional charges for the method you choose. A lot of people stay with the same energy provider when they could potentially lower their electric bill based on the energy system and carrier they’re relying on. They might think it’s too hard or they don’t have the time to do the research.
Are there any state government rebates and discounts?
The NSW government, in conjunction with the Australian government, offers numerous rebates to pay energy bills. You may be eligible for a low-income household rebate, designed for customers with eligible concession cards issued by the Department of Human Services or the Department of Veterans Affairs. The NSW family energy rebate is a concession for eligible households that have received the Family Tax Benefit. The retailer that you work with can also afford discounted rates for their energy supply based on a long-term relationship.
Medical and life support concessions are also available, along with discounts for seniors and families dealing with a short-term financial crisis at a particular time of year. You can also consider some of the big players in renewable energy to reduce your electric bills. Hydropower, solar panels, and other green efforts are popping up all across Australia, and homeowners are being rewarded for their role in battling climate change. Remember, take your time exploring the terms and conditions of the quotes available to you and make sure you have an energy supply you can rely on at all hours of the day.
