As Australians make the EV switch, experts fear blackouts as our power grid fails to keep up.
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Finder's done a deep dive to see how energy providers have reacted to rising power prices in states that have been impacted the worst.
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From 1 July, millions of Australians will begin to feel the pinch of rising electricity prices, but you can minimise the increase.
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Why compare energy plans with Finder?
We don't charge extra. Prices shown on Finder are the same as those you get directly from energy providers.
We regularly update plans and offers from providers so you can make an informed decision.
We've helped over 1.16 million people compare energy plans in the last 3 years.
Don't just look at the discounts being offered by a provider. Compare both usage rates (cents per kWh) and daily supply charges. Our average cost of electricity page can guide you here. Just keep your last bill handy.
The reference price applies to households in NSW, SA, southeast QLD and the ACT. In VIC it's known as the Victorian Default Offer. Some other terminology you'll see floating around is benchmark pricing or default offer. This is set each year on 1 July by energy regulators. It's in place to help you compare plans. You always want to get a plan that's below the reference price.
You should also compare extra costs by electricity retailers such as credit card fees, move-in fees and disconnection charges. One retailer may charge you around $13 for disconnecting you, another could charge you $44.
Knowing how much electricity you use and when you use it can aid you to pick a tariff type that can help you minimise your costs. For example, if you're home during off peak hours and happy to run your power hungry appliances then such as a clothes dryer, a time of use tariff can help you with a lower usage rate for this period. Read our guide to energy tariffs to see how you could save by switching to a different one.
Use our guide to average energy bills by state to see if you're paying more or less than the average. If you're paying well above this, it might be time to compare, switch and save.
There are three main types of discounts:
Besides inflation, the main driver of rising prices is wholesale energy costs that makeup a third or a half of our electricity bill.
This is impacting households and small businesses in NSW, VIC, SA, QLD and TAS with prices going up by 9.5% to 25% - VIC's the hardest hit and TAS is least impacted.
Besides this, a few reasons your bills could be more expensive are:
Reading your electricity bill can be daunting if you don't know what any of it means. Check our glossary so you can understand what the jargon means.
Find out who your electricity distributor is based on where you live.
Can you save money by using energy at certain times of the day on a time of use plan?
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