If you’ve decided it’s time to review your energy plan, here are a few simple tips. Follow these steps to make sure you get a good deal.
Start with your bill!
Check your recent bills. You’ll see information from your retailer, telling you if they have a better offer for you. The information will state how much you can save vs. your current plan over the next 12 months. Be aware they are only telling you about their offers though – nobody else’s!
Know what you are comparing
If you use a comparison site, do you know what they are showing you? Are they able to compare plans from all retailers? Or only compare a few from a ‘panel’ of retailers? If it’s the latter, these may be just the big-name retailers, who may not have the most competitive rates available in the market. Does the comparison site compare all the plans from retailers on their panel, or just a small selection of plans? Retailers often have many more plans available than the ones they provide to comparison sites – so it’s worth knowing this.
What about those incentives?
When it comes to the plans you’re comparing, be aware of extra incentives such as vouchers or ‘credits’ on your bill, which can disguise the actual price you are paying. While they are worth considering, you may be better off with no incentives and just a great rate.
What type of electricity user are you?
It’s also important to understand how much energy you use, as this can impact which plan will best suit you. Are you a high usage or a lower usage household? Some plans have lower usage rates, which are great for high electricity users, whilst some have a more competitive daily supply charge. If you are a low usage user, you may be better off with a lower daily supply charge.
Plans and prices do change
And remember, energy offers can change frequently, as retailers vie with each other to win new customers and a bigger share of the market, there are often some attractive deals to be found. Additionally, the VDO is recalculated and reset every 12 months, along with the annual price change announcement.
And finally …
Making sure you find and stay on a competitive rate for your electricity doesn’t have to be hard. That’s why we designed Joulius, a free bill analysis and savings service that will find you a great rate to switch to, and then keep you informed of better offers if they become available. Read more about Joulius here.
