As a Victoria resident, you no longer have to settle for an electricity provider that’s not offering you the best savings. There are more than 20 energy retailers to choose from in the Garden State, and they’re all competing for your business. Victoria’s deregulation of electricity prices back in 2009 gave energy retailers the freedom to set their own prices, creating an extremely competitive energy market in the state.
And Victoria recently introduced the new “best offer” rules, which are designed to ensure that you receive the best energy plan possible. Under the “best offer” rules, energy providers must inform you on your bill–every three months for your electric bill and every four months for your gas bill–whether you’re receiving their very best offer. Additionally, under the new rules, your energy provider is required to provide energy fact sheets for their energy plans. This is done to make it easier for you to compare plans.
Now would be an opportune time to do a Victorian energy compare to make sure that you’re receiving the best savings from your energy provider. The following are some key things to look for when comparing energy providers.
When comparing energy providers, the first thing you want to know is how much each provider charges for electricity. It’s also important to look at the variables and fixed charges. Variables are charges linked to actual usage, and the fixed charge is the cost of supplying the electricity into your home or business. It’s also known as the “supply charge.”
Discounts and incentives
Make sure to look for energy providers that are offering pricing incentives. The incentives could include things like a one-time discount when you pay your bill on or before the due date; discounts for bundling your electricity and gas plans together; and first-time customer rebates to get you to sign on.
It’s always a good idea to look for providers that offer a wide range of payment options. More payment options makes it easier for you to manage your energy bill. Some of the payment options include biweekly, monthly, or quarterly.
The Victorian Default Offer
Victoria recently unveiled a new offer that will be of great benefit to you and other energy users in the Garden State. As part of an effort to make electricity prices fairer for you, the Victorian Government established the Victorian Default Offer (VDO) in July. It was introduced following an independent review of energy prices, which found that Vicotorians were paying more than they should on their electricity bills. The offer functions as a safeguard for Victorians who are on an expensive “standing offer” with their current energy provider. As of July 1, 2019, energy providers are required to automatically move Victorian consumers who are on a standing offer to a VDO so they can receive fairer electricity prices. Under the VDO, an average household could see savings of up to $450 annually, when compared with the median standing offer in that area. And a small business could enjoy annual savings of up to $2,050.
Don’t forget to claim the Victorian Government’s $50 Power Saving Bonus payment. The bonus payment is available until June 30, 2020. It’s designed to further increase your energy savings. The bonus payment is available to all Victorian households. To be eligible for the bonus payment, you must have a residential electricity bill and be the account holder for that bill. You must also be able to receive the bonus payment at the mailing address of your energy service.
All these new offers and changes made in the energy market are designed to provide you with more reasonable and fairer billing options–and just to make things easier for you as an energy consumer overall. t would be a good idea to take full advantage of these options and do the Victorian energy compare for the best energy package available.