Unfortunately, there is no standard price for energy in the privatised areas of Australia; so, finding the best energy deal can be difficult (or at the very least time-consuming). This is because you must compare hundreds of plans from the energy providers that service your area. The cost of your electricity and gas services is determined by a variety of factors, including where you live, and the type of meter installed at your location.
Keep in mind that you have the power to choose electric providers because there are numerous energy providers that offer various deals and plans and it is a good idea to compare quotes on a regular basis to make sure you are not overpaying.
Visit one of the websites that compare electricity and gas plans from various suppliers all over Australia to learn more about your options. Following the submission of your switch, you have a 10 business day cooling off period with energy providers.
Some suppliers may begin processing the switch during this time, but you still have the option to cancel without penalty. Previously, switching providers could take up to 90 days for an account to be transferred; now, the wait time is as little as 48 hours. This is because of the new switching rules resulting from an Australian Competition and Consumer Commission (ACCC) investigation.
A current customer’s account can now be finalised and their information can be transferred to their new provider within two business days. This process used to take so long for households with traditional metres because retailers had to obtain the final metre reading.
Even if you have a smart metre, it could take up to a month; however, bill payers, regardless of metre type, can now use an estimated bill instead of waiting for a final bill after a metre read.
How much will it cost to make the switch?
Switching is free, but depending on your current contract, there may be an exit fee as well as fees to connect and disconnect if you’re moving into a new property – consult your current retailer if you are unsure. Exit fees are typically low, or significantly less than the savings you can achieve by switching.
How to switch retailers if you owe money to a current retailer?
If you are in debt, you may still be able to switch electricity or gas providers; however, energy retailers are permitted to conduct credit checks when necessary. Remember that switching energy retailers will not eliminate outstanding debt; you will still need to arrange to pay outstanding payments with your current retailer. There is assistance available if you need to pay your utility bills.
How long does it take to change energy providers?
Do not worry! You will not run out of supply during this period. The transition period should be smooth from one provider to the other. All that has changed is the billing, not the actual physical supply of gas and electricity.
What if you are relocating?
Moving is a good reason to switch retailers. To switch retailers, you must get in touch with your previous retailer and give them a minimum of three days’ notice that you want to cancel your agreement. The business will organise a representative to come out to your property to perform a final metre read; if the reading is off-cycle, a special metre read fee may apply. After that, you will receive your final bill for that property. When you sign up to another retailer at your new home, you will begin a new billing cycle.
What if you decide otherwise?
If you choose to terminate the new agreement, you will typically have a 10-business-day cooling period. Even if your new service has not been connected yet, and you decide to cancel after this time, you might have to pay a termination fee.
Given what you now know about switching retailers and the time involved, why not take the time to look around for a better offer that could result in savings?
Use one of the many online resources with comparison tools and customer satisfaction star ratings to find out what some of Australia’s top energy providers have to offer.
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