We’ve partnered with Econnex to bring you a range of energy plans to help you compare them.
If you’re paying too much for your electricity, gas or solar, surveying the market and making the switch to a newer provider could help you save important money. However, many may be reluctant to do so because they think the process of finding the right deal and switching will be too time-consuming. That’s where Savvy can help.
You can compare a range of offers from a panel of leading providers through us. As well as being able to consider deals, finding and securing the best plan for your needs among a variety of industry leaders is made simpler through an easy online quote process. Start comparing your options through Savvy today.
What is energy and how does it work in Australia?
Energy is the blanket term which is used to cover electricity, gas and solar connections. All households and offices will use at least one of these three types of power, if not a combination of two or even three. These connections are provided by energy suppliers, some of whom may specialise in one or more types of energy.
In terms of the way it works, this ultimately depends on where in Australia you’re living. If you’re in one of the following states, you have the National Electricity Market (NEM) present where you live:
- Australian Capital Territory
- New South Wales
- South Australia
The NEM is an interconnected electricity system which also acts as a wholesale market through which electricity can be traded between generators and retailers. Operating around a spot market, it helps determine energy prices which are reflective of the level of supply and demand from residents of the above states and territories. You can find more information about the NEM and other technical energy terms in Savvy's energy glossary.
The two states and territories which aren’t part of the NEM are the Northern Territory and Western Australia, each of which operates its own electricity systems and different rules and regulations specific to them.
There are two main types of contracts when it comes to comparing energy plans which are also important to consider and understand before you sign up. These are:
Standard retail contract
This type of plan comes with terms and conditions, as well as prices, set by law. Crucially, under this contract, you’re able to switch to a different contract at any point without having to pay any exit fees. However, they tend to come with higher tariffs, though these can only be changed every six months.
Market retail contract
Unlike standard retail contracts, market retail contracts are created by retailers and can be offered with special conditions such as discounts or other benefits to customers. However, prices and tariff rates, as well as other charges such as exit and further additional fees, can change regularly and between providers.
How do I compare energy providers?
There are many areas to compare when deciding on which energy plan is the most suitable for your needs. Some of the key factors to consider include:
Cost of the plan
Whether you’re looking for an electricity, gas, solar or bundled plan, it’s important to compare similar offers with one another to help determine which is the most affordable while also meeting your energy needs. What the cheapest option is may vary between individuals based on where you live and your overall energy consumption.
Added benefits and benefit periods
As mentioned, some energy plans may come with a range of bonuses designed to attract new customers. These may range from added service features such as an energy usage app, to energy discounts on your bills. However, it’s important to consider the period over which benefits such as discounts may apply, which is known as the benefit period. These may be fixed or ongoing.
It’s important to know before you sign on the dotted line how long you may be required to stick with your energy provider before you’re able to make the switch to another plan. The contract term will let you know how long this period is, with monthly contracts the most common. However, some providers may offer plans with no contract terms. Consider which best suits you when comparing energy deals.
Solar feed-in tariffs
If you’re looking for an energy plan and have a solar energy system, it’s worth considering whether solar feed-in tariffs are available and how much they’re worth. This is the amount you may be eligible to be paid by your provider when any excess electricity generated by your panels is exported to the grid. The cents per kWh exported can vary significantly between providers, so keep one eye on this if you have solar.
On top of paying for your energy as is, you may also have to pay further fees as part of your plan. Again, these will vary depending on your provider and where you live, but can include the following:
- New connection fee
- Disconnection fee
- Membership fee
- Direct debit fee
- Credit card payment fee
- Paper bill fee
- Late payment fee
Comparing energy plans doesn’t have to be complicated. All you’ll have to do is fill out a simple form about your profile, such as where you live and your energy usage, and provide a recent energy bill to consider the competitive offers available to you. You can get started through us today.
What factors can impact the cost of my energy plan?
There are many factors which can affect your energy plan’s cost. Some of these include:
- Your usage: the more you use, the more you’re likely to pay for your energy bill
- Usage rates: the amount you pay per kilowatt-hour (kWh) will go a long way towards determining the cost of your plan
- Where you live: rates can differ between states and territories
- Discounts: whether your provider is willing to offer a discount on your plan and the period over which this discount applies
- Electricity supply charge: the cost of staying connected to a power network, which varies between retailers
- Type of tariff: tariffs can vary between providers, with different types coming with different costs based on your usage
Types of energy plan
Every home needs an electricity connection. From powering your fridge to your television, it's important to know the differences between electricity plans before you buy.
Who doesn't love a warm, cozy bedroom in winter or a hot shower on a cold morning? Natural gas helps heat things up in your home, so getting the right gas plan is crucial.
Solar panels are becoming increasingly common as Australians make a sustainable switch. Your connection to the grid is still important for when the sun isn't out, though.
Energy providers are now providing plans to Australians who want to make use of more environmentally friendly sources. These are often known as green energy plans.
Why compare energy plans with Savvy?
How to switch energy providers through Savvy
Top tips for saving money on your energy bill
The simplest way to save money on energy is to take the time to compare offers. This will help give you a better understanding of what the most affordable plans are which still meet your energy needs. You can do just that with Savvy, with a range of energy providers available to compare through us.
There are many simple yet effective ways to minimise your power consumption. Think about whether you need to crank the A/C as much as you do in the peaks of summer or winter and only climate control in the rooms you’re using. You can also keep heat in by opening curtains during the day and closing them before the sun disappears.
In some cases, you may be rewarded by your provider by using energy during off-peak hours. This could mean it ends up being notably cheaper to run your washing machine or dishwasher between 10pm and 7am, rather than in the middle of the day. You may also be able to save with an off-peak hot water storage system.
Appliances can be a massive drain on your home’s energy, so looking out for those which are particularly energy-efficient can help you cut down on your power bill. However, it isn’t just about energy-efficient appliances, but also using them efficiently. As an example, placing your fridge near a heat source (such as an oven) may force it to work harder.
Common energy questions answered
Helpful energy guides
Savvy is partnered with Econnex Comparison (CIMET Sales Pty Ltd, ABN 72 620 395 726) to provide readers with a variety of energy plans to compare. We do not compare all retailers in the market, or all plans offered by all retailers. Savvy earns a commission from Econnex each time a customer buys an energy plan via our website. We don’t arrange for products to be purchased directly, as all purchases are conducted via Econnex.
Any advice presented above is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an energy plan. For further information on the variety of energy plans compared by Econnex, or how their business works, you can visit their website.