Energy Plans In Victoria

Compare energy plans in Victoria with Savvy to find a great deal for your energy needs  

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, updated on June 30th, 2023       

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Are you looking to compare energy plans in Victoria? With power prices on the rise and many household budgets stretched it's important to explore lots of different options so that you can make an informed choice and find the best possible deal for your energy needs. 

Savvy is here to simplify the process for you. Our user-friendly 100% free comparison service allows you to easily look at energy plans side-by-side, considering factors such as tariffs and supply charges, discounts available, contract terms, and renewable energy options. We want to empower you to find the most suitable energy plan that aligns with your preferences and budget. Get ready to take control of your energy costs right here with Savvy! 

What different types of energy plans are available in Victoria?

In Victoria, there are a wide variety of energy plans to choose from. Most retailers offer market energy plans, and also plans based on the Victorian Default Offer (VDO). Understanding the difference between a market energy plan and the VDO is crucial when exploring energy options in Victoria. 

Market energy plans:  

Market energy plans refer to the wide range of energy plans offered by various retailers in the highly competitive Victorian energy market. These plans are designed and priced by retailers to cater to the diverse needs and preferences of customers. Market offers vary in terms of their pricing structures, contract durations, discounts, renewable energy options, and any additional benefits that retailers may choose to introduce to attract new customers. All market energy plans on offer in Victoria must show the cost of the plan compared to the Victorian Default Offer reference price.  

Victorian Default Offer (VDO):  

The VDO is a regulated energy plan established by the Essential Services Commission in Victoria. Its purpose is to ensure that customers on the VDO receive a fair and reasonable price for their energy supply. It serves as a safety net for customers who have not actively chosen a specific energy plan, or who are on expired market contracts. The VDO sets a maximum price that energy retailers can charge for electricity and gas usage, which is known as the VDO reference price.  

The VDO includes two main types of energy plans: 

  1. Victorian Default Offer for electricity: This plan sets a maximum price that energy retailers can charge for electricity consumption. It ensures that customers on the VDO receive electricity at a fair and reasonable price.
  2. Victorian Default Offer for gas: Similarly, the VDO for gas sets a maximum price for gas usage charges, providing customers with a cost-effective option for their gas supply.

What factors should I consider when choosing a market energy plan in Victoria?

When choosing a market energy plan in Victoria, you should compare several different aspects of the plan. Here are some key things to consider: 

  • Cost compared to VDO reference price: the VDO reference price is an average benchmark price for a typical household in your specific area. By comparing different plans against the VDO reference price, it’s possible to get a clear idea of which market plan may be the cheapest  
  • Energy usage pattern: assess your household’s energy consumption habits. Determine when you use the most electricity or gas, and if your highest use periods aligns with peak or off-peak periods. This will help you choose a pricing tariff structure that matches your usage patterns 
  • Tariffs: compare the different price tariffs available with energy plans, and look at how time of use plans, which have different rates for peak, off-peak, and shoulder periods, align with your household’s peak energy use periods
  • Renewable energy options: if sustainability is important to you, explore market energy plans that prioritise renewable energy sources. Check if the retailer offers green energy plans, or supports initiatives like carbon neutral plans which enable you to choose carbon offsets as part of the plan. Choosing a plan with more renewable energy can help reduce your carbon footprint. 
  • Contract terms: compare the terms and conditions of the energy plan, including the duration, which will often be between one and two years. Look at any other special conditions which may apply 
  • Fees: when selecting an energy plan, it's important to consider the fees associated with the plan. Look out for fees such as the basic supply charge, late payment fees, paper bill fees, credit card usage fees, and early exit fees. These fees can vary between energy retailers, so comparing them is crucial to understanding the overall cost of the plan 

With Savvy's assistance, you can confidently evaluate and compare energy plans and select one that aligns with your budget, usage patterns, and sustainability goals.  

Who are the current energy distributors in Victoria?

Electricity 

There are 5 electricity distribution networks in Victoria. Each handles a different geographic region of Victoria. In addition to these main five distributors, Essential Energy also provides electricity to a small number of Victorian clients. 

  • Citipower – Melbourne City and inner suburbs
  • Jemena – northern and south-western suburbs
  • Powercor Australia – western suburbs and western Victoria
  • AusNet Services – outer northern & eastern suburbs and eastern Victoria
  • United Energy Distribution – southern suburbs and Mornington Peninsula

Gas 

Gas distribution in Victoria is split between three distributors: 

  • Australian Gas Networks
  • Multinet Gas
  • AusNet Services

Energy distributors are the companies that deliver gas and electricity to our homes and businesses. They own and take care of all the powerlines, poles, pipes, and meters that bring energy to our homes. 

On the other hand, energy retailers buy power from the generators and sell it to customers at a higher price. They pay the energy distributors to use their infrastructure. The cost for using powerlines and gas pipes is included in the retailer's bill, known as the ‘supply charge,' and the retailers, in turn, pay the distributors for using their infrastructure. 

So, if you have a power supply issue like a power outage or a gas leak, you should contact the energy distributor to resolve the problem, not the retailer you buy your energy from. 

* All information is current as of June 2023, but subject to change. 

Who are the energy retailers in Victoria?

Electricity 

The electricity retailers in Victoria are:

• 1st Energy
• AGL
• Alinta Energy
• Amber Electric
• Arcline
• Arcstream
• Blue NRG
• CovaU
• Diamond Energy
• Dodo
• Electricityinabox
• Energy Australia
• Energy Locals
• GloBird Energy
• kogan
• Lumo Energy
• Momentum Energy
• Nectr
• Origin Energy
• OVO
• Pacific Blue
• Powershop Australia
• Reamped Energy
• Red Energy
• Red Energy
• Simply Energy
• Smartest Energy
• sumo
• Tango
• The People’s Grid

Gas 

Gas providers in Victoria include:

• 1st Energy
• AGL
• Alinta Energy
• CovaU
• dodo
• Energy Australia
• GloBird Energy
• kogan
• Lumo Energy
• Momentum Energy
• Origin Energy
• OVO
• Pacific Blue
• Powershop Australia
• Red Energy
• Simply Energy
• sumo
• tango
• Tas Gas Retail

* The above list of suppliers was compiled from the Victorian Government's Compare Energy website, and is accurate as of July 2023.  

What help is available with power bills from the Victorian State Government?

There are several government measures available to Victorians who are struggling with the rising cost of their energy bills. These include: 

The Energy Bill Relief Fund 

This provides a payment of $250 per eligible household to assist with the cost of electricity bills. Payments will be made in periodic instalments on electricity bills during 2023 and 2024.  

Through this fund, assistance of $325 will also be offered to eligible small business customers. 

Eligibility for the relief payment: 

To be eligible for this energy relief payment, the primary account holder of the household must be the recipient or holder of one of the following: 

  • Pensioner Concession Card (including those issued by the Department of Veterans Affairs (DVA))
  • Health Care Card (including Low Income Health Care Card)
  • DVA Gold Cards
  • Commonwealth Seniors Health Card (including those issued by DVA)
  • Family Tax Benefit (FTB) A and B
  • Carer Allowance
  • Households eligible for the existing electricity bill concession schemes
  • Households in embedded networks who receive their electricity via a private network (e.g. some apartment buildings, caravan parks or retirement villages) will also be eligible for the scheme.

$250 Power Saving Bonus 

In addition to the Energy Bill Relief mentioned above, there is also a $250 Power Saving Bonus available. To apply for the bonus, application need to be made through the Victorian Government’s Energy Compare website. By using the website to find a cheaper energy provider, you may also qualify for the power saving bonus when you switch to a cheaper provider. 

Eligibility for the Power Saving Bonus: 

  • You must be a residential energy consumer in Victoria (i.e. have a residential electricity account)
  • You must be the account holder
  • Only one payment is available per household

Additional concessions available: 

If you hold a relevant concession card in Victoria, the following additional concessions are available: 

  • Annual electricity concession: you will need to provide your concession card details to your electricity retailer to receive the annual electricity concession of 17.5% of electricity usage and service costs. This applies if your annual electricity bill is over $3,563, starting from December 2022.
  • Excess electricity concession: if your annual electricity bill is higher than you expected, you may be eligible for an excess electricity concession.
  • Excess gas concession: if your winter gas bill is higher than expected, you may claim a concession with a relevant concession card.
  • Life support concession: concession card holders using a life support machine at home may be eligible for electricity and water bill concessions.
  • Medical cooling concession: confirm your medical condition with a doctor to receive a concession on electricity bills related to medically-required cooling.
  • Non-mains energy concession: concession card holders using non-mains energy for heating, cooking, and hot water can apply for a concession to help cover yearly energy costs.
  • Winter gas concession: Eligible concession card holders can receive discounts on gas bills during the winter months.
  • Hardship: Low-income Victorians facing unexpected hardship can apply for relief grants to pay overdue energy or water bills.
  • Controlled load electricity concession: Eligible concession card holders receive a 13% discount on their controlled load electricity bills until December 1, 2023.
  • Electricity transfer fee waiver: Concession card holders can connect their electricity service for free when moving into a new house until December 1, 2023.

Eligibility for the above concessions: 

You will need to hold one of the following cards in order to be eligible for the above concessions:  

  • Pensioner Concession Card
  • Health Care Card
  • Veterans’ Affairs Gold Card.

These initiatives aim to provide financial support and ease the burden of energy costs for eligible individuals in Victoria. 

*All information is correct as of June 20 2023, but subject to change. 

Types of energy plan

Why compare energy plans with Savvy?

More of your questions answered about comparing energy plans in Victoria

How can I save money on my energy bills in Victoria?

To save money on your energy bills you can take several steps.  

  • Start by improving your home's energy efficiency through increasing insulation, sealing drafts, and using energy-saving appliances.
  • Monitor your energy usage and adjust your habits accordingly, such as turning off lights when not in use or using natural light.
  • Compare energy plans through Savvy to find the most cost-effective rates, and consider switching providers if better deals are available.
  • Take advantage of sign-up credit deals and reward offers offered by energy retailers
  • Consider installing solar panels to generate your own electricity and reduce reliance on the grid.
How do I compare the environmental impact of different energy plans?

When comparing the environmental impact of energy plans, look for providers that offer renewable energy options. Check if they generate electricity from renewable sources like wind, solar, or hydro power. Additionally, consider the provider's commitment to reducing carbon emissions and supporting sustainable practices. Some energy plans may also offer carbon offset programs, where the provider invests in projects to compensate for the emissions produced by your energy consumption. 

Can I bundle my energy plan with other services in Victoria?

Yes, it is possible to bundle your energy plan with other services like internet access or telecommunication plans or even some insurance offers. Many energy providers offer bundle deals which can save you money. Different retailers offer different bundling options, so it's advisable to check with individual providers to see what packages are available and if they meet your specific needs. However, it's important to carefully compare the bundled package with standalone services to ensure you're getting the best overall value. 

Are there any special offers or promotions available for customers who choose to switch energy retailers?

Yes, energy providers often have special offers and promotions for new customers. These can include discounted rates, sign-up bonuses, or free services. When comparing energy plans, look for introductory offers specifically designed for new customers. Be sure to read the terms and conditions to understand the duration of the offer and any eligibility requirements. Keep in mind that these promotions are typically temporary, so consider the long-term benefits and rates of the energy plan beyond the initial offer period. 

What is the difference between fixed and variable energy plans?

The difference between fixed and variable rate energy plans lies in the pricing structure. Fixed energy plans offer a set rate per unit of energy consumed for a specific period, usually 1-3 years. This means the price per unit remains consistent throughout the contract, providing stability and protection against price fluctuations. Variable energy plans, on the other hand, have rates that can change periodically based on market conditions. This means the price per unit may increase or decrease, providing flexibility but also exposing customers to potential price volatility. 

What are the different types of energy tariffs available?

The different types of tariff available include:  

Single-rate tariff: This is a standard tariff where you pay a fixed rate for electricity or gas usage, regardless of the time of day. 

Time-of-use tariff: This tariff varies based on the time of day and offers different rates for peak, off-peak, and shoulder periods. It encourages shifting energy usage to off-peak times. 

Controlled load tariff: This tariff applies to specific appliances, such as hot water systems or pool heaters, which are separately metered and charged at a lower rate during designated hours. 

Feed-in tariff: This tariff is applicable to solar panel owners who export excess electricity back to the grid. It provides credit for the energy fed back into the system. 

Block rate tariff: On gas plans, block rates are a pricing structure where different pricing rates are applied to different blocks or ‘tiers' of gas consumption. The first block often has a higher rate, while subsequent blocks have lower rates. 

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Disclaimer:

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.