New analysis reveals the easy way to spot a cheap electricity deal

Seven months after the Government introduced legislation to make electricity offers easier to compare, it’s now clear what sort of discount means a cheap electricity deal.

According to a 9Saver analysis of advertised energy offers in February, the cheapest electricity deals for an average household are now:

  • over 10% less than the government electricity benchmark in NSW, SA and SEQLD, and
  • over 5% off the government electricity benchmark in Victoria.

The analysis found more than half a dozen retailers in each state – a mixture of both big and small – that were offering deals that meet that test.

These findings are based on analysis of the Government energy comparison websites energymadeeasy.gov.au and compare.energy.vic.gov.au.[1]

Since 1 July, 2019, electricity offers look different in NSW, SEQLD, SA and VIC as all discount offers are measured against a new Government Benchmark for electricity.

In NSW, SEQLD and SA, the new benchmark is called the ‘Reference Price’. In VIC, it is called the ‘Victorian Default Offer’.

The changes were designed to make it easier to compare electricity offers for households who are shopping around to try and save money.

9Saver Campaigner Joel Gibson said: “Don’t make the mistake of seeing percentages like 10% and 5% and thinking that offers now are no good.

“In the new world, 10% less than the government benchmark is a good offer in NSW, SA and SEQLD, and 5% off is a good offer in VIC!

“We need to adjust our thinking when assessing deals now and some households can still save hundreds by switching plans or providers.”

Thanks to the people power of 200,000-plus members to date, 9Saver has released some new special electricity discounts from Origin that could save some homes hundreds.

[1] We used average usage profiles as defined by the AER for calculation of the Reference Price and Victorian Default offers in the Ausgrid zone (NSW), Energex zone (SEQLD), SA Power Network (SA) and Citipower zone (Victoria).

Offers above are not available for all areas or property types. Terms and conditions are available here.

You should check about any exit fees from your current retailer.

9Saver earns a fee for each customer that takes up the offer. These fees are shared with Nine Entertainment Corporation.

Any information contained in this communication is general advice, it does not take into account your individual circumstances, objectives, financial situation or needs.