How to save on electricity in NSW?
In 2014, the NSW Government deregulated the electricity retail market with an aim to increase competition and drive down prices. This means residents of New South Wales can compare their energy plans from a range of different retailers so they can save money on their bills.
A 2015 study showed that almost 40% of households haven’t compared prices and switched to a cheaper plan since they signed up. The same report showed households could save as much as $522 by switching to the lowest priced available offer, on average.
NSW electricity market – the basics
There are three electricity distributors (the companies that produce power and maintain the lines): Ausgrid, Endeavour Energy, and Essential Energy. Your location determines your distributor. However, retailers package up tariffs and deals and offer them to the general public.
The major retailers in NSW include AGL, Origin Energy, EnergyAustralia, PowerDirect, QEnergy, RED Energy, and Simply Energy.
Like many other states in Australia, you can choose from a range of retailers that service your area. It’s up to you to pick the best one for you or your family based on the plans they offer. This is why so many NSW residents use comparison sites. However, they may not give you the cheapest options – more on that later.
Energy concessions for NSW residents
If you have a Senior’s card, health care card, or are experiencing financial difficulty, you may be eligible for government mandated discounts on electricity bills.
Pensioners and concession cardholders may be eligible for an Electricity Rebate. Low-income households who are dealing with a temporary financial emergency may be eligible for the Home Energy Emergency Assistance Scheme. Households and families receiving the Commonwealth Government Family Tax Benefit A or B can also apply for the Home Energy Rebate scheme.
Comparing the electricity market in NSW
Comparing the electricity market is now simpler than ever thanks to energy comparison websites. A lot of them are quite useful. However, some of the leading websites push certain plans over others to earn commissions. Others will pressure you to sign up for a plan you don’t really need over the phone. They might even show you plans with big discounts, but they may not always be cheaper.