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How to Compare Energy Providers & Rates
Why Is It Important to Compare Energy Providers?
If you haven’t compared and switched energy plans or providers in the past year, you’re likely paying too much for your energy. That's because the typical life span or "benefit period" of an energy plan is around 12 months. After this time frame has passed, most providers quietly roll you over to a more expensive plan.
Therefore, the best way to save money on your gas or electricity bills is to compare and re-negotiate your energy plan every time your contract ends. When comparing energy plans, it's important to remember that there is no one-size-fits-all plan to save money. Prices vary depending on your location and usage so remember to compare energy prices using details from a previous bill to find the best plan for your home, or call our comparison advisors and they'll take care of the process for you.
What Info Do You Need for Comparing Energy Plans?
To compare energy providers, you will need to know your annual energy consumption, and current tariff and/or energy plan. This information can be found on your utility bill. If you’re unsure of your current energy tariff or usage, you can find more information in Selectra’s Average Electricity Bill guide.
How to Make the Switch to a New Energy Provider
To switch energy providers, you can contact the provider directly or give our Selectra comparison agents a call and they'll walk you through the entire process over the phone.
To make the switch as fast as possible you should have the following details ready :
- The account holder's name and address
- Meter and tariff type
- Your current energy provider and plan
- Annual household energy consumption
Switching energy providers should take around 20 minutes to complete over the phone. Once you have signed up for a new plan, by law you have a 10-day cooling-off period to cancel the plan with no charges before the switch happens in case you change your mind.
Once your cooling-off period is over your new energy provider will handle the entire switching process and open your new account. It's important to remember that you will not lose your energy connection when the switchover takes place. In fact, you won't even notice it has happened until your previous energy provider contacts you with your final bill once the switchover has finished.
What Does 'Discount off the Reference Price" Mean?
The Reference Price (also known as the Default Market Offer or DMO, or Victorian Default Offer or VDO) is a benchmark for electricity prices set by the government to help customers make wise purchase decisions regarding their energy. It is basically a way of marking what the government considers to be a "fair price" for electricity.
When you are looking to compare and switch energy providers, the DMO can be used as a reference for comparing several energy plans from multiple providers to help you find the best deal. For people who prefer to stay out of the energy market and not negotiate their energy rates, the DMO protects them from paying unfairly high energy prices. You can find more information about the Reference Price in our guide.
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