Electricity is a crucial form of energy needed to run most of your appliances in your home and office. Electricity bills are major utility expenses for NSW families. According to the latest data, the average annual electricity bill in the state is around $1421.
Homeowners are mostly looking for ways to reduce their electricity bills and save money. Here are a few tips on how to save money by selecting the right NSW electricity plan.
Check Your Current Energy Plan
Australia has a wholesale electricity market with many power-generating companies and retail electricity providers selling electricity in Australia. Before you go ahead and compare electricity plans NSW, you need to check your current energy plan. You can go to your electricity provider website to view your service contract. Look for the rate you are paying per unit in the electricity bill. The bill generally mentions electricity consumption in kWh. Once you know what your service provider is charging you currently, you can go ahead and select a better plan.
Consider Your Energy Usage Patterns
When you look at the energy bill, look at the periods when your household uses more energy. For example, in some NSW households, the energy consumption is higher during weekends. By carefully analyzing your energy usage patterns, you could find ways to change your energy consumption habits which will help you reduce your electricity bills and save a significant amount of money.
Choose the Right Energy Plan
NSW has the highest electricity consumption of any state in Australia. The state has around three energy distributors, and each distributor is responsible for a separate geographical region in NSW. Depending on the region you live in, you might have few choices while selecting electricity retailers.
You need to visit the website of each electricity retailer serving your region and find the energy plans and the corresponding energy rates they are offering. Until you have an idea about the different energy plans, you cannot compare electricity plans in NSW and select the best energy plan for your home or office. Most energy retailers offer two main types of energy plans – fixed-rate plans and variable rate plans. You need to study these plans and understand the billing procedures before selecting any plan.
Research Additional Costs
According to recent data, the estimated population of NSW stands at 8.2 million. Hence, NSW is the most populous state in Australia, and most people living in the state live in Sydney. Hence, there is greater demand for electricity in the region. Around 64.5% of NSW’s population stays in Greater Sydney. The rate per energy unit is only one component of your energy bill. Other additional costs that are part of your bill are delivery costs, transmission costs, capacity costs, and costs related to ancillary services.
According to experts, the additional costs vary with electricity retailers, and they can significantly affect the overall energy bill. Hence, it would help if you researched additional costs levied by every energy retailer in your region to get an idea of the estimated energy bill for specific energy units. To sum up, these are some valuable tips to reduce your energy bills and save some money.