Do you live in Victoria? Are you worried you’re not currently getting the best deal for electricity? Want to compare many electricity deals easily and stress-free? You’re in the right place. That’s because Switchwise is an independent, free service designed to hopefully help you lower your average electricity bill and get a great electricity deal.
Electricity Market in Victoria
With one of the most competitive electricity market in Australia, not to mention the world (1) Victoria has more electricity providers than you can poke a proverbial stick at. More competition = more chance to save! And Victorians make the most of all this choice: according to the Essential Services Commission a whopping 89% of Victorians have taken up a competitive market offer since deregulation began back in 2002 (2)
Victoria is a fully deregulated retail energy market, meaning retailers can set their own prices (the Energy and Water Ombudsman Victoria can help you learn more about this). Whilst this is good for competition, it means extra attention is required when looking at electricity offers.
On top of this, Victoria has the second largest electricity market in Australia serving over 2.3 million residential homes and businesses (1). This can have the positive effect of giving you lots to choose from but it can also make it harder to wade through the different promotions and plans these companies use to entice you.
Who can switch?
Whether you’re moving into a lovely Melbourne house, looking to reduce your household expenses in Bendigo, keen to improve your energy service in the Dandenongs or motivated to make a green change around the Great Ocean Road, it’s a good idea to compare electricity plans.
Most Victorians can switch their electricity provider, provided they’re not locked into a binding contract. Even then it’s possible to terminate early – but watch out for any early termination fees! You may also want to discover more about the gas market in Victoria.
Victorian Electricity Providers
Victoria’s electricity is sourced by a wide range of distributors, who supply electricity to the local Victorian electricity providers – our main electricity page breaks down this relationship in more detail.
Switchwise helps break down a range of energy providers in Victoria for you by comparing the following companies:
It is important to note, however, that Switchwise does not compare every provider and every plan in each state and territory of Australia. Also, in some cases not all plans offered by the providers on Switchwise’s panel is compared; the percentage of plans we compare varies from provider to provider and will depend on where your property is located.
Electricity Prices, Plans & Deals
We break down electricity into pricing everyone can understand and guide you through the information that electricity plans are made up of.
Based on the details you provide us, we try to provide you with the important aspects of potential deals in an easy-to-read format, including:
Usage charges – measured in kilowatt hour (kWh) based on your electricity usage. Sometimes your plan will split these into peak and off peak prices.
Supply charges – a fixed cost represented as a daily price that goes back to the distributor to help maintain the network.
We get that comparing plans, deals, prices and incentives can be a headache. From the details you provide us, we can estimate your yearly energy usage which we can then use to calculate an estimate of your annual cost if you were to switch providers. To understand more about how we calculate your usage, please visit our FAQ.
We rank by price (including discounts and rebates) to ensure you get the best deal.
You can also filter for options; all aspects of the deal are laid out in an easy-to-read format, including:
- Payment options available – how and when you will be billed
- Tariff blocks – one rate that either rises or falls for the next part of your usage
- Minimum contract terms and early termination fees
- Incentives – bonuses or discounts offered to switch suppliers
- Available renewable energy plans
- Special terms and conditions and any other services offered
If you’re worried about losing power, don’t be. When you switch electricity suppliers, it is a transfer of the company that sells the electricity. The source remains the same; you could just be paying less.
How to Switch & Save
With Switchwise, you could save a bucket load on your bill in a few simple steps. Switchwise does the hard work by finding the right plan for you and switching you over.
As we’ve said, we simplify electricity comparison so you can easily compare many of Victoria’s electricity plans and find the one that works for you. We condense complex pricing, products and your needs into a simple comparison formula.
All you have to do is enter your postcode into our calculator, answer a few simple questions and see the potential savings pop up on screen.
(2) Essential Services Commission: “Energy Retailers Comparative Performance Report, Customer Service 2013-14”
*Disclaimer: All information provided was correct as of October 2015