SUSTAINABLE BUSINESS

How to switch electricity plans to reduce business costs

Turn on the savings by choosing an electricity company that gets you.

Energy

Is my business on the right electricity plan?

The cost of your power bill doesn’t have to be non-negotiable. Getting your head around how you use energy, and choosing the right plan, could shave dollars off your bill. Here’s what you need to know to get a good deal on your power.

In case you were questioning whether it’s worthwhile to spend time comparing energy plans, the answer is a resounding yes. The difference between the lowest and highest cost energy plan in South East Queensland can be up to 20% – a potentially great saving for any business (Energy Consumers Australia, 2021).

Where to compare

Energy prices are more transparent than ever thanks to energy comparison sites, and these sites are quick and easy to use. But not all bill comparison sites are made the same. Many sites only include options from retailers paying to be on their site. While it’s still possible to get a good deal on these sites, you won’t have access to all available rates. 

If you want to see an accurate indication of how your price compares to the complete marketplace, upload your bill to energymadeeasy.com.au

Energy Made Easy is a free and independent price comparison tool run by the Australian Government. Prices from all registered energy companies are included on the site, and the only thing you’ll need to get started is a copy of your latest bill. Once uploaded, the comparison tool will detect all relevant information straight from your bill, allowing you to see how your rates measure up against other plans within minutes – simple! 

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You could save up to 20% by switching electricity plans

Make sure you choose the right plan for your business

How does your current energy company (or the one you want to switch to) decide the total price of your bill? If you don’t know the answer to this question, you may be paying too much. 

Businesses use energy at different times and in different ways. Despite this, many small businesses are put on standard plans without considering how and when they use energy. So, it’s smart to ensure your energy plan aligns with your business. Make sure you consider this before switching plans. You can use the energy calculator to take the first step towards understanding how your business uses energy, and where you can save.

Switching energy companies

Once you’ve found a good deal and you’re ready to make the switch, there are a few things to keep in mind. 

  • It can take around three months for your plan and pricing to change after switching energy companies.
  • Your energy company may charge an exit fee (although many don’t), so keep this in mind when switching.
  • Finally, don’t forget you have a 10-day cooling-off period, so you aren’t locked in if you change your mind after switching. 

Sources: Energy Consumers Australia Retail Tariff Tracking Project Report, 2021 | https://www.energymadeeasy.gov.au

Where to next?

Choosing the right tariff

Checking that your tariff makes sense for your business is a low cost way of avoiding paying too much for electricity. Sometimes, electricity companies place businesses on standard tariffs, without considering how and when they use energy.

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