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Understanding Electricity Prices for the Home

When choosing an electricity provider for your home, electricity prices are often the single most important factor. In most states, electricity prices are subject to government regulation, but electricity providers retain the power to set a competitive price and offer discounts and benefits that can make a real difference to your budget. Take the time to shop around and find the best electricity price for your family.

 

Get the best electricity price for your home

To compare electricity prices, start by calculating an estimated total annual cost for providing power to your home. Electricity prices will vary depending on the discounts, fees and benefits included in the plan and all of these factors should be included in your calculations. Factors to consider when calculating the best electricity price include:

• How is the rate being quoted, i.e. Single Rate or Time of Use?
• What are the service charges?
• Are there any hidden fees, such as moving fees, early termination fees?
• Are there any rebates, such as early payment discounts, direct debit rebates?
• Are there any other rewards or benefits?

 

Commonly used terms for electricity prices

Some of the terms used by electricity providers can be confusing, here is an easy guide to commonly used terms:

• c/Kwh: Cost per kilowatt-hour
• Single Rate: A single rate for 24 hours a day, seven days a week.
• Time of Use Rate: A number of rates provided for three different times of the day
  • Peak: A higher rate is charged, between 2pm and 8pm on weekdays.
    
  • Off peak and: a low rate is charged between 10pm and 7am on weekdays and weekends.
  • Shoulder times: a moderate rate is charged between 7am and 2pm weekdays, and 7am to 10pm on weekends. 
• Two Rate: In addition, to a peak rate, a second reduced rate is included to power hot water services and specified heating devices during off peak periods. 
• Controlled Load Rate: A reduced rate is offered to power hot water services and specified heating devices during off peak periods The rate at which you are charged for your electricity, ie Single Rate, Time of Use Rate, is determined by your type of meter. If you don’t know what type of meter you have, contact your current provider for more information.

 

Standing Contracts vs Market Contracts

Since 2001, many Australians have been able to choose their electricity provider due to market deregulation. The price you currently pay is impacted by whether or not you have changed energy providers since this time. If you have never actively switched providers or changed contract, you are more than likely on a Standing Contract, which is a basic contract with electricity prices set by the energy retailer. If you have negotiated a new contract with your retailer in recent years for better electricity prices, you are probably on a Market Contract, which generally offers equal to or better electricity prices than a Standing Contract.

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