Switch or wait? Energy bills are set to rise
Australians are likely to see a $100 increase to their energy bills after the election, according to the Australian Energy Market Operator's latest report.
That’s because wholesale electricity prices have more than doubled in the last 12 months.
This means when the 1 July electricity price reset comes around, providers are almost guaranteed to raise prices if they haven't already done so.
So what should Australians do?
Each year energy prices are reset in July, making now the ideal time to shop around and take advantage of any deals.
According to Finder’s Consumer Sentiment Tracker, 1 in 5 Australians (21%) say that their energy bill is one of the expenses that causes them the most stress. That’s equivalent to more than 4 million people.
Mariam Gabaji, energy expert at Finder, explained that Australians have two different types of energy plans on the market.
"Those that offer fixed rates for a certain period (such as 12 months) or others that have variable rates.
“If you don't like switching electricity plans often in search of the cheapest variable rates, you're likely to benefit from a fixed rate plan instead.
“However keep in mind one of the best ways to save on energy is by switching your energy provider. Finder analysis shows this could save you up to $415 each year."
A Finder nationally representative survey of 1,015 Australians found 64% rely on their aircon to keep cool during the hotter months.
“Cut your energy bills by turning off devices at the wall when you aren’t using them, using the heater an hour less in the day, and opting for more energy efficient appliances.
“Loyalty doesn’t pay. With inflation and cost of living pressures on the rise, it's never been more important to get a better deal,” Gabaji said.