The COVID-19 pandemic saw our homes take on additional roles as lockdowns and the need to quarantine brought the office or school into our houses. That meant more time at home, meaning more electricity being used by everyone inside it. When looking at electric providers across Australia, you want to find a reliable supplier, but you also want to be sure that you’re not overspending for your electric service. Let’s take a look at ways you can compare electric options and even look beyond the standard grid.
Calculating Electric Rates
As you compare electricity supplied by providers across Australia, it’s best to first evaluate your household’s energy use. By understanding this number, you’ll be more apt to explore the electric plan that can save you the most in the long run. There’s a simple formula to help you figure out your monthly electric expenses. First, take a look at your most recent electric bill, and find out how much you’re paying per unit of electricity. This is usually calculated in kilowatts per hour, or kWh. Rates may vary based on peak and off-peak usage.
Next, you’ll want to determine the input power of the various appliances you have plugged in throughout your house. This can be found on the packaging of the product or tags on their power cords, or through an instruction manual. Convert that from watts to kilowatts by dividing the number by 1,000. From there, multiply the input power in kilowatts by the price of your electricity per kWh. This will help you in your search for the lowest price possible on your utility bill.
When looking for a new electric supplier, be sure to check for suppliers that are available in your ZIP code. Electricity companies must follow the Electricity Retail Code. This provides energy suppliers with a standard way of setting out their electricity prices for easier comparison. This goes for both electricity and natural gas. Before signing a contract with another energy company, you’ll also want to check the contract terms with your current provider to make sure that you are not on the hook for any fees for canceling your service.
If you have a utility company in mind, be sure to evaluate their terms and conditions as well. Some utility companies may offer deals that have initially reduced electricity rates that could increase at a later date. Some electric companies will offer rebates for a variety of situations. For example, the installation of a smart meter can come with a rebate, as you are helping your electric provider better monitor power flow and spot any sudden issues with greater ease. There are also discounts on rates for things as simple as paying on time, paying online, or going paperless with your electric bill.
In the greater push to go green, more Australians are looking into renewable energy options. As of 2019 and 2020, roughly 7 percent of energy consumption across Australia was linked to green energy efforts. This includes things like solar, wind, and hydroelectricity options for a cleaner electricity supply. These alternate suppliers also offer rebates for the installation of solar panels in an effort for a more climate-friendly future.
Recently, large-scale solar generation has begun rapid expansion across Australia, accounting for 3 percent of all large-scale solar generation. In addition, alternate suppliers are trying to reduce their carbon footprints with carbon offsets to help address increasing environmental concerns. This requires an electric provider to reduce their emissions as much as possible, purchasing these offsets that are equivalent to remaining emissions. Electric suppliers then contribute to social and environmental outcomes, bettering local communities. At the end of the day, you can save on your utility bill and make for a more eco-friendly future.