How You Can Save Hundreds on Your Electricity Bill Just By Shopping for a Better Deal.
When’s the last time you compared your electricity rates to ensure you’re on the best deal?
Depending on your consumption habits and needs, you could be looking at savings of hundreds of dollars off your electricity bill just by shopping around.
How the SEQ Electricity Market Is Changing.
In case you missed the news last week, there’s a new energy retailer entering the SEQ market. Alinta Energy. Their entry could save small business customers big dollars on your electricity bills.
In July 2016, the Queensland Government deregulated the electricity market for residential and small business customers in SEQ. Energy retailers now set their own prices, products, and discounts – a move designed to help make the market more competitive for small business customers consuming less than 100,000-kWhs per year.
It allows you to move your small business onto a ‘market’ contract where you can access base rates and conditional discounts that provide savings of hundreds of dollars each year (maybe more).
So, have you been making the most of it?
A Canstar Blue survey recently found only half (48%) of small business owners annually compare electricity rates to ensure they’re getting the best deal possible. Only 22% say they’ve made a switch in the past year.
How a Market Contract Helps You Save.
Shopping around for a better electricity deal makes good business sense. Depending on your business consumption habits – you could be saving hundreds to thousands of dollars just by switching to a better deal (sometimes even with the same retailer).
Before deregulation, most customers were on a standard contract – you’re assigned basic conditions that are set by law. However, now, a ‘market’ contract could save you roughly 5% of your standard contract costs.
Once the discounts on market contracts are considered, these potential savings can increase by as much as 15% (according to Canstar Blue).
So, it pays to shop around and make sure you’re getting the best bang for your buck!
What the Numbers Say.
Just last week, the Queensland Government announced its new partnership between State-owned CS Energy and new kid on the block, Alinta Energy. Alinta will start providing electricity to residential and small commercial industrial consumers in the south-east corner.
The deal they’re bringing to the table is a simple, yet effective offer:
A 20% two-year discount for new small business customers, and an 11-cent feed in tariff for your solar.
This means potential savings of $1,300 per year for a small business customer consuming 90,000-kWhs.
Where could that $1,300 be better spent in your business? download the > Energy Price Fact Sheet
Why it Pays to Shop Around.
Your electricity bill has a direct impact on your bottom line, so negotiating the best product and rate for your business needs can minimize overheads and feed more money back into your budget.
The best place to go for up-to-date products and price offer comparisons is to check out the Australian Energy Regulator’s independent price comparator website Energy Made Easy. Make sure you keep an eye out for exit fees and lock in periods and understand what you’re signing up for.
Don’t be afraid to switch because of loyalty or a lack of understanding of the market offers. Do your research. Perhaps the arrival of Alinta Energy on the market could change things for you. And remember that small businesses are valuable customers. So, if you think you’ve been paying too much for your electricity, it’s probably time you contacted your retailer or shopped around for a better deal.
If you’re interested in exploring other ways you can save on your electricity costs, get in touch with our team.