Power bills: How to save up to $507 a year on energy

POWER bills are often among the most shocking to the household budget, but there is a way to soften its landing. And all it takes is a phone call.

If you don’t know who your provider is, or what power plan you’re on, the chances are that you’re paying more than you should – up to $507 more – according to the national energy regulator.

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A new review by the Australian Energy Market Commission found you can save up to 38% off your bill, just by shopping around.

Even in parts of the country where competition is limited, retailers may offer better deals when contacted.

What’s more, these savings have increased compared to last year.

So if you hunted around for the best deal last year, there is a chance you can find a better deal now.

There is even the government website Energy Made Easy, designed to help you save cash on gas and power.  

Comparison rates shown for a Queensland home.

The report found that 47% of home power users and 54% of business users have not switched providers or plans in the past five years.

It found that 65% of those home users who did switch, did so because they were offered a better price.

Finding the best deal may also be as easy as calling your energy provider and asking for the best deal – as discounted deals can expire.

The AEMC review also found 20% of those surveyed have solar panels, 21% are likely to invest in battery storage by 2019.

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