NSW is home to over 8.2 million residents and is the most populous state in Australia. So, the energy consumption of NSW is higher than that of any other state.
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With more than 30 prominent energy supply companies offering services in the state, finding the best energy provider requires considerable research.
Analyse factors like fees, usage requirements, payment methods, and contract type while you compare electricity plans NSW. Energy supply contracts have legal validity. Hence, it’s recommended you read the terms and conditions put forward by the energy supply company in detail before choosing your energy plan.
Users who have installed solar PV systems, digital meters, and battery systems may be eligible for specific government exemptions.
Consider the Contract Type
Origin, AGL, Momentum Energy, Red Energy, Simply Energy, and Energy Australia are some of the most popular NSW energy suppliers. Find out if the suppliers offer standard contracts or market contracts before choosing one.
Your energy supplier cannot change the terms of a standard contract without government approval. However, the energy company can change market contract terms. NSW energy suppliers may also offer regulated contracts.
Standard retail contracts and regulated contracts have no fixed conditions and do not usually specify an end date. While these contracts offer more certainty, you may have to pay an exit fee to terminate the contract before the ‘renewal window’ (usually six months before the scheduled exit date).
Also, find out if the contract has a cooling-off period. Typical NSW energy contracts have 14- to 17-day cooling-off periods.
Fees and Tariff Rates
Take a detailed look into the fees that you will have to pay before choosing an energy supplier. The average cost of energy in NSW is around AUD 23.2/kWh.
Single rate tariff plans with no peak or off-peak periods allow you to pay the same rate regardless of when your peak usage is during the day or night. Conversely, if you choose a time-of-use tariff plan, you may have to deal with peak and shoulder rates.
Energy suppliers usually charge peak rates on weekday evenings.
The ‘basic plan information document’ offers all the information you need on fees and tariff rates. You must install smart meters or time-of-use meters to measure electricity usage.
Other tariffs like controlled load tariffs and demand tariffs may also be applicable depending on your appliance usage. Standard electricity bills have fixed charges and service charges.
The ‘usage charge’ section details the consumption charges and variable charges. Find out the ‘cent per usage’ charged by different suppliers when you compare electricity plans in NSW.
Discounts and Exemptions
Specific customers may be eligible for the NSW ESS rule. Pensioners and veterans are eligible for additional concessions and discounts. NSW residents eligible for FTB for the previous financial year are eligible for NSW Family Energy Rebate.
The rebate is around $180 per year. Other rebates include the NSW senior energy rebate for independent retirees (around $200 per financial year). Private energy sellers may offer additional concessions and discounts.
Final Thoughts
Understand your energy consumption requirements and appliance usage before choosing an energy supplier. You may try websites with integrated energy rate comparison tools to find the best, most cost-efficient plans in NSW.