As part of your 5-minute budget, you already know how much you spend on power.
But to recap, Finder's research shows the average Australian's quarterly electricity bill is around $385.
Since electricity prices have changed once again as of 1 July 2024, it's more important than ever to review your energy plan.
We also collectively paid $1.1 billion in loyalty tax for energy in 2023 by not seeking out a better deal so don't let the new financial year get away from you too.
The average Australian can save up to $660* on their energy bill over 12 months by switching to a cheaper provider.
It's even likelier that you're paying more than necessary if you haven't compared or negotiated a new plan since the energy price hikes started up in 2022.
Energy providers want your business so you'll always find sign-up deals floating around.
For example, AGL is offering new customers in some states up to $100 for signing up with them for electricity. Powershop is doing one better with a $150 bill credit for electricity and $50 for gas depending on where you live.
The good news is you can switch providers multiple times a year in search of a better deal as no-lock-in contracts are usually the norm and most providers don't charge an exit fee either.
The main caveat with any energy deal is how much you're being charged for electricity itself.
When you're comparing energy plans, have a look at the annual estimate for your household and then see if the sign-up deal is even worth it. Providers advertise the annual estimates in their quotes and you can compare them on Finder.
There's always a chance that another energy provider may not have a deal but its annual estimate is much lower and will save you money in the long run.
In some states or territories such as NSW, VIC, SA, QLD and the ACT, you'll be able to easily compare plans by looking at the reference price. (In Victoria, this is also known as the Victorian Default Offer (VDO).
Always aim for a plan that's lower than the reference price or VDO. The lower the better.
Lastly, take into account any extra costs such as credit card fees, late payment fees and disconnection costs as they can vary between providers.
You can read our guide to switching energy providers to see just how easy it is to compare plans online and make the switch. Most of the heavy lifting is done by the provider.
We're going to see another round of NBN price hikes from July 2024 from the likes of Telstra, Optus, Aussie Broadband and more, with lower speed tiers becoming more expensive, and faster speeds getting cheaper.
NBN 50, which has historically been the most popular speed tier among Aussies, has been hit the hardest. It's a good speed for everyday use or a 2-3 person household.
NBN 100 is slowly gaining momentum and is also being favoured by providers and NBN itself. We've been seeing price cuts since last year.
Given all the movements, it's never been a better time to compare internet plans to find a better deal, more so if you've been eyeing a speed upgrade.
To encourage you some more, our research found Aussies collectively paid $1.2 billion in loyalty tax in 2023 for internet by not moving to a cheaper plan.
We compared the prices of the cheapest and most expensive fixed-line unlimited data NBN plans in our database across 5 speed tiers (NBN 12 to NBN 250) and found:
The average Australian can save up to $277** on their internet bill over 12 months by switching to a cheaper provider.
Internet providers are known to sling 6-month sign-up discounts. Sometimes you can get the first month or 2 free.
For example, Dodo's current offer will give you access to NBN 50 for $64.90 a month for the first 6 months. The price will revert to $83.90 a month thereafter.
The discounted price will save you $123 over the year.
Or, you can sign up for its NBN 100 plan which is currently discounted to $69.90 a month for the first 6 months. The price will revert to $88.90 a month ongoing. That's a saving of $114 over 6 months.
You can always maximise the savings by switching to another provider offering a similar deal after 6 months.
No-lock-in contracts and the option to BYO modem are common features among NBN providers, making the switching process quite seamless.
Besides the deal itself and the monthly cost of the NBN plan, consider which NBN speed tier is best suited to your needs.
Then look at the typical evening speed advertised on each plan. These are speeds you can expect during the busy hours of the day (7–11pm). For example, the maximum typical evening speed for an NBN 50 plan will be 50Mbps.
Lastly, consider any additional costs you may incur:
*12-month energy saving calculation based on taking the average of the most expensive single rate electricity plans estimates across each state per quarter, compared to the average quarterly bill from Finder's Consumer Sentiment Tracker.
**$277 per year saving based on the average spend of $912 per year compared to the cheapest cheapest fixed line NBN plan in our database of $634.80 per year.
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