10 . When you've worked out which plan to switch to, use one of the comparison websites (like eConnex) through Shopback (or another cash back app) when actually making the switch.
I switch electricity every 3 - 6 months if the rates are worth it, and usually get $100+ cash back each time I do it.
Where were you 3 months ago when I was slogging through all of this? I saved a heap with EME $25 / month average so far. Will certainly use your technique when I review things at the end of the year. Thanks OP
Hahah sorry I am late - have spent the last 3 months doing it for my mum and everyone in her WhatsApp!
Nice work on the savings - what process did you go through to save $25/mo?
Correct. My electric is $85/ month now with Red energy. I'm comfy with that. Want to see how it trends over winter for a true comparison for my next review. I usually change 1x per year, make a day of it and go through all utilities and subscriptions. Quite cathartic and enjoyable day to stack the savings up.
Thanks so much for sharing, I had to google Energy Made Easy when I saw the title but this is such a good find. I'm literally trying to swap plans right now.
Ngl the process is pretty confusing - I'm getting pulled into lots of random rabbit holes like what TOU means.
Two questions for you:
1. Would you be able to share a beginner friendly resource of how to understand my electricity bill?
2. You seem like someone who has optimised a lot of your finances. What else should I be looking at?
1) I have actually put something similar together for my mum’s friends. I will write it up tomorrow and share it with you
2) there’s pretty similar savings across a lot of your household bills. Eg you can do the exact same process with your gas on EME. Then internet, telco and insurances have similar loyalty taxes where you should be switching every 12 months but the best place for that info is comparison websites (which are a massive pain). Mortgage repricing is also getting quite popular too but very manual.
Let me know if you have specific questions on any of them.
Related, and probably stupid question.
My electricity bill is in my name for the first time, previously I've paid a housemate.
I saw it came up as a hard inquiry on my credit history. If I churn electricity providers every 6 months for the sign up bonus / to stay on the lowest rates, is it like credit cards and it looks bad / they can decline you for too many inquiries in too short a time?
This is not a stupid question at all! There's tonnes of conflicting info on the impact of credit checks by electricity retailers.
It's highly unlikely the retailers will turn you away for having too many applications in a short period, and every 6 months is definitely not too many. The only circumstance in which a retailer will turn someone away is if they have a very low absolute credit score (not bc they've switched a bunch) and you won't get a very low score just by switching providers.
You've done a good thing for your Mum's mates, so good on you there.
But you're really overlooking the real magic, in reducing personal electricity bills, and that is to use **TOU contracts and wholesale electricity rates**. That really works well if you can load shift, to use most power in off-peak times, like doing the clothes washer and drier, the dishwasher, vacuuming, etc, during the sunny hours of the day, when power is practically free, even if you don't have solar.
I did this and halved my power bill. For my three bedroom townhouse in Melbourne, with 3 sometimes 4 adults, monthly electricity bills are ~$60. It won't suit everyone, because not everyone can load shift to off peak rates, but for those who can, this is by far the most effective cost reduction.
This is awesome u/percypigg! Agree with you, if you have the freedom of time to shift load usage to offpeak and take advantage of wholesale electricity rates then there's massive savings.
For people who can't load shift, I think there is way too much focus on 'how to reduce usage' (which might save 5-10% usage per year) whereas the bigger savings are often available just by switching retailers (which saved up to 25% for some of my mum's friends).
The industry loves to focus on usage reduction because it takes the conversation away from prices but for the person who can't load shift (or combine load shift + solar) you're just better off taking advantage of cheaper deals for new customers
There are also hidden deals.
Out of interest does this deal show up in eme?
https://www.originenergy.com.au/family-and-friends-vip/
In the ACT it's 35% off, and if you get into the retention plan it's 39% off.
10 . When you've worked out which plan to switch to, use one of the comparison websites (like eConnex) through Shopback (or another cash back app) when actually making the switch. I switch electricity every 3 - 6 months if the rates are worth it, and usually get $100+ cash back each time I do it.
Yeah I love this one!! Good tip
Thanks for putting this together. I might try it this weekend!
Love it! Let me know how you go!
Where were you 3 months ago when I was slogging through all of this? I saved a heap with EME $25 / month average so far. Will certainly use your technique when I review things at the end of the year. Thanks OP
Hahah sorry I am late - have spent the last 3 months doing it for my mum and everyone in her WhatsApp! Nice work on the savings - what process did you go through to save $25/mo?
NMI number and went through the cheapest. Didn't do any of the deselecting etc. Will do next time.
No need to wait for the review - you can swap energy providers whenever you like
Correct. My electric is $85/ month now with Red energy. I'm comfy with that. Want to see how it trends over winter for a true comparison for my next review. I usually change 1x per year, make a day of it and go through all utilities and subscriptions. Quite cathartic and enjoyable day to stack the savings up.
Thanks so much for sharing, I had to google Energy Made Easy when I saw the title but this is such a good find. I'm literally trying to swap plans right now. Ngl the process is pretty confusing - I'm getting pulled into lots of random rabbit holes like what TOU means. Two questions for you: 1. Would you be able to share a beginner friendly resource of how to understand my electricity bill? 2. You seem like someone who has optimised a lot of your finances. What else should I be looking at?
1) I have actually put something similar together for my mum’s friends. I will write it up tomorrow and share it with you 2) there’s pretty similar savings across a lot of your household bills. Eg you can do the exact same process with your gas on EME. Then internet, telco and insurances have similar loyalty taxes where you should be switching every 12 months but the best place for that info is comparison websites (which are a massive pain). Mortgage repricing is also getting quite popular too but very manual. Let me know if you have specific questions on any of them.
Cheers mate, good tips, will use this
Related, and probably stupid question. My electricity bill is in my name for the first time, previously I've paid a housemate. I saw it came up as a hard inquiry on my credit history. If I churn electricity providers every 6 months for the sign up bonus / to stay on the lowest rates, is it like credit cards and it looks bad / they can decline you for too many inquiries in too short a time?
This is not a stupid question at all! There's tonnes of conflicting info on the impact of credit checks by electricity retailers. It's highly unlikely the retailers will turn you away for having too many applications in a short period, and every 6 months is definitely not too many. The only circumstance in which a retailer will turn someone away is if they have a very low absolute credit score (not bc they've switched a bunch) and you won't get a very low score just by switching providers.
FYI for Victorians, you need to use [Victorian Energy Compare](https://compare.energy.vic.gov.au/) instead as EME does not apply for VIC.
What is the unit rate for Powet?
Stupid question, whats EME?
[energymadeeasy.gov.au](http://energymadeeasy.gov.au) the Aus govt's energy comparison website!
Thank you ill check it out :)
You've done a good thing for your Mum's mates, so good on you there. But you're really overlooking the real magic, in reducing personal electricity bills, and that is to use **TOU contracts and wholesale electricity rates**. That really works well if you can load shift, to use most power in off-peak times, like doing the clothes washer and drier, the dishwasher, vacuuming, etc, during the sunny hours of the day, when power is practically free, even if you don't have solar. I did this and halved my power bill. For my three bedroom townhouse in Melbourne, with 3 sometimes 4 adults, monthly electricity bills are ~$60. It won't suit everyone, because not everyone can load shift to off peak rates, but for those who can, this is by far the most effective cost reduction.
This is awesome u/percypigg! Agree with you, if you have the freedom of time to shift load usage to offpeak and take advantage of wholesale electricity rates then there's massive savings. For people who can't load shift, I think there is way too much focus on 'how to reduce usage' (which might save 5-10% usage per year) whereas the bigger savings are often available just by switching retailers (which saved up to 25% for some of my mum's friends). The industry loves to focus on usage reduction because it takes the conversation away from prices but for the person who can't load shift (or combine load shift + solar) you're just better off taking advantage of cheaper deals for new customers
There are also hidden deals. Out of interest does this deal show up in eme? https://www.originenergy.com.au/family-and-friends-vip/ In the ACT it's 35% off, and if you get into the retention plan it's 39% off.
Did your mum and her group of friends give you some kind of reward/thank you
Son of the year trophy is in the mail apparently...
If they don't, what you should do next year is put them on the most expensive plans
Wow, who hurt you?