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You can save money on your energy bills by comparing prices and switching to a cheaper offer. On average, people who used the Victorian Energy Compare website were able to save $330 in the first year alone.
Compare offers using Victorian Energy Compare
You could save around hundreds of dollars a year simply by comparing prices and switching to a better energy offer.
The easiest way to compare offers is at Victorian Energy Compare. It works by comparing what you're currently paying for energy with other available gas, electricity, and solar offers on the market. So, you can choose the best one for you.
The comparison is easy to do and takes about 10 minutes.
All you need is:
- access to a device connected to the internet
- a recent bill and some information about how your household uses energy.
For electricity offers, the fastest and most accurate way to compare offers is to access your smart meter data by providing your National Metering Identifier (NMI) number from your electricity bill when starting the comparison process. Your NMI is a 10- or 11-digit number, which begins with the number 6 and can usually be found at the top of the second page of your electricity bill.
Get a cheaper energy offer with your current company
Another way you can find a cheaper energy offer is by switching to your energy company’s Best Offer. Laws in Victoria mean that energy companies must tell you on your bill if you could save money on a cheaper plan.
The Best Offer Notice will be included on the front of your energy bill every 3 months for electricity bills and every 4 months for gas bills. Look for a box that says, ‘Could you save money on another plan?’
The Victorian Default Offer is also available to you as a fair price for energy set by the government. Ask your energy company how this compares to their Best Offer.
Visit the Essential Services Commission website for information about the Victorian Default offer.
Find the best deal
To help you make the right choice, ask the energy company the following questions:
- What are the payment methods and discount conditions?
- How long will the switching process take?
- For electricity, what is the cost per kilowatt hour? For gas, what is the cost per megajoule?
- Are there any exit fees, connection, and disconnection fees?
- When you are satisfied that the offer is the best one for you, ask for an offer summary to be sent to you.
Once satisfied that the offer is the best for you, ask for the offer factsheet to be sent to you. If you decide to switch, make sure you check the full details of the plan.
Making the switch
How do I switch?
Contact the company with the best offer for you. After choosing to switch, your new retailer will take care of everything for you, including notifying your current retailer.
How long does it take to switch?
It can happen in a matter of days. How long it takes depends on your chosen company, so it is best to check.
Does the electricity or gas get turned off when I switch?
No. Your electricity or gas supply will not be interrupted when you change contracts or move to a different retailer.
Can I change my mind about my new plan?
Yes, but only within a certain period. You have 10 business days to change your mind after receiving the signed contract. This is known as the 'cooling off' period.
Will my electricity or gas plan change if I move to a new house?
Your current energy plans move with you. Your retailer cannot change your plan without your consent (either verbal or written). Remember, moving to a new house can be a great time to look for cheaper energy offers and save money.
How can I be sure I will not switch to a company that is about to raise prices?
Ask the retailer when you call to confirm details, including plans to raise prices.
Will it cost me anything to switch?
No. However, depending on your current contract, it may cost you an exit fee. Check this with your retailer. Even if exit fees apply, they are usually quite low and should be much less than the savings made by switching.
Will I need new equipment, such as wires or a new meter?
No. Your new power company will use your existing distribution network and smart meter.
$250 Power Saving Bonus program
The $250 Power Saving Bonus program is open to all Victorian households. Apply via Victorian Energy Compare
Page last updated: 09/12/22