Feeling overwhelmed by all the power-talk? Here's a glossary to get you started:
- Standard Plans (or Standing Offers): Basic, government-regulated energy plans. Can be a good reference point for comparing deals.
- Market Offers: These are plans from energy retailers with special rates, discounts, or other incentives.
- CDR (Consumer Data Right): A fancy term that simply means you have the right to request your energy usage data from your provider. Super useful for comparison!
- Single Rate (or Flat Rate): You pay the same for energy no matter what time of day you use it.
- Time-of-Use: Rates change depending on the time of day (peak, off-peak, shoulder). Great if you can shift your usage to off-peak times.
- Controlled Load: A special rate for appliances like hot water systems that usually run overnight.
Fact Sheets vs. Offer Documents
Energy retailers love flashy advertisements promising big savings. But the real scoop is tucked away in less exciting documents:
- Fact Sheet: A standardised, short summary of the plan's key features (price, contract length, etc.). A great starting point for comparisons.
- Offer Document: The full legal terms of the plan. It's the fine print, but it's where you'll find hidden fees, exit costs, and other important details.
Beyond Price
Don't be fooled by the lowest advertised rate! Here are other factors to consider:
- Contract Length: Are you locked in for 12 months? 24 months? Are there penalties for exiting early?
- Exit Fees: Does the plan have a hefty fee if you change your mind and switch providers?
- Green Energy Options: If sustainability matters to you (it does to us), check what percentage of the plan's energy is from renewable sources.
- Demand Charges: If you use a lot of appliances at once, look out for plans that factor in demand (how intensely you use power at a given moment).
It's tempting to focus solely on price. However, the best energy plan for you depends on your individual needs and priorities. Taking the time to understand all these details will help you make a decision that saves you money and aligns with your values.
