$700 better off or $150 worse off? What your electricity bill is going to do next year

There are new rebates arriving, old rebates ending and power prices going both up and down from July 1. So when you add it all up, will your electricity bill be lower next year or higher?

I’ve tried to crunch the numbers for you, and they range all the way from $150 worse off to $700 better off for an average household. First, a bit of background: All households will be given $300 energy bill rebates from July.

The credits will be applied in quarterly instalments over the financial year and if you have two energy accounts, you’ll get two $300 rebates.

Rebates are coming for Aussies households and power prices are changing, but not everyone will be better off. (Source: AAP/Getty)

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In Queensland, households will also get $1,000 from the state government and in WA they’ll get $400 to $500 from the state.

But not everyone will be better off. In NSW and SA, concession cardholders and pensioners will get $200 less than last year. Small businesses will also get $325, but that’s half what they got last year.

Then there are the power price changes to factor in: from July 1, most people’s energy rates will change.

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The best clue to what might happen to your plan is the government’s benchmark electricity price, or ‘default market offer’, which was announced last week.

Some benchmark prices will go up and some will go down.

The changes are not huge this year like they were in 2023 and 2022, but they’ll have a small effect.

State-by-state guide

Here’s my summary of who’s going to be better-off and who’s worse-off.

NSW

• Concession card holders: $137 worse off

• Other households: $363 better off

• Average Price change: -2.3% or -$63

• Rebate change: All households get $300 but concession cardholders no longer get $500

VIC

• Concession card holders: $100 worse off

• Other households: $150 better off

• Average Price change: -5.7% or -$100

• Rebate change: All households get $300 but no more $250 Power Saving Bonus and no more $250 rebate for concession card holders

QLD

• Concession card holders: $540 better off

• Other households: $690 better off

• Average Price change: +2.9% or $60

• Rebate change: All households get $1300 instead of $550 (last year) or $700 (concession cardholders)

SA

• Concession card holders: $148 worse off

• Other households: $248 better off

• Average Price change: -2.1% or -$52

• Rebate change: All households get $300 but concession card holders no longer get $500

WA

• Concession card holders: $150 better off

• Other households: $250 better off

• Average Price change: +2.5% or $50

• Rebate change: All households get $700 but concession cardholders no longer get $500

If you’re a concession cardholder and you’ve been getting various state-based rebates for years, there are no major changes to those.

Just make sure your retailer has your concession card number.

I’m focussing on the special rebates that were announced last year as part of the ‘Energy Bill Relief Package’ and more special rebates announced this year in federal and state Budgets.

The best website for all this info is usually energy.gov.au, and your state government might also have a ‘savings finder’ site.

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