Electricity bills have increased by $300 on average since April, according to the Australian Competition and Consumer Commission (ACCC).
And Treasurer Jim Chalmers said he was expecting bills to rise 56 per cent higher over the next two years.
But Mozo’s annual review of energy and gas plans found comparing and switching could save Aussies $464 a year on their power bill and $204 on their gas bill - $668 all together.
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“This really is the perfect storm. Energy prices are surging and many of the smaller providers have been forced out of the market, leaving consumers with significantly fewer options when searching for a better deal,” Mozo personal finance expert Claire Frawley said.
“Households don't need to pay top dollar for their energy. Our analysis found that there are savings of up to $600 a year on offer, which is nothing to sneeze at.”
The Mozo report found 39 per cent of Aussies had never switched energy providers, with a further 33 per cent admitting they hadn’t switched in over a year.
Alarmingly, one in 10 Aussies are already in debt to their energy provider and 20 per cent require assistance in paying their energy bill, either from government packages or their provider.
“It’s concerning to see that so many Aussies are already in debt to their energy providers, as this can make it more difficult for them to switch to a cheaper alternative,” Frawley said.
“This should be a wake-up call for those starting to feel the pinch to act now.”
New South Wales: Nectr and Powershop
Victoria: 1st Energy and AGL
South Australia: Origin and Sumo
Australian Capital Territory: ActewAGL
Tasmania: 1st Energy