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Cheap energy deals ahead of new $1.5b cash boost for 5 million Aussies

Aussies are likely to get another rebate to help with rising energy costs, but why wait to get a better deal?

Prime Minister Anthony Albanese is hinting that $1.5 billion in emergency energy rebates could be continued in July, which would be a big relief for around five million Australians who depend on them.

But there are some very cheap new deals hitting the market right now, with more likely to drop well before July - so why wait for the government to come to your rescue?

Wholesale prices have halved and finally, it looks like (some) power companies are starting to drop the price of their cheapest deals.

Here are just a few examples I found that are hundreds of dollars below the government reference price.

Who is offering a cheap energy deal?

Retailer

State

Deal

Covau

Victoria

36 per cent below

Tango

Victoria

35 per cent below

Kogan

NSW

27 per cent below

Globird

NSW

25 per cent below

Sumo

Queensland

19 per cent below

Ampol

Queensland

17 per cent below

To understand how much some people could save by switching to plans like these, consider this: late last year the Australian Competition and Consumer Commission (ACCC) revealed that half of Australians were probably paying the government reference price or higher.

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Fortunately, around half a million of us have switched in the first few months of this year - it’s been the biggest start to a year since 2018.

Energy plan switches between January and March - chart showing number of switches from 2018 to 2024.
Energy bills have been a huge drain on our budgets, but Aussies aren't settling, with more changing plans at the start of this year than any other since 2018. (Source: Australian Energy Market Operator)

But that still leaves millions who are paying hundreds more than we should be.

This week, Vinnies released new data showing that the gap between the best plans in Victoria and the reference price is now $725.

A year ago that gap was $185. So, the cheapest plans are getting cheaper.

Switching to a cheap plan has never been easier. Just start with one of these three sites:

Have your last bill handy because there’s some info on the first page that they will ask for.

They’ll show you publicly available plans first but might also get offers from clubs or businesses you deal with, such as Kogan First which gives members an extra discount, or Commonwealth Bank of Australia which gives customers $100-$180 credit with Amber Electric, or NRMA, which has a $200 credit offer with Simply Energy.

I’ve also written recently about how some money-savers are using upfront credits and cashback offers to boost their savings.

Again, the key is to check how the plan compares to the government reference price - that’s the common benchmark that will help you compare all plans based on an average household's usage.

Don’t sit around and wait for the government to save you - they won’t. Here’s what the Australian Energy Regulator said is happening to the government reference prices in July - not much change.

How much will I save when energy prices drop?

NSW Ausgrid - down 3 per cent

You will pay $54 less 😁

NSW Essential - up 0.9 per cent

You will pay $22 more 😢

NSW Endeavour - down 1.9 per cent

You will pay $43 less 😁

South-east Queensland - up 2.5 per cent

You will pay $53 more 😢

South Australia - down 2.5 per cent

You will pay $57 less 😁

Victoria - down 6.4 per cent

You will pay $112 less 😁

And don’t expect your retailer to drop a super-cheap new plan in your lap - they won’t either. You need to go get it yourself.