Hack to help millions of Aussies more than double their $300 energy rebate

Every Australian household is set to get $300 off their energy bill thanks to the government's 2024 Federal Budget measure, but there's an easy way to double the savings. Energy prices have skyrocketed for Aussies in the last few years and Labor hopes to provide a bit of relief from the rising cost of living from July 1 this year.

But the spending measure will only make a mild dent for some households, with the average annual energy bill now sitting at over $1,700. If you're looking for a way to shave off a bit more from your bill then you have to be proactive.

Canstar Blue has found there are hundreds of dollars in savings to be made if you shop around for the cheapest deal.

Aussies can save hundreds of dollars if they switch to the cheapest provider. (Source: Getty)

Have you been struggling with electricity prices? Email stew.perrie@yahooinc.com

"Switching to the cheapest currently available plan on every network on our database offered an opportunity to make the newly announced energy bill relief payment stretch further," Canstar Blue’s Editor-in-Chief Christine Seib said in a statement.

"This has the potential to effectively help households double their bill relief in the coming financial year."

When you compare the average energy bill for each state and territory against the cheapest available plan, the savings can be huge.

State	Distributor	Average Annual Cost 1 July 2023 vs 14 May 2024			Cheapest Plan (14 May 2024)	Savings From Changing From Average To Cheapest
NSW	Ausgrid	$1,581	$1,614	$33	$1,292	$322
	Essential Energy	$2,204	$2,290	$86	$1,983	$310
	Endeavour Energy	$1,912	$1,974	$62	$1,536	$439
VIC	United Energy	$1,367	$1,397	$30	$1,003	$391
	Powercor	$1,460	$1,507	$47	$1,080	$425
	Citipower	$1,320	$1,324	$4	$1,015	$307
	Jemena	$1,401	$1,445	$44	$1,054	$389
	Ausnet Services	$1,677	$1,707	$30	$1,227	$476
ACT	Evoenergy	$2,185	$1,947	-$238	$1,506	$441
QLD	Energex	$1,701	$1,802	$101	$1,422	$380
SA	SA Power Networks	$1,922	$2,116	$194	$1,679	$437

State-by-state breakdown of savings

In New South Wales, depending on the provider you choose, you could save between $310 to 439 for the year.

The biggest savings can be made in Victoria, which has the most competition, and you could avoid spending $476 if you switched to Ausnet Services.

The ACT, Queensland and South Australia all have providers that can slash between $380 to $441 off your bill.

Canstar Blue said there are things to consider when you're looking at providers:

• The overall value, including energy supply and usage rates, the conditions on any discounts, any additional fees that might apply and other incentives such as customer reward programs.

• The timing of your switch, too, and make sure that you won’t be breaking your current energy plan contract by moving to a new provider.

Loophole in the government's $300 energy rebate plan

Aussies who own multiple properties may be able to claim more than one $300 energy rebate.

But they’ll need to have their name on the bills.

Treasurer Jim Chalmers said the energy bill relief will go to the person whose name is on the bill. It’s understood landlords with tenants won’t get the rebate twice if their tenant’s name is on the bill.

Instead it will go to the tenant. But if someone has a holiday home they don’t rent out, they would pocket a rebate for this home too.

RELATED

• Albanese and Chalmers defend $300 energy rebate to billionaires as Aussies rage it's not enough

• Centrelink cash boost for pensioners and families struggling with rising rents

• Money for millions of Aussies: All the major cost-of-living relief in 2024 Federal Budget

The Treasurer said this was because the tax office has "no arrangements" to share personal data with energy retailers.

"We would have to change fundamentally the data-sharing arrangements, that would take time and money in order to do that," he told the National Press Club.

Chalmers said the “most efficient way” to give cost-of-living relief to people on low incomes as well as middle incomes was to provide it to every household.

How will the energy bill rebate work?

The $3.5 billion cost-of-living measure announced in the federal budget will be paid to more than 10 million households and around one million small businesses from July 1.

The rebate will go straight into people’s bills, with $75 instalments to be paid to all households regardless of their income.

Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.