You can save a lot of your money by switching your service providers but have you ever paid attention to some common myths and misconceptions.
Over the past few years, most Australians are suffering the heat of ever-rising power bills. But having the thought of switching your service provider is enough to provoke cold sweat for many of us. At the same time, the cost of energy plans available to most households has increased. The whole process does not have to be this way.
With plummeting prices comes the opportunity to potentially save on your energy bills by switching your provider, especially if you haven’t done so in a while. There are many common misconceptions about switching that can be prevented. This guide will help you identify the common myths and misconceptions.
Table of content
- Switching is just a hassle
- It won’t save you money
- You are stuck with your supplier
- The power will never go out
- Can switch under your contract
- Switching your supplier is complicated
Switching is just a hassle
You might feel that switching your power supplier means a complete overhaul is required. This is definitely not the case. You do not need an engineer to visit your home and install a new meter. The electricity comes straight from the energy grid and no matter who is your service provider. Most energy providers are now offering to upgrade your old meter instead of switching to a new meter. However, it is worth saying that smart meters are gradually being rolled out across the country anyway.
However, the switching process now takes 2-3 business days for the new retailer to process your order and issue you with a welcome pack. This is not a hassle anymore.
It won’t save you money
This is another myth that you can not save money on switching your energy supplier. If it is more than a while since you have not changed your service provider, you may have some discounts and incentives on your package. Or when you move to another service provider, there may be discounts or incentives available from other providers for new customers that you surely do not want to miss out on.
However, the amount you can potentially save depends on factors such as where you live, how much energy you use and when you use it, as well as the type of plan you have.
You are stuck with your supplier
There is no way all-around that you get locked with your service provider. You are free to change your energy provider whenever you want. However, there might be a chance that most service suppliers may charge you an exit fee or financial penalty when leaving, but this could be less than the potential savings you stand to make.
So, do not feel hesitant when you want to switch your service provider. Compare electricity plans in Australia and choose the service provider that provides you with the best deals.
The power will never go out
Whichever service provider you choose, assuming that you will never experience a power outage is a complete misconception. It will not significantly affect your power supply if you switch energy providers. Your new retailer will simply take over your account, charge you its rates, and then send you the bills. You’ll still get electricity to power your home.
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Can’t switch under your contract
The word contract sounds a bit scary but it is often misleading. While all energy plans are technically contracts and there will be no lock-in of any contract that you can not switch. The worst scenario can be when you are ending your contract and you have to pay your exit fee as well. However, this is the case you should be aware of.
Switching your supplier is complicated
Switching your service provider is not a headache. You can now switch your service provider online within five minutes. However, it is important to do some research beforehand, compare electricity plans, compare several providers, and the price of your plan. Once you have made up your mind, it only takes a few minutes to go ahead and make the switch.
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The energy market of Australia is most competitive when consumers are prepared to move for a better deal. Without switching, there is no competition and no incentive for retailers to keep prices low. However, as with many other markets, these energy markets also hold some misconceptions that cause nothing but confusion. The best approach to avoid these misconceptions is to do complete market research and get help from your friends and family that are already having the service.
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