After months of lockdown brought on by the COVID-19 pandemic, we definitely noticed that our electric bill was higher than usual. That’s because home became work, school, and everything in between. However, having the right electricity plan for your monthly budget is important regardless of the rate plan or electric supplier. Here are a few things to look into to make sure that the electric price you’re paying is worth the juice that you’re using. Let’s take a look at what these plans may entail and what other options are out there.
Checking Your Options
As you compare electricity prices, there are things to remember as you look for the best rates. How much you pay for your electric supply and what’s causing your bill to skyrocket may seem overwhelming, and they may not solely be a result of your current supplier or your average monthly energy usage. There’s a simple formula for any Australian household to use to calculate the electricity costs based on the watts used in a given month.
First, find out how much you are paying per unit of electricity to your retail electric provider. This is usually calculated in kilowatts per hour, or kWh, and is typically found on your bill. Electric rates may differ based on peak and off-peak hours. Then, determine how much input power your appliances are using. This information can be found on the packaging of the appliance. From there, multiply the input power in kilowatts by the price of your electricity per kWh.
Providers and Potential Discounts
Before switching electric providers, it’s important to review the full details and contract terms of your current electric plan in comparison to a new plan. Be sure to check the cost per kilowatt per hour of your electricity, along with the cost per megajoule for natural gas. Some energy suppliers may have fixed costs or service fees, and others may lock you into a certain length of contract for electric service with the potential for exit fees or rate changes.
Some electric providers may offer up a rebate upon signing on board for a new contract or may give a discounted electric rate for a certain period of time. Other electric companies also offer discounts for purchases of smart technology that makes for better energy use. For example, smart meters are designed to measure and record electricity usage. This data is then transmitted every 30 minutes to your energy supplier. The supplier receives the data and may make it available to you via a web portal to monitor average energy consumption to better manage your monthly expenses. You can have lower rates at your own hand.
Renewable Energy Opportunities
More homeowners and building owners are looking into alternate suppliers for their energy sources. Renewable energy is produced from natural resources that aren’t depleted when used. It’s the preferred energy option for the future, as it will not run out and is not contributing to climate change with the release of carbon emissions. There are a variety of renewable energy sources available to customers, the most popular one being solar power, relying on the sun’s rays to help power a home.
Solar power captures energy through the use of solar panels on roofs of residential and commercial properties, then converts it to use for everything from hot water systems to air conditioners and phone chargers. This green energy movement also comes with carbon offsets and certain discounted costs from an alternate supplier. Be sure to figure out access to this capability by punching your zip code into a search engine to understand the energy options that are available in your area.