How to Find the Cheapest Electricity Plan in Victoria for Your Home

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When switching to a different electricity retailer in Victoria, one of the most obvious benefits you can enjoy is the cost.  Thanks to the no-cost service established by the Victorian government in 2009, as a resident of the state, you now have the option to search for better and cheapest electricity plan easily.

When you look up “electricity compare Victoria” online, you get an opportunity to compare the services and prices offered by various retailers in your location, which could eventually result in several dollars saved on energy bills. 

Here are some ways in which you can find the best and cheapest electricity plans in Victoria.

Shop Around For Best Discounts and Rebates 

While looking for the cheapest electricity plans in Victoria, you must analyse the market and standing contracts. Standing contracts are government regulated, and they may contain specific terms and conditions that the retailer cannot alter.

The electricity retailers exclusively draw market contracts in response to Victoria’s highly competitive energy market, which bodes well for you.  When you compare prices and offers by multiple sellers, you can make an informed decision and save yourself a lot of money. 

Besides, when sellers know you’re comparing their services with their competitors, they are also more likely to give you discounts, incentives and overall better rates. 

Check Your Current Plan And Contract

Take a look at your old electricity bills, or visit your online portal to take a look at the specifics such as rates, discounts, incentives, penalties, etc., in your contract. Before choosing a new electricity plan, you must first understand what you currently pay per energy unit.

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Choose The One With Better Deals

Fixed electricity rates or variable electricity rates, which plan suits you the best? Just like mortgages, a fixed-rate plan helps you save more money compared to variable rates. Understanding this will help you determine which electricity plan is suitable for you.

Variable-rate plans in Victoria allow the retailer to alter the electricity rates at any time. Fixed-rate, on the other hand, gives you the advantage of a fixed term of the contract. Deciding on a plan boils down to comparing additional discounts and rebates that they offer and estimating your requirements in the long run. 

Look For Good Sign-up Incentives

While it is essential to compare electricity plans on price, you may also find other value-added incentives to sweeten the deal. Many major energy suppliers participating in the Energy and Water Ombudsman Victoria (EWOV) scheme offer excellent sign-up incentives for the customers.

You can use these offers to figure out a cheap electricity plan in Victoria by adding them to the list of deciding factors. 

Say you find two plans on an online comparing platform, and you are having a difficult time deciding between the two. In such a case, you can look at the incentives and choose the plan that offers better ones.

Use A Reliable Online Comparison Tool

Not all electricity providers in Victoria are the same, and not all offer the same plans, offers, and discounts. Comparing various sellers and plans is not as easy as typing “electricity compare in Victoria” into your search bar and immediately getting the results. It requires a fair amount of research on your part. 

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However, certain websites can make this job easier for you. Don’t hesitate to check them out. They can also help you figure out the maximum discounts and incentives that you might be eligible for. The discount will show how much less you will be paying compared to the standard Victorian Default Offer. 

Remember, choosing an electricity plan depends on various personal requirements and circumstances.

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