Queensland electricity retailers drop prices — but less than expected

Queensland electricity retailers drop prices — but less than expected

Queensland households can look forward to lower energy bills as power retailers adjust their prices at the start of the financial year, Channel Nine reports.

This is good news for Queenslanders who are paying very high electricity prices. Drops of between 3 and 8 per cent have subsequently been announced by various retailers.

Yet the price cuts are far lower than market analysts had expected, according to ABC News. Because gas prices are also increasing, benefits may therefore be cancelled out.

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‘Big 3’ retailers keep prices higher

The ‘Big 3’ retailers in the National Energy Market (NEM) are reducing prices at a lower rate than smaller competitors. AGL, EnergyAustralia and Origin Energy together supply around 70 per cent of NEM customers in the eastern states and South Australia.

AGL has announced modest price falls from 1 July. Residential electricity prices are falling by 0.3 per cent in NSW, 1.5 per cent in Queensland and 0.4 per cent in South Australia.

Be prepared to switch power retailers for a better plan

According to Channel Nine, consumers should shop around for the most cost-effective power plan. Loyalty “does not pay” in the energy market says Simon Downes of Canstar Blue.

Downes reports a big difference in the amount of savings passed on to energy customers in Queensland.

Powershop tops the charts with electricity price drops of more than 8 per cent. The self-described green power company is followed by Simply Energy with a price reduction of more than five per cent.

This means a $200 power bill saving with Powershop, $125 with Simply Energy and around $90 with EnergyAustralia, which dropped prices by just under 4 per cent.

Origin Energy says there’s no drop for its NSW and ACT customers. Queensland customers should see a 1.3 per cent drop, with 1 per cent in South Australia.

Increasing numbers look to solar to reduce power bills

It is hardly surprising then that many customers are looking to solar installations to save money.

Origin Energy’s solar calculator shows just how significant savings can be with solar.

For example, a Brisbane townhouse with an average quarterly electricity bill of $400 can slash electricity costs by $684 annually with a relatively small 3.3 kW system.

And these days solar panels are just the start. As Domain reports, thousands of households are slashing power bills by installing solar energy storage too. Batteries like the Tesla Powerwall 2 mean day time solar energy can be stored and used overnight, saving on peak time electricity rates.

News item provided courtesy of Energy Matters Australia