78% of Australian small businesses overpaying on electricity
A study of over 22,000 business and household energy customer’s bills in the first half of 2018 by energy comparison company Make it Cheaper has revealed most customers are paying for unnecessarily high bills if they fail to compare multiple retailer offers.
78% of small business energy users could switch to a cheaper plan after comparing rates and discounts, while an incredible 89% of residential had eligible savings.*
‘The cost of complacency is huge' says Make It Cheaper Australia CEO Fred Van Der Tang, 'most Australians don't realise how much they could save and just how easy it is to get a comparison done’.
Small to medium businesses in NSW, VIC, South East QLD, SA and the ACT can choose energy retailers that compete on tariff pricing and discounts under various state and territory energy deregulation schemes.
Small businesses in Victoria losing the most by failing to switch
Small businesses would be saving an average of $1,101 per year by switching to a more competitive retailer or electricity plan.*
However due to differences in prices, usage and discounts offered, average savings differed considerably between states and territories.
Small businesses in the following states and territories could have made the following annual savings:
- Victoria: $1,189 per year.
- New South Wales: $1,104 per year.
- South Australia: $1,082 per year.
- South East Queensland: $886 per year.
- Australian Capital Territory: $420 per year.
Among residential customers, the average electricity bill saving was $362 per year*, more than double the estimated savings from the NEG.
Residential customers in the following states and territories could have made the following annual savings:
- Victoria: $410 per year.
- Queensland: $377 per year.
- New South Wales: $347 per year.
- South Australia: $282 per year.
- Australian Capital Territory: $148 per year.
Make it Cheaper compared actual customer's usage, kW/h tariffs and applicable discounts against what they would have paid under the recommended current offers from its panel of multiple energy retailer partners between January to June 2018. Average savings figures were calculated from energy users who chose to switch from their existing plan or retailer to a new one recommended by Make it Cheaper.
Make it Cheaper Australia does not compare all energy offers in the market.
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