Written by:

Hayley Lower

In Victoria (VIC), there are two different types of energy plans. There’s the Default Standing Offer, and Market Offers.

Energy providers offer competitive plans with their own pricing - the market offers. These plans often come with discounts and extra benefits. If you don't choose a plan, you'll be put on a Victorian Default Offer, a government-set fair energy price.

In Victoria, regulations require energy providers to inform you on your bill if there's a potential for savings with a more affordable plan. The Best Offer Notice will appear on the front of your electricity bill every 3 months and on your gas bill every 4 months.

Look for a designated box asking, 'Could you save money on another plan?' Additionally, consider talking to the experts at Compare Energy. We’ll compare energy providers operating in Victoria so you get the best deal.

How to compare electricity prices in Victoria

At Compare Energy, our goal is to assist you in comparing electricity prices in Victoria to secure the best deal for your needs. Here are some key considerations when comparing electricity prices in Victoria:

Assess usage rates and supply charges

Look for plans with the lowest kWh rates and daily supply charges, as these factors have a significant impact on your bill.

Reference price comparison

Use the reference price as a benchmark to gauge if a plan is competitively priced, ensuring it's based on similar energy usage for an accurate comparison.

Review your usage

Compare plans based on your actual energy usage to find the most suitable option.

Select a tariff

Pick a tariff that aligns with your consumption habits, such as single-rate, time-of-use, solar feed-in, or controlled load tariffs. Note that some tariffs may require a smart meter.

Check the benefit period

Be aware of any introductory plan validity periods to avoid transitioning to a more expensive plan once the initial period ends.

Going solar?

If you have solar panels, check the provider's solar feed-in tariff to understand how much you'll be paid for surplus electricity.

After considering these factors, feel free to reach out to one of our experts at Compare Energy for further assistance in finding the best electricity plan for you.

Cheapest electricity providers in Victoria

In Victoria, electricity prices vary across regions based on available energy providers. When seeking the most suitable and cost-effective plan, it's advisable to compare electricity options in the area.

Our energy comparison service facilitates cost estimation and helps identify the most economical electricity provider in Victoria. Among the competitive options are:

• ENGIE: Established in 2005, ENGIE has emerged as a leading energy provider in Australia.
• Red Energy: Owned by Snowy Hydro, Red Energy offers attractive sign-up incentives in the energy sector.
• Dodo: Known for internet services, Dodo has expanded to become a significant energy and electricity provider in Australia through its division, Dodo Energy.

How to compare gas plans in Victoria

Gas plans follow a structure similar to electricity plans. When comparing gas options, key factors to consider include:

Usage and supply rates

These represent the cost per unit of gas used and the daily charge for being connected to the gas network, usually measured in cents per megajoule (c/MJ).

Conditional discounts

These discounts are applied under specific conditions, such as prompt bill payment.

Contract length

The duration of your plan, including any benefit periods for discounts or fixed rates.

Fees

Additional costs like late payment fees or connection fees.

To choose the right plan, evaluate your household's gas consumption. If usage is high, prioritize lower usage rates. For lower consumption, focus on lower supply rates.

Cheapest gas providers in Victoria

There are two main types of gas contracts: standard contracts and market contracts.

Standard contracts are regulated by the government, ensuring minimum consumer protections. While they offer flexibility and no contract period or exit fees, they usually have less competitive rates and no discounts.

Most Victorians have a 'market contract', where the retailer sets prices and terms. Market contracts often offer better value with discounts, but customers should watch out for high rates, exit fees, and short benefit periods.

To help you navigate your options and potential savings, Compare Energy has compiled a list of the most cost-effective natural gas retailers in Victoria.

• AGL. AGL, which stands for Australian Gas Light Company, provides customised energy plans based on your electricity and gas needs, all without requiring a long-term contract. They offer monthly billing options for better cost management and a mobile app to track your energy usage and make plan changes conveniently.
• Dodo. Although Dodo is renowned for its internet offerings in Australia, it has also become a prominent gas provider in the country. Dodo Energy, a division of the Dodo brand, oversees its energy services.
• EnergyAustralia. EnergyAustralia provides environmentally friendly options such as carbon-neutral plans and dedicated solar solutions, along with cutting-edge energy management tools.

How to find the best energy plans in Victoria

When comparing energy providers in Victoria, keep these three key factors in mind:

• Price: There's often an opportunity to find a better energy plan, especially if you haven't switched providers in over a year. Use our comparison tool to discover the best available price in your area.
• Discounts: Providers may offer discounts or percentages less than the Victorian Default Offer (VDO), which is a government benchmark for comparing energy plans.
• Hidden costs: Review the terms and conditions of each provider carefully, as there may be additional charges not immediately visible. These can include connection/disconnection fees, meter reading fees, credit card charges, and late fees.

What energy rebates and concessions are available in Victoria?

Victorian residents may qualify for various rebates and concessions, including:

• Annual Electricity Concession: Discounts on electricity for concession cardholders.
• Life Support Concession: Rebates for individuals using energy-intensive life support equipment.
• Medical Cooling Concession: Discounts for those medically unable to regulate body temperature.
• Service to Property Charge Concession: Discounts for low energy consumption.
• Excess Electricity Concession: Concessions for high electricity usage.
• Controlled Load Electricity Concession: Discounts for separately-metered hot water or slab heating.
• Electricity Transfer Fee Waiver: Waiver of electricity transfer fees when relocating.
• Winter Gas Concession: Gas discounts for concession cardholders.
• Excess Gas Concession: Concessions for high gas usage.
• Non-Mains Energy Concession: Rebates for homes using LPG or natural gas for heating or cooking.

Greenest energy providers in Victoria

As Australia grapples with a significant energy challenge, the transition to renewable energy sources becomes increasingly important.

If you're passionate about renewables, you may be seeking an energy provider that offers GreenPower to reduce your household's emissions or one that supports solar panels. Regardless of your preferences, thorough research is essential to find a competitively priced plan.

To assist with our choice of the greenest energy provider in Victoria, we looked at the providers on our panel of retailers and determined two factors:

• Providers offer 100% GreenPower
• Zero links to coal, gas, or oil extraction or power generation

Here is our pick for greenest energy provider in Victoria:

Diamond Energy

Diamond Energy, a rising star in the electricity retail sector, provides 100% renewable electricity plans to customers across four states. It was the pioneer in Australia to implement an export tariff for solar home battery owners.

Founded in 2004, Diamond Energy derives its electricity from 100% renewable sources, such as solar, wind, biogas, and hydropower, attracting environmentally conscious consumers.

FAQ

How do I switch providers?

When considering a switch of energy providers, several steps are essential to ensure a smooth transition.

• Start by reviewing your current plan's exit fees.
• Next, establish your energy needs to determine the most suitable plan for your situation.
• Compare deals available in your area to find the best option. Once decided, proceed to switch energy providers, keeping in mind that your old provider may contact you during this process.
• After switching, expect to receive a welcome pack from your new retailer. A final metre reading will be conducted, and your new provider will get in touch with you to finalise the transition.
• Finally, ensure you gain access to any special features of your new plan and remain engaged with your energy usage, rather than simply setting and forgetting.

How can I save money on energy?

Choosing the right energy plan can lead to significant savings. While price is crucial when comparing plans, it's not the only factor to consider. Energy plans can vary widely in cost, and the potential savings depend on your energy consumption patterns. By evaluating both price and usage patterns, you can find a plan that offers the best value for your specific needs.

What is a smart meter?

A smart meter is a digital device that tracks a home's energy usage in at least 30-minute intervals and transmits this data to the energy retailer, typically on a daily basis. While residents can access this information, it is not displayed directly on the meter, requiring additional steps to read.

How is energy charged in Victoria?

The total amount on your energy bill is determined by multiplying the energy you've used in kilowatt-hours (kWh) by the price per unit of energy.

What is the average energy bill in Victoria?

The average energy bill in Victoria sits around $1,191 retail. However, this amount is a wholesale figure and not a usage figure. You can check your energy bills for a breakdown on what you pay and this can vary based on factors such as the number of occupants in the household and their lifestyle choices.

How can I compare Victoria energy rates?

With the help of our Compare Energy team, you can learn the best energy rates in Victoria. Give us a call today.