Mojo Power is a new electricity retailer currently only operating in New South Wales, though the company has expressed interest in soon expanding to other states.
The history of Mojo Power
Mojo Power became registered to retail electricity in September 2015 and says it wants to change the way people think about the energy sector.
A standard electricity billing structure comprises of flat rate supply and variable usage charges. For most energy providers, these usage charges include a profit margin – meaning the more energy that its customers use, the more money the company makes. This system is what Mojo Power claims it wants to challenge.
What does Mojo Power offer?
Mojo Power sets itself apart from its competitors by offering customers an ‘EnergyPass’. This pass is said to give consumers access to wholesale electricity rates, which means their usage charges purely reflect the cost of electricity supply.
Mojo Power offers three EnergyPass options: Basic, Plus+ and Premium. Each EnergyPass gives customers access to the wholesale electricity rates. Signing up to the Plus+ or Premium packages will also get you a smart meter upgrade, allowing you to easily monitor your energy usage.
- Basic EnergyPass: This package is $30 per month. It allows customers access to electricity usage data from up to 48 hours ago.
- Plus+ EnergyPass: For $40 per month, this package gives customer access to live energy usage information.
- Premium EnergyPass: Mojo Power’s premium package is $50 per month and gives customers the above features, as well as unlimited phone support in business hours.
When you sign up to one of these plans, you can save money by paying for your EnergyPass annually, rather than every month. Paying in one go gives three months for free, meaning savings of $90, $120 or $150 respectively.
These plans are available with no lock-in contract, but Mojo Power does charge a $99 joining fee.
How much will Mojo Power cost?
Like with most energy providers, it’s hard to estimate your overall bill because of the nature of usage charges – the more power you use, the more you will end up paying. However, based on Mojo Power’s energy prices, and average household consumption figures from the Australian Energy Regulator, Canstar Blue has calculated an example of annual costs.
|Energy provider||Energy product||EnergyPass cost||Two person household cost||Five person household cost|
|Mojo Power||Basic EnergyPass (paid monthly)||$360||$1,298.70||$1,779.44|
|Mojo Power||Basic EnergyPass (paid annually)||$270||$1,208.70||$1,689.44|
Energy consumption based on figures from AER as of December 2014. Calculations take into account daily supply charge and c/kWh costs over a year billing period with any conditional discounts applied. Pricing based on Ausgrid network, 27.04.2016
It’s important to say that these prices are based purely on one example postcode, and average household energy consumption figures, but they do nonetheless give you an idea of what you might pay with Mojo Power. Based on these findings, Mojo Power customers can expect to pay a similar amount to households with the state’s major energy suppliers. However, it should be noted that, given Mojo Power’s lower c/kWh electricity rates, households with above average energy consumption are likely to be better off.
To work out whether or not this is a good deal for you, you’ll need to check how much you currently pay for electricity with your existing provider.