The benefits of electricity price deregulation are starting to be felt in South East Queensland, with one of the state’s biggest retailers increasing its highest discount offer and effectively reducing overall costs to consumers.
Click Energy has launched a new 18% discount offer with its ‘Click Opal’ electricity plan, and in doing so becomes one of the cheapest retailers in the state, once conditional discounts have been applied.
In Queensland, energy companies adjust their standing offer prices in July, but also frequently tweak existing products and discounts periodically throughout the year, meaning that real costs for new customers can go up and down.
The added bonus of Click Energy’s discount is that it’s ongoing for the life of the plan. Most retailers have benefit periods on their big discount offers, meaning the savings are lost after just a year or two.
What’s happened since deregulation?
Since the Queensland Government lifted electricity price regulations for SE QLD in 2016, a handful of new energy companies have entered the local market, most notably Powershop, Red Energy and Mojo Power. This move from Click Energy is the clearest sign yet that existing retailers in the state are reacting to the increased competition in an effort to keep existing customers, and attract new ones.
EnergyAustralia also recently launched a new 16% discount offer with its Flexi Saver plan. While big headline discounts do not always result in cheap overall prices for consumers – with big discounts often negated by high base rates – in this instance Click Energy and EnergyAustralia are presenting customers with the opportunity to save.
While standing offer prices will likely rise again this July, there are still savings to be made if you’re a savvy energy shopper. The cheapest deals are usually reserved for new customers who switch, but you can always contact your existing provider and ask to receive their biggest discount.
But be warned
Big discounts can certainly help customers reduce their overall energy costs, but only if you stick to the conditions of the plan, such as paying bills on time, or by direct debit. Failure to do so will likely mean the loss of the discount, and you could also be charged a fee. Remember that an 18% discount is great if you get it, but if you don’t meet the conditions of the plan, that’s an extra 18% you’ll be left to pay.