Social Energy Review & Rates
Social Energy was placed under external administration on August 19, 2022. According to the Australian Energy Regulator (AER), existing Social Energy customers will be transferred to another provider as part of the Retailer of Last Resort Scheme. Please treat information below as historical only.
Social Energy calls itself a ‘new kind of retailer’, which is first and foremost for households with solar battery systems. Hailing from the UK, this company has landed on Aussie shores, casting a wide net over NSW, QLD, SA and the ACT. For eligible customers, this company offers a feed-in tariff (FiT) that’s well above market average, as well as seemingly generous savings off the Reference Price.
Sound too good to be true? We’ll cover everything you need to know about Social Energy in this review.
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Social Energy Plans
Social Energy curates its energy deals for homes with solar panels and batteries. Unfortunately, that means the majority of households won’t be eligible to sign up to its flagship offer, Better Together. For those that are, customers must have a battery that can be accessed through the internet, as part of the deal is that Social Energy can remotely control your system. If you own a battery, this shouldn’t sound unfamiliar as Virtual Power Plants have grown in popularity in the last few years. The gist of it is that Social Energy can export your excess energy, providing you with a generous feed-in tariff in return.
How good are we talking? 40c/kWh. Considering the market average sits between 6c and 12c, that can really add up. For those that don’t have solar but are interested, Social Energy has a network of approved solar and battery installers that ensure your system is compatible with the retailer’s framework. It’s currently slinging a home battery by Duracell which comes in multiple sizes. Once connected, this retailer will provide access to insights such as real time solar panel monitoring, battery capacity and export information.
Social Energy Better Together Plan
As mentioned, Social Energy provides a premium feed-in tariff to those that meet its solar and battery requirements, but what else is on offer? In NSW, QLD, SA and ACT, this retailer has an electricity deal called Better Together, which appears to be a no-frills energy plan with seemingly competitive rates. Coupled with a 40c/kWh FiT, the idea is that this deal would fast track the break-even rate on your system.
However, for households with just solar panels, the feed-in tariff drops quite substantially, to 6c/kWh.
Social Energy Solar
Here are the feed-in tariffs offered by Social Energy. The premium tariff is only available to households with a smart solar and battery combo compatible with Social Energy’s system.
|State & distribution network||Enhanced solar & battery feed-in tariff||Solar feed-in tariff|
|NSW Ausgrid Energy||40c/kWh||6c/kWh|
|NSW Essential Energy||40c/kWh||6c/kWh|
|NSW Endeavour Energy||40c/kWh||6c/kWh|
|SA Power Networks||40c/kWh||6c/kWh|
|SA Power Networks (If you have the Duracell Energy Bank 2)||50c/kWh||6c/kWh|
Source: Social Energy Australia website
Is Social Energy right for me?
Social Energy isn’t a one-size-fits-all retailer. It specialises in serving households with solar and battery combination systems, which excludes a good few people. However, since this retailer provides a road to solar installation – and with rooftop solar growing in popularity as the years progress – it could be tempting to those that like things that come in neat packages.
Nevertheless, what’s important to consider is that there are many different solar and battery options, and it’s a good idea to get a few quotes before making a decision, regardless of the feed-in tariff. After all, with the use of a battery, you’ll be storing most of your unused energy, rather than exporting it into the grid.
About the author
As Canstar Blue’s Energy Content Producer, Kelseigh Wrigley covers the retail energy market, with a focus on electricity, gas and solar. She joined the team after completing a Bachelor of Journalism at the Queensland University of Technology, and has previously written for a variety of online publications, including Hunter and Bligh. You can follow Kelseigh on LinkedIn.
Image credit: Jandrie Lombard/Shutterstock.com