Regulated electricity prices in Tasmania to drop by up to $183 a year

The Tasmanian Economic Regulator has announced customers on standing offers will see their energy bills drop by up to $183 a year due to a price reduction.

From 1 July 2021 to 30 June 2022, regulated electricity prices for Tasmanian households will decrease by 7.11 per cent, while small business customers can expect a fall of 11 per cent over the same period.

A recent pricing proposal from Aurora Energy revealed that wholesale electricity prices – the costs retailers pay for power from generators to on-sell to customers – have fallen, meaning bill-payers should stand to benefit.

The decision is a welcome relief for Tasmanian customers, many of who are still feeling the impacts of COVID-19 said CEO of Aurora Energy, Rebecca Kardos.

“Tasmanians have had a challenging year, so we’re pleased to pass on substantial electricity price decreases to our residential and small business customers,” she said.

Small businesses can expect annual savings of around $183, while households are set to save anywhere between $126 and $145, depending on whether they are on a time of use tariff or flat rate tariff.

While it’s good news for the average energy consumer, solar customers will need to settle for a new minimum feed-in tariff rate of 6.501c/kWh, dropping from 8.471c/kWh the previous financial year – a decrease of around 23 per cent.

Residential customers on Tariff 31, Tariff 41 and Tariff 93 (ToU), as well as business customers connected to Tariff 22 will be affected by these price changes. This equates to 243,000 households and 29,000 small businesses, representing around $35 million in annual savings.

Like in Tasmania, New South Wales, Queensland, South Australia and Victoria, are also expected to see a reduction in default pricing as a result of  falling wholesale prices.

With electricity prices dwindling in Tasmania, it’s important for customers to set aside a small amount of time and compare providers offering cheaper rates said Canstar Blue’s Energy Editor, Jared Mullane.

“Although there are only a small handful of providers operating in Tasmania, now’s a good time to review your energy plan given that low wholesale costs should see some savings passed on to customers,” he said. “Competition is beefing up and if you’re still paying regulated prices for your energy, then check to see what deals are on offer in your area as you could be paying more for power than you need to.”

The Tasmanian Government has also amended the eligibility requirements for the winter supplement for concession holders and customers living in embedded networks, like aged care facilities and caravan parks.

Known as the ‘COVID Cost of Living Grant’, eligible customers will receive a once-off payment of$125 to help ease energy bill stress.

Tasmania Electricity Prices

Here are the published electricity deals from the retailers on our database for Tasmania. These cost estimates are based on a household with an annual electricity usage of 6,775kWh/year for a residential customer on a single rate tariff at a selected postcode in Tasmania, but prices will vary depending on your circumstances. Use our comparison tool for a more specific comparison in your area. This table includes featured products from a referral partner. Our database may not cover all deals available in your area, and please check retailer websites for up to date information.

Energy Locals awarded for outstanding value in Tasmania

Energy Locals logo

Despite the company only launching in the state late last year, Energy Locals has won Canstar Blue’s Outstanding Value award in Tasmania. While not a traditional retailer by any means, Energy Locals gives Tasmanians access to wholesale rates in exchange for a monthly membership fee. What’s different about this provider is that it operates as a social enterprise, meaning customers can nominate a charitable organisation to receive a portion of their rates. Another bonus for bill-payers is that 100 per cent of power usage is carbon offset at no extra cost.

Image credit: Yevgen Belich/Shutterstock.com

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