EnergyAustralia Secure Saver Explained

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THIS PRODUCT IS NO LONGER PUBLICLY AVAILABLE

At a time when electricity prices seem to only go in one direction, one of Australia’s biggest energy companies has a fixed rate plan that could prove beneficial for customers who are happy to play the long game in search for savings. EnergyAustralia’s ‘Secure Saver’ product is available in Victoria, New South Wales, Queensland and the ACT, giving households the opportunity to lock in reasonably competitive usage and supply rates for two years.

EnergyAustralia, along with rival retailers Origin and AGL, removed its previous fixed offering in mid-2017, citing little interest from customers. While fixed rate plans are usually very competitive, a lack of conditional discounts at the time seemed to result in consumers favouring the retailer’s other variable rate deals, which did include discounts. However, the Secure Saver plan from EnergyAustralia does include headline-grabbing discounts across the states, as well as the benefits of rate fixing. Rates are locked in for two years, providing a level of certainty with power bills.

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What is EnergyAustralia Secure Saver?

The Secure Saver is an electricity and gas plan from EnergyAustralia that features a generous pay on time discount off usage charges, as well as fixed rates for a benefit period of 24 months. This means rates won’t increase for two years. Aside from locked in rates and a discount, this plan may attract an exit fee if cancelling within two years.

Is EnergyAustralia Secure Saver a lock-in contract?

The EnergyAustralia Secure Saver plan is on a 24-month contract with applicable exit fees, so it’s worth thinking about whether the locked-in rates will save you money over a two-year period. Customers can also receive a discount off their usage charges so long as bills are paid on time and in full.

Will EnergyAustralia Secure Saver rates change?

The EnergyAustralia Secure Saver is a fixed rate plan for 24 months, meaning your usage and supply charges won’t change during this period. This is great if you’re looking to lock in rates for two years and avoid any sudden hikes in electricity prices.

Is EnergyAustralia Secure Saver available with solar?

EnergyAustralia does not offer any solar-specific products, but its standard plans include some decent solar feed-in tariffs. Currently, the feed-in tariffs by state are listed below:

  • VIC: 9.9c/kWh
  • NSW: 12.5c/kWh
  • QLD: 16.1c/kWh
  • SA: 15c/kWh

Does EnergyAustralia Secure Saver have GreenPower options?

If you’re looking to opt for GreenPower, then you can do so on the Secure Saver plan. Depending on how much energy you’re willing to offset, here are the specific prices for each tier below:

  • 10%: $0.0495 x (10% x total usage)
  • 20%: $0.0495 x (20% x total usage)
  • 100%: $0.0495 x (100% x total usage)

Not entirely sure what ‘GreenPower’ means? It’s basically an initiative which feeds power from accredited renewable energy generators into the grid based on contributions from customers who are environmentally conscious. You can read more about GreenPower here.

Is EnergyAustralia Secure Saver right for me?

Getting a good energy deal requires you to be constantly vigilant, reviewing your own plan and others on the market regularly. However, if you prefer the idea of ‘setting and forgetting’ your power plan, a fixed rate deal allows you to do this with the safety net of some protection against increasing costs. But before you sign up, be sure to compare plans and rates to make sure that your fixed rate deal looks competitive. If you prefer to closely monitor the energy market and chase the best deals, you’ll probably be better off sticking to a variable rate contract.

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