ReAmped ‘Advances’ on competition with new budget-friendly energy deal

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When ReAmped Energy makes a promise, it keeps it. The online-only energy retailer has launched a new plan that mostly upholds its claims to ‘lead the government price lists’ of all residential electricity offers in NSW, south-east QLD and SA.

However, there’s a catch in order to receive these low rates, which is that you’ll have to pay your energy bill in advance. Hang on, what?

That’s right, the ReAmped Advance plan asks customers to fork up cash fortnightly to cover their electricity usage for that period. Thankfully, the cash part isn’t literal, and this happens through direct debit. Customers must also agree to online billing and communication.

For those who choose to accept the conditions, Sydneysiders will receive up to 27% off the Reference Price, Brisbanites 26% and South Aussies 23%. In QLD and SA, ReAmped Advance is currently the cheapest plan on our database at the time of writing.

ReAmped Energy Chief Executive, Luke Blincoe, has claimed that the Advance plan is a ‘great solution to the unknown that comes with electricity bills’.

He said: “It offers customers the ability to pay in advance, with regular upfront fortnightly payments, reducing quarterly bill shock and making it easy to stay on top of their electricity account.”

Mr Blincoe also explained that the plan works by implementing bill smoothing, which is settled after your quarterly meter reading.

“The fortnightly advance amount is initially based on the average usage of a similar sized household in their area. Every three months, ReAmped will review and may update the advance amount based on their actual average usage,” he said.

“If their account is already sufficiently in credit, ReAmped won’t take an advance payment that fortnight.”

Households with a smart meter, which records real-time power usage, can expect a slightly different outcome.

“For customers with a smart meter, because accurate usage data is already available, invoices will be sent each fortnight along with the advance for the new billing cycle,” said Mr Blincoe.

ReAmped Advance Prices

Here are the ReAmped Energy plans on our database for NSW. These are products from a referral partner†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the ReAmped Energy plans on our database for SE QLD. This is a product from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are the ReAmped plans on our database for South Australia. This is a product from referral partner†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Are prepaid power plans worth it?

It may be the first you’ve heard of it, but ReAmped isn’t the first power company to offer prepaid electricity and gas plans.

Powershop is perhaps the most notable prepaid energy provider, though Amaysim Energy and Elysian Energy have also dipped their toe in this pool.

Canstar Blue Editor-in-Chief, Simon Downes, has given some pros and cons of paying for your energy ahead of time.

“On one hand, if you’re a customer with a smart meter and are willing to monitor your energy usage, a prepaid plan may be a great budget hack to make you decide whether you really need the heater on.

“On the other hand, if you’re blissfully unaware of your energy consumption and are reaping the financial rewards of consistent power bills, that quarterly invoice can really sneak up and hit you with a large bill to settle your score,” he said.

“It all comes down to how much of an engaged energy customer you are. If you’d rather just pay for what you owe when the bill drops in the mail, prepaid is probably not for you. But if you take a keen interest in your energy usage, it’s a good way to pay for power and can help encourage more mindful energy consumption.”

Image credit: GaudiLab/Shutterstock.com

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