ReAmped Energy sets record low prices across most of Victoria

Independent retailer ReAmped Energy has made history in most parts of Victoria by setting record low electricity prices.

New customers who sign up to ‘ReAmped Handshake’ can bag power prices that are between 23 and 27 per cent less than the Victorian Default Offer (VDO) – the biggest savings most of the state has seen since mid-2019.

ReAmped Energy CEO, Luke Blincoe, said falling wholesale prices were a major factor in lowering electricity rates, and that Victoria’s smart meter uptake means more customers have access to their power usage data, which has created an appetite for households chasing better deals.

“The softening of wholesale prices combined with the explosion of independent retailers like ReAmped has led to an increasingly competitive market across Australia,” he said. “However, we believe, the point of difference for Victoria is the high penetration of smart meters which has allowed people to gain more timely bill insights and ultimately be savvier about switching providers to ensure they’re getting the best deal.”

Smart meters were first rolled out in 2006 to Victorian homes, giving customers access to a range of features not offered by traditional meters. Some benefits of smart meters include being updated with usage data every 30 minutes and being able to choose flexible pricing tariffs which offer cheaper energy rates during certain times of the day.

Mr Blincoe added: “Lucky for us our goal is to offer the best prices in town, reducing the cost of energy for Aussie families. We want to lead the market in Victoria with our Handshake plan, which offers better rates in exchange for a customer’s word that they’ll stick with us for a year. We don’t have any lock-in contracts though, if a customer wants to leave, they can do so without being penalised.”

While the ReAmped Handshake takes customers on face value of staying with the provider for 12 months, there are no exit fees or lock-in contracts, meaning people are free to leave without incurring any breakaway costs.

In its two years of operation, ReAmped Energy has gained roughly 20,000 customers in New South Wales, south east Queensland and South Australia.

ReAmped Energy Prices VIC

Here is ReAmped Energy’s plan on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower electricity network in Melbourne 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 these the cheapest energy prices in Victoria?

ReAmped Energy has recorded the cheapest electricity prices in Citipower, Jemena, United Energy and Powercor since mid-2019. However, ReAmped fell just short of the mark across Ausnet Services, with Elysian Energy currently holding the record in this zone. Here are the ReAmped Handshake prices in Victoria:

Electricity Distributor Difference from VDO Annual Price Estimate*
Citipower 24% less than VDO $961
Jemena 27% less than VDO $971
United Energy 26% less than VDO $981
Powercor 23% less than VDO $1,051
Ausnet Services 23% less than VDO $1,160

*Price assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Estimated price includes any conditions discounts that may be available. Pricing based on each distribution network in Victoria. Accurate as of April 2021.

Victoria is split across five distribution networks, all of which cover certain areas of the state. As highlighted above, energy prices vary depending on location, meaning customers in Melbourne may pay a different price than customers in Geelong or Warragul. Also, keep in mind that these prices reflect the usage habits of an average household – as determined by the regulator – for customers on a specific tariff.

Should Victorians consider more than just price?

Price will usually have a big influence on Australian consumers, but it’s not the only feature of an energy provider customers should be aware of, explained Group Executive of Canstar Blue, Megan Doyle.

“Customers looking to switch providers will often be won over by those brands offering the cheapest power prices, but it’s also important to understand what else is on offer in terms of true value,” she said.

“That’s why Canstar Blue releases its annual review of electricity providers, where thousands of Aussies rate their current provider on factors such as customer service, value for money, environmental sustainability and overall satisfaction.

“More competition in Victoria is always going to be welcomed, especially if cheap electricity rates are its main drawcard. So for many customers, ReAmped Energy may have already done enough, however taking the time to compare your options on price, features and service can help you find a suitable deal for your needs.”

Compare Energy Providers in Melbourne

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. Costs are based on the Citipower network in Melbourne 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 and to see other products in our database that may be available. 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. The next three tabs feature products exclusively from AGL, EnergyAustralia and Origin.

Here are the AGL Energy plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne 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 and to see other products in our database that may be available. 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 EnergyAustralia plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne 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 and to see other products in our database that may be available. 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 Origin Energy plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower energy network in Melbourne 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 and to see other products in our database that may be available. 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.

Image credit: PKStockphoto/Shutterstock.com

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