Victoria: Say hello to your new cheapest energy provider

One of Australia’s cheapest and most disruptive electricity providers has launched in Victoria with a bang – immediately offering a bargain deal that could save all households cash, whether they switch or not.

Independent provider ReAmped Energy has already established itself as a low-cost alternative to the big power companies in New South Wales, Queensland and South Australia, with Victoria now on its radar.

ReAmped Energy has earned an unprecedented reputation for providing rock-bottom power prices, but what has made it totally unique is its mission to consistently undercut any rival who tries to offer cheaper rates.

Canstar Blue Editor-in-Chief, Simon Downes, explained: “We’ve watched on over the last year or so as ReAmped Energy has relentlessly lowered prices at the first sign of competitors trying to outdo it. It has been power price competition like we have never seen before – but exactly what the markets were opened up and deregulated for in the first place.

“Whether you personally switch to ReAmped or not, its presence in your state is going to have a positive impact on competition in general, meaning that customers can ask for a better deal from their existing provider, or switch to one of the cheapest deals. As long as you are proactive and do something, you should be able to save.”

Canstar Blue analysis shows that electricity costs in Victoria have already been falling over the last two years, with average bills going down by more than $200 across the state. And now the trend is set to continue with ReAmped’s introductory prices already the cheapest on Canstar Blue’s energy database, sitting between 20 and 24 per cent below the Victorian Default Offer (VDO) depending on the distribution zone.

The ReAmped ‘Handshake’ plan has slightly better rates than the retailer’s other deal in Victoria, on the basis that customers who sign up are committing to stay on board for at least a year. However, there are no lock-in contracts or exit fees, meaning customers can still leave whenever they want.

ReAmped Energy CEO, Luke Blincoe, said the move down south is the next step in helping Aussie consumers find a better power deal.

“We’re stoked to announce that we now service Victoria and give the community a taste of our independent and purpose-driven model,” he said. “ReAmped is all about simplicity, great prices, and bringing Aussies the same power as the big power companies, without the big power company. We want to put money back in the pockets of consumers sick of paying too much for crap service, and provide a no-fuss alternative that puts the customer first.”

Mr Blincoe added: “If people are willing to commit to us for a year, then we will return the favour with better rates. But if that customer decides to leave, we’re not going to sting them with fees – that’s just not our style.

“We know that our customers want simple, reliable electricity at a fair price – so we’ve designed honest, transparent electricity plans that work for the customer. At ReAmped, we’ve built our own technology to help us be efficient and give our customers a better deal and great service. We place our trust in knowing that if our customers are happy, they’ll stick with us.

“ReAmped Energy isn’t afraid to stand up to the incumbents and cut through the confusion to ensure our prices outperform other retailers in the market. We know that Aussies have the sh*ts with the energy industry and its questionable treatment of loyal customers, so we’ll do everything in our power, pun intended, to challenge this perception of our industry.”

Founded in February 2019, ReAmped Energy has so far managed to attract more than 20,000 customers across the country, and its arrival in Victoria raises the number of local retailers to 27.

ReAmped Energy Prices VIC

Here is ReAmped Energy’s plans on our database for Victoria. This 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.

Is ReAmped Energy a good choice for solar customers?

While ReAmped’s low electricity prices are a major drawcard, solar customers may need to look elsewhere for a higher feed-in tariff. Currently, the retailer is offering 10.2c per kilowatt hour (kWh) for power exported back into the grid, which is the mandated minimum in Victoria for customers on single rate tariffs. Higher FiT rates are available but may be subject to conditions, and keep in mind the trade-off you have to make between a generous FiT and higher electricity usage rates, as you’ll still need to draw power from the grid.

More options for Victorian energy customers

Victoria is perhaps the fiercest retail energy market in Australia, and there’s little doubt that ReAmped’s arrival will increase competition further, said Mr Downes.

“Having more options isn’t necessarily a good thing if prices aren’t competitive, but when you get a player like ReAmped Energy launching in your neighbourhood, it’s huge news, particularly for those customers who engage in the market and shop around for the best deals. Unfortunately though, it is still a small minority who actively do this,” he said.

“Despite consistently being one of the cheapest providers in the other states for more than a year now, ReAmped Energy still only has a few thousand customers. Many people are missing out when they could be saving.

“Competition will be given a boost right now and I suspect the cheapest deals today may drop even further in the coming months, which is why Victorians really need to pay special attention to how much they’re being charged. Comparing deals from multiple providers is the best way to ensure you’re getting a fair deal, and if you’re not, it’s time to switch.”

While ReAmped Energy can now boast the biggest savings off the Victorian Default Offer, keep in mind that the cheapest deal for your household will depend on your specific circumstances, like energy consumption and tariff structure, so use your latest billing information for the most accurate quote.

How does ReAmped Energy compare in Victoria?

See how ReAmped Energy stacks up to other retailers in Melbourne. Use our comparison tool for a specific range of deals available in your area.

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: Gorodenkoff/Shutterstock.com

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