From the 1st of July all electricity retailers have dropped pay on time or guaranteed discounts in order to comply with new Federal Government legislation. Instead you now have the option of paying the default market rate or accepting a plan from the retailer with a discount off the default market rate.
Sounds confusing? Thats because it is so let’s just focus on what it actually means for consumers. Prior to the 1st of July the big retailers such as Alinta, Energy Australia and AGL were offering up to 28% discounts which reduced the kWh rate for Tariff 11 power to 20 cents per kWh (or slightly lower). These discounts have all been withdrawn and instead the best offerings are as follows:
- T11 – 23.20 cents an increase of 16%
- T31 and T33 – 18.70 cents
- Solar Feed in tariff – 16.10 cents
- T11 – 23.364 cents an increase of 16.82%
- T31 and T33 – 16.50 cents
- Solar Feed in tariff – 8.60 cents
- T11 – 20.49 cents an increase of 2.45%
- T31 – 13.48 cents
- T33 – 17.26 cents
- Solar Feed in tariff – 11 cents
- T11 – 22.18 cents an increase of 10.90%
- T33 – 18.56 cents
- Solar Feed in tariff – 7 cents
AGL have increased their rate the most with a staggering 16.82% increase with Energy Australia closely following with a 16% increase. In a double whammy all the retailers with the exception of Energy Australia have reduced the solar feed in tariff.
Which retailer should you choose? Every household is different if you have solar and export a lot of energy to the grid then the Energy Australia plan would, most likely, be the best for you. If you export very little energy to the grid or don’t have solar installed then the next best options would be Alinta. I can see no reason why anyone would choose AGL.
Quality solar still offers a fantastic return on investment with most systems returning 30% plus per annum – if you are keen on a solar power system that will last the distance then contact us for an obligation free quote today.