Until the end of the year, the Victorian Government is offering a $50 incentive for Victorian households to compare offers on their energy compare website. You don't have to switch retailers to get it - so it's worth checking out, even if you're happy with your power company.
At Momentum Energy, we're all for greater transparency and simplicity in the energy market, so this offer is good news in our books.
The government site is still a little complicated, so it's worth reading our comparison tips below. But you can be confident that the information on this site is independent and includes all generally available offers from all retail energy providers in Victoria.
How does it work?
For most households, all you'll need is your residential electricity bill.
To earn your $50, just follow the steps below, and take a look at the offers for your area. There's no need to switch if you're happy with your current retailer – the incentive is simply designed to encourage you to compare various deals.
- Visit compare.energy.vic.gov.au between 1 July and 31 Dec 2018.
- Follow the prompts until your get to the Compare Offers screen.
- Click the 'Claim your $50 Power Saving Bonus' at the top of the page and follow the prompts. (Handy hint: If the system can't read your eBill, refresh your browser, choose 'I don't have a pdf' and enter your details manually.)
You must be able to receive your bonus cheque by mail at the address of your energy service.
Some tips for comparing offers
Energy offers can be complicated. Here are a few ways to avoid potential pitfalls.
- Double check that discount.
We've been pretty very vocal about our stance on discounting. They're certainly an effective way of making an offer look really enticing – and to be fair, some of them are the real deal. But others can come with a sting in their tail (even the ACCC says so). Make sure you check all the details. In particular, ask yourself:
What are you signing up for?
- What's the discount applied to?
Just the usage rates? The whole bill?
- Does it come with conditions?
Miss a bill and that pay-on-time discount can become a de facto late payment fee. Some discounts depend on paying via direct debit, or signing up online. Make sure you know exactly what you have to do to earn that discount each time.
- Does the discount end? If so, when?
Remember, your discount period may end before your contract does.
- Will the contract lock you in for a certain period of time?
- What is the contract length, and what happens when it ends?
- Are there other fees or charges involved?