Money-saving expert shows how to avoid 'very expensive mistake' paying for power

One Big Switch's Joel Gibson has advised any Australian resident paying for energy under the government's default market price should "get off it" as it's the "most expensive" offer in the market.

"It's really just meant to be there as a safety net to catch people who don't swap around and switch to cheaper deals," Mr Gibson told Sky News Australia.

"Now if you're on a discounted market offer, again you need to switch if you get a big price increase because there are still some very competitive market offers available.

"Some are even fixed rate plans for up to 12 months where you can fix your rates 20 per cent less than the current default market offer for a year."

He said he's not sure how long those offers will be available but urged residents to engage in the market and be prepared to "switch and swap around".

"If you don't do that in the next year, it's going to become a very expensive mistake."

It comes as households across Australia already facing rising cost of living pressures will be dealt a further blow when their power bills increase from July 1.

The Australian Energy Regulator released its default market offer (DMO) on Thursday which sets a cap on how much power retailers can charge residential customers.

The DMO shows a rise of between 8.5 per cent to 14.1 per cent in New South Wales, translating to between $119 and $227 more.

In southeast Queensland there be will an increase of 11.3 per cent meaning an additional $165 and South Australians paying $124, up 7.2 per cent.

[breadnewbie]

choosing wrong people in power would be even more costly

[eb]

So future plans:

1. Bugs.
2. Laboratory manufactured meat.
3. Candles.
4. Electric cars for the well-heeled. Walking and cycling for everybody else.
5. Dooners.
6. Endless jabs for endless, relatively harmless diseases.

[ricky]

Prices for everything to sky rocket with the new green deal

[SOz-ufyq]

Start stocking up your CANDLES and have your fire pit going to warm up this winter. 🙂

[northseabrent]

Wasn’t privatisation meant to bring lower power prices? That’s what endless conservative coalition governments have said.

[kahlanelaine]

Despite the economic downturn, I'm so happy☺️. I have been earning $ 60, 000 returns from my $7, 000 investment every 13days.

[AshleyJOsborne]

Just wait until Erarring and Liddell shut.

[ernestb]

If the experience in transitioning the UK electricity supply towards renewables is anything to go by, this will just be the first of the increases

[nhraandnascarfanatic]

See?? Look at that! 18%, Albo wasting no time at all getting to work

[thebutterflylady]

Good thing I’m $900 in credit with our electricity. Being on dsp and putting a bit on every 2 weeks. I have never had a bill. Our bill is low because we hardly use home lights we use led lamps.

[buildmotosykletist]

Dan Andrews clicked on this but was disappointed he couldn't save money paying for his "power".

[oldnutta]

Soon your decisions in life will be do i eat or turn a light on or fuel the car.
Joyful times ahead.

[GrandpaVince]

Grandson little billy is an expert on money and the easiest way to make money is finding grandpas wallet and taking the money from it and putting it in little Billy's piggy bank oink oink

[DL-zltn]

Why? I thought we were told green energy was the answer ???

[EL-FUKKO]

its people like this knucklehead who said competiton would lower energy prices and we should privatise our energy providers and grid. If you want to save money on power, get off the grid or cover your entire property in solar. Thats what we did

[ManiM-kmbp]

I request Zelensky ukrain 💙 to learn to praise God, sing God or worship, , ( sit, or seek a place, ,)
Because this is permanent, ,we have to learn this, ,
This will be seen in practice in heaven 😂😂😂😂
Two things are very important for a person to live in this world without guilty
1 john 2:-16, , , 1 Peter 4:-1, 2, ,,and rest of the verses chapters in these two books are very much useful for my life,
Prayer thanks giving and good works, ,
These three will help you get rid of guilty conscience 🙏 🙏🙏🙏🙏🙏🙏, ,
Psalm 147:_- Praise The Lord . How Good It Is To Sing Praises To Our God, How Pleasant And Fitting To Praise1 Him!
God bless all of you 🙏🙏🙏🙏🙏🙏🙏