Best NSW power prices now $230 cheaper than two years ago

If you are still on a 2019 electricity deal you are paying too much with today’s best deals up to 15 per cent cheaper — but those savings may not last. HERE’S HOW TO LOCK IN A WIN

The lowest-priced electricity deal in NSW is now as much as $230 a year cheaper than the best rate on the market two years ago.

Experts says an “explosion” in competition is one factor driving down tariffs — finally. Another is falling wholesale prices, but they are unlikely to go any lower.

“This is about as good as it gets on wholesale,” said consumer advocate Gavin Dufty, who is St Vincent de Paul’s policy and research manager. “I think we are in a sweet spot.”

He urged users to act now and lock in the savings.

Comparison service Canstar’s spokesman Simon Downes said there was a price war underway the likes of which NSW consumers had never seen before.

The current prices may be “as good as it gets”. Picture: iStock

“After years of seeing energy prices only ever go in one direction, to the point where most Australians declared energy bills as their greatest financial concern, market conditions are now perfect for us all to start saving,” Mr Downes said.

“This is especially true for those in NSW where there has been an explosion in price competition.”

Canstar analysis for The Daily Telegraph finds the cheapest deal in the Essential distribution area, which covers most of regional NSW, is $230 a year better than the lowest-priced plan in 2019.

In the Ausgrid zone, covering the Hunter, Central Coast and Sydney’s eastern half, the potential benefit is $182.

In both cases that’s a drop of 15 per cent.

In the Endeavour patch, from Parramatta to Lithgow and from Kandos to Kiama, the most affordable tariff has dropped by 13 per cent, $183.

Simon Downes from Canstar Blue. Picture: Liam Kidston.

Most consumers are on deals that weren’t the most competitive to start with, so the possible savings are even greater.

With many households using extra power because they are at home more, NSW Energy Minister Matt Kean said finding a better offer was an easy way to reduce bills.

“It’s free money,” Mr Kean said. “The electrons don’t change but your bill will — potentially significantly.”

Canstar’s Mr Downes said small retailers had the most competitive offers.

One of these, ReAmped Energy, is attracting about 1000 NSW customers a week, said its CEO Luke Blincoe.

“Our offer is resonating,” Mr Blincoe said. “People underestimate how easy it is to switch.”

Mr Blincoe recommended comparing offers using the federal government website energymadeeasy.gov.au. Having recent bills handy would help, he said.

John and Sarah Cruikshank with two of their three boys, Brandyn, 15, and Jason, 10 have saved money on their power bill. Picture: David Swift

Newcastle’s John Cruickshank recently joined ReAmped and said his family of five’s bill had since halved, saving them more than $300 a quarter.

The reduction was due to ReAmped’s cheaper rates and employing usage reduction tips provided by the retailer.

“I’ve never had a power provider give you an option to learn stuff like that,” Mr Cruickshank said.

He’s changed how and when the pool pump, air conditioner and dryer is used.