VICTORIANS are being encouraged to ask their energy provider if they are currently on their best rates, or `best offer’, after a recent report revealed around two million customers could be currently paying too much for their household power.
This messaging generally refers to a provider’s cheapest market offer, a plan that includes lower rates and/or other customer incentives, like discounts and rewards programs.
The economic regulator of the retail energy sector in Victoria, the Essential Services Commission (ESC), has made mandatory that retailers now place ‘best offer’ information on energy bills to help less-engaged consumers shop around for a better deal.
ESC executive director of Energy, Sara Sheppard, said customers who are not on these types of competitive offers, could be missing out on hundreds of dollars of savings.
“The data shows 850,000 electricity and almost 400,000 gas accounts could be on cheaper deals if customers contact their retailer and ask to be changed to their ‘best offer’,” she said.
“Your retailer is required to put a ‘best offer’ message on your bills at least three times a year to tell you if you could save money by switching to a different contract,” Ms Sheppard added.
