What You Need To Know
The freedom to choose your electricity and gas retailer is great but also challenging given the endless choices.
You don’t just choose a provider but you also have to go through a range of price plans – and some of these may be fixed terms contracts which means extra caution is required.
So how do you narrow down your choices and pick the right one?
The NSW Department of Planning and Environment, Division of Resources and Mining website provides a useful guideline.
Check out our tips.
Examine Energy Deals and Contracts
Energy contracts vary and you can evaluate them better through an Energy Price Fact Sheet. Make sure the retailer provides the following in the fact sheet:
- Name of the contract and the retailer selling the contract
- Tariff rates
- Applicable fees
- Applicable discounts and rebates
Request the following information as well: length of contract, cooling off period, access to full terms and conditions, GreenPower options and options for solar customers.
Best to move on from retailers who cannot provide the following information as lack of data can bring you more headache in the future.
Energy Contracts in NSW
Check with the energy provider about the type of contract applicable to your situation.
There are three general types you can choose from:
Regulated contract – gas customers are entitled to regulated prices
Standard retail contract – model terms and conditions will be applied to your deal based on law
Market retail contract – you get energy at market prices under a market offer contract
Before You Sign The Contract
Make sure you go through the contracts thoroughly to understand the applicable terms and conditions. The contracts are enforceable by law and you can end up in a bind if you don’t know your duties and liabilities. Most energy retailers also offer financial assistance programs to help you start on the contracts.