Your power bill: Good deal or ripoff?

What would you do with an extra $164? For a busy Kiwi family, that could mean an extra two weeks of petrol in the car, or several days’ worth of groceries, or the fees for a term’s worth of swimming lessons.

According to The Electricity Authority, $164 is the average annual saving for eligible Kiwi households who switch to the cheapest electricity provider available to them. In fact, in 2016, all the households in NZ could have collectively saved $290 million if we’d all changed to the cheapest electricity providers.

So how can you check to see if you could save some money on your electricity? It’s as simple as visiting the What’s My Number website and typing in some basic information, which will generate an estimate of the savings your family could be making by switching electricity providers. Once you’ve got “your number”, simply click through to the Powerswitch website to compare the deals on offer, and then choose the best plan for your household. Switching power providers is very straightforward, and best of all, your new provider will take care of the paperwork.

“New Zealand’s electricity market is very competitive, and there are lots of deals available,” says Electricity Authority Chief Executive Carl Hansen.

If you’re concerned that switching power providers will affect the reliability of your electricity supply, rest assured – this rests with your local distribution company and Transpower (who operate the national electricity grid), so no matter which electricity retailer you choose, the reliability of your supply will be the same.

And even if the price difference seems small, you’re not just saving money by checking out your number – there are other things to consider. For example, some electricity providers are bundling power with other services, so you might save money that way. There are also often different payment options which might work better for your circumstances. And you might not even need to switch – once you’ve found a deal you like, it’s worth contacting your current supplier to find out if they will match it.

So what would you do with an extra $164? Being savvy about your electricity deal has the potential to save you money which your busy family can better spend elsewhere!

The Electricity Authority is an independent Crown Entity with a statutory objective to promote competition in, reliable supply by, and the efficient operation of, the electricity industry for the long-term benefit of consumers.
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