As we know, the Open Electricity Market allows eligible consumers and businesses to take advantage and enjoy more flexibility when it comes to purchasing electricity.
The roll out of the Open Electricity Market will be in various phases depending on the postal code of your area.
You may also have noticed that there are various comparison tools available online to help you with your decision on which electricity plan is the most suitable or ideal for your industrial space or even for your residential properties.
While there are varying prices and plans available in the market, these are some pointers which may be able to help you before making the switch to a new electricity retailer or before becoming contestable consumers of electricity if your business or household is eligible.
Two Main Types of Price Plans
Fixed Price Plan
If you prefer something more stable and non-varying, you may have an eye for the fixed price plans offered by retailers. These fixed rates contracts could be for 6 months, 1 year, 2 years or 3 years depending on what the retailers are offering.
Discount Off the Regulated Tariff Plan
If your preference is to add a little spice to life and if you do not mind rate changes on a quarterly basis, you may opt for the discount off the regulated tariff plan which is another option you may consider apart from the fixed price plan. The regulated tariff is usually reviewed by SP Group on a quarterly basis and is approved by the Energy Market Authority or the EMA.
Some retailers may also offer peak and off peak price plans which some businesses operating on shifts or companies that operate more during off peak periods may find favourable.
Compare Price Plans
With various comparison tools available online, it will be much easier for you to do your research and select the most ideal option available. Although there are about thirteen registered retailers in the market as of the 6th of December 2018, it is not that difficult for you to shortlist and narrow down to the few price plans that you feel are more suitable given the tools and amount of information available online.
Refer to Fact Sheets
Fact sheets may be tedious to go through, however, if you want to get the best possible deal, it is essential that you read through the fact sheets that can be obtained from retailers to understand what is being offered. Not every retailer offer the exact same type of plans.
Look Out for Contract Terms & Applicable Fees
Before putting pen to paper to start enjoying your savings off your monthly electrical bills, do not forget to look at the contract term (i.e 6 months, 1 year, 2 years or 3 years), payment terms or methods, fees applicable, termination, clauses, auto renewal etc.
Putting Pen to Paper
Finally when everything is in order, you may comfortably put pen to paper and go ahead with the switch once you have obtained the necessary clearance and approvals from the landlord as well as the management. The switch may involve some homework or research and administrative procedures initially but is likely to be worthwhile since you will be enjoying more attractive electricity rates after you have made the switch.