Friday 26 July, 2024 - Energy companies have confirmed to Compare Club that the government’s $300 rebate will appear as a $75 credit on household bills. The cost relief rebate began on 1 July, with most households expected to see the credit on their bills from August.
“Compare Club has experienced a surge of enquiries about the new $300 Energy Bill Relief Payment. Many customers are curious about where to find the rebate on their bill and what happens if they switch providers,” says Kate Browne, Compare Club's Head of Research.
"We have confirmed that the rebate will appear as a $75 credit on your quarterly bill, but timing may vary as everyone is on different billing cycles. You might see it this month or in August. The good news is that there is no need to do anything to access the credit as it will be automatically applied for most households, and you won't lose it if you switch providers, as the credit will move providers if you do.” says Kate Browne, Compare Club's Head of Research.
(How your rebate will look on your bill)
“Households that get energy from an embedded network, such as those in some apartment buildings, caravan parks and retirement villages, will need to apply to their state or territory government to receive the payment,” says Kate Browne.
"With the average annual power bill around $2,000, combining this rebate with potential savings of 15-18% from switching providers can lead to significant reductions. As we're in winter, when energy use typically increases, now is an ideal time to review your plan. If you haven't received your rebate or are unsure about discounts, contact your energy provider or visit your state government's energy website for guidance," says Browne.
Additional Rebates and Savings
While the $300 relief payment is a welcome support for Australian households grappling with rising energy costs, there are other significant savings to be made. For example:
New South Wales offers the Low Income Household Rebate ($285/year), Family Energy Rebate (up to $180/year), and specific rebates for medical needs (up to $285/year) and seniors ($200/year). The NSW Energy Savings Scheme helps households save up to $1,915 annually through various upgrades, including LED lighting and energy-efficient appliances.
Victoria provides percentage-based concessions, such as the Annual Electricity Concession (17.5% off bills) and Winter Gas Concession (17.5% off winter bills), with additional rebates for medical cooling and life support needs. The Victorian Energy Upgrades (VEU) program offers savings between $120 and $1,100 annually through energy-efficient upgrades.
Queensland introduces a significant Cost of Living Rebate ($1,000 for 2024-25), alongside existing rebates like the Electricity and Natural Gas Rebate ($372.20 for electricity, $86.75 for gas).
South Australia offers an Energy Bill Concession ($263.15/year for electricity and gas) and Medical Heating and Cooling Concession ($263.15/year).
Western Australia provides a Household Electricity Credit ($400 one-off payment) and Energy Assistance Payment ($326.33/year).
Browne emphasises the importance of leveraging additional concessions, such as single parent concessions, by checking eligibility via state government websites and contacting providers for application.
Just over 35 percent of Australians have at least one concession card, but among this group only about a third were aware that they may be eligible for concessions on their energy bills.
“Check with your energy retailer or your state government website to see if you are eligible for a concession, this can also be applied to your bill and make a signifigant cut to your overall energy costs.”
Benefits of Switching Providers
Our research shows significant savings are available for consumers who shop around and act quickly. There’s a risk these offers could disappear from the market as energy retailers look to balance their costs following a massive wholesale spike as a result of the bad weather that causes damage to poles and wires.
Victoria: Retailers are offering discounts of up to 26% on fixed rates until August 2025, with additional offers such as a $100
New South Wales: Energy offers of up to 23% off the reference price plus a $100 bonus for movers.
Queensland: Discounts up to 20% with an additional 5% discount and $150 credit with for residents serviced by Energex.
South Australia: Discounts up to 12% off the reference price with some deals including a $100 bonus for movers.
To learn more about how Compare Club can help consumers save money on their energy bills, visit www.compareclub.com.au/energy.
Example of how the rebate will look on your energy bill is HERE <ends>
For media enquiries:
Jasmine Kostas
Media + Capital Partners
0425 327 224
jasmine.kostas@mcpartners.com.au
About Compare Club
Compare Club is one of Australia’s fastest-growing personal finance marketplaces, it helps Australians save money by navigating complicated and important financial decisions. Compare Club’s panel of experts offers bespoke advice to over 3.6 Million members making 1 Million product enquiries per year on key financial decisions, including health insurance, electricity & gas bills, and personal, car, and home loans. Compare Club is locally owned and employs 350 passionate staff across Sydney, Melbourne, Brisbane, and another 50 staff in Indonesia and the Philippines.
