Homeowners seek a better deal on power bills

Cutting costs is high on the agenda for many Australians at the moment, and it seems one of the ways they plan to do this is to find a better deal on their energy bills. The latest ING Direct Household Financial Wellbeing Index shows that 50 per cent of people are hoping to pay less for their gas and electricity over the course of 2015.

Respondents were questioned last month, and the average expected savings on household expenses stood at 22 per cent. Simply by carrying out an electricity comparison, property owners could find they have more money left in their wallets the next time their bill comes through the letterbox.

Of those polled, more than half (53 per cent) said they'd achieved a better deal from their electricity or gas supplier simply by asking. However, this won't be the case for everyone, which is why it's a good idea to get help from a price comparison service.

ING Direct found that 72 per cent of high income households plan to look for another power or telecommunications provider in the near future, compared with 57 per cent of those from low income backgrounds. Nearly half (48 per cent) plan to negotiate with their current supplier, while 19 per cent will negotiate added benefits before looking elsewhere.

Finding a better electricity deal could be especially worthwhile, especially in light of data released by the Australian Bureau of Statistics (ABS). It revealed that in 2011-12, Australians were using 4 per cent less electricity than they were four years previously, but its value had increased 43 per cent.

The ABS noted that combined with the manufacturing industry, households were the largest users of domestic electricity, accounting for 40 per cent of overall usage. Homeowners used 24 per cent of all electricity in the domestic sector.

Posted by Nikki Wilson-Everett