If you’ve ever found all the numbers and graphs on an energy bill confusing as heck, I’m here to say you’re not alone.
Data released by Compare The Market show that up to half of all Aussies have little to no clue how to read an energy bill. And with most bills filled with more graphs and data figures than a university maths exam, who can blame them?
It’s even more notable when you realise how often rising energy bills are a topic of discussions in households across Australia, especially in regards to millennials.
Almost half, at 46%, have disagreed with their partner or housemate about putting the heating on. In addition, 42% of you believe your partner or housemate is a wasteful slob when it comes to energy use. And as someone who has gotten into several arguments about lights left switched on around sharehouses in my lifetime, I can believe it.
But the reality is that, rather than blaming ourselves for our rising costs, we should be looking for a better deal for energy providers. The gap in our collective knowledge, as well as the lack of transparency from providers, is costing us. For example, we’re often tricked into chasing discounts like a bunch of rabid American shoppers on Black Friday, without realising that the real costs may be higher further down the line.
Compare The Market spokesperson Abigail Koch notes that it’s paramount for us not only to be aware of your own energy consumption, but to also try and understand what the terms, numbers, and rates mean.
“The majority of energy plan discounts expire after 12 months, which can see customers revert back to paying the more expensive ‘standard rate’ for their energy usage,” Koch said. “Our research shows that less than one-fifth of younger customers plan on shopping around for a cheaper plan this year, meaning they’re most likely in for a shock when their quarterly bill comes through.”
In the end, the best option is to get to know your bill and if you think you’re prices are naff, it may be time to shop around.
Because there are few things worse than getting your quarterly bill and finding out it’s going to cost you THAT much.
*The above article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions.
