[VIC] A Fixed Term Contract for Electricity Provider?

RocketSwitch on 18/08/2023 - 12:11

My Lumo Energy contract is coming for renewal, so I went searching for a better price. However, I noticed Lumo has a Basic Energy plan:

Service to Property (c/day): 109.978
Anytime (c/kWh): 21.945
Controlled Load 1 (c/kWh): 16.720

But it's not fixed and with no other incentives.

However, OVO Energy comes with a few bells and whistles:

Service to Property (c/day): 103.84
Anytime (c/kWh): 24.75
Controlled Load 1 (c/kWh): 19.8

  • $120 welcome credit
  • Fixed price contract until Sep 2024
  • Pay 3% interest on credit balances
  • Win a Tesla Model 3 or $2,000 if you switch before 31 Aug

Do you guys agree that going with OVO is the better choice as the likelihood of Lumo raising their prices within the year is highly likely? With the welcome credit, OVO is about $60 more expensive IF Lumo doesn't raise their prices.

Home & Garden Electricity

Comments

  • HardQuiz on 18/08/2023 - 12:14
    +2

    In VIC energy tariff/rates increase once per year usually on 1/8.

    Use this information however you like.

    https://www.esc.vic.gov.au/electricity-and-gas/information-c…

    • RocketSwitch on 18/08/2023 - 14:49

      Thanks for that. Only once per year it says, so I don't get what the fixed price is for, I assume it's to lock the price BEFORE that date happens.

  • highon2str on 18/08/2023 - 12:24

    Best bet is to use https://compare.energy.vic.gov.au/ , upload a bill and see which plan works for you. We have solar and OVO are paying extremely well for FiT (14c/kWh), so it works out for us. Not the case for others as you may not have solar or be exporting much of it. Their 3% interest on credit is an interesting concept; waiting for the summer months to see our balance go up and hopefully make a decent withdrawal.

    • RocketSwitch on 18/08/2023 - 14:45

      I did that and Lumo and OVO were 1 and 2, but as @HardQuiz mentioned before, if they only increase rates once per year, I don't get the point of the fixed-price contract. So Lumo would be better.

  • Shadowsfury on 18/08/2023 - 12:41

    i signed up with tango a few months back who were locking in rates until sometime in 2024. I also was coming from lumo and off their fixed prices.

    • RocketSwitch on 18/08/2023 - 14:46

      I didn't see Lumo's basic plan before, did you? I'm sure that would be cheaper than Tango.

  • O O on 18/08/2023 - 18:51

    nectr?

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