[VIC] $275 Credit Applied after 11 Months of Being Billed, & Then Every 12 Months @ 1st Energy

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Paxie on 16/12/2024 - 00:25 join.1stenergy.com.au (109 clicks)
Last edited 16/12/2024 - 22:10 by 2 other users

Comparing my energy usage in Victoria (Jemena) and 1st Energy comes up on top. Hopefully, this is helpful for others.

Discounts:
Unconditional (15%): Percentage of usage
15% guaranteed discount off the market contract usage rates set out below.

A $275 credit, which will be applied to your next bill issued after 11 months of being billed by 1st Energy. The $275 credit will be applied every 12 months thereafter. Your entitlement to the credit is withdrawn if you transfer to a new retailer prior to the initial 11 months of billing or prior to the anniversary date every 12 months thereafter.

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1st Energy

• 

  AsukaST on 16/12/2024 - 02:26

  +11

  You are doing it so wrong if you stick with the same energy provider for 12 months without comparing price.
  I compare price regularly every six months or so. I can always find something cheaper everytime. Don't pay the loyalty tax.

  • 

    ShouldIBuyIt on 16/12/2024 - 07:46

    Where have you churn to recently? I'm guilty of been lazy…

    • 

      AsukaST on 16/12/2024 - 13:06

      I am with Powershop at the moment.
      It was the cheapest rate in my area when I churn to them a while ago (not anymore but very close),
      however, they do have "powerpacks" discount regularly.
      That's some kind of prepaid discount.
      On the first day of every month, you may purchase $37 worth of credit for next month for $30.
      Every 2-3 months or so, they have $40 Electricity Credit for $20, and $30 Electricity Credit for $15.
      Since I don't use much energy, it turns out to be my best price after factoring in these prepaid credit.
      Let me know if you need a referral code. lol

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  knuckle8 on 16/12/2024 - 07:09

  Not worth it. Their rates are too high.

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  Mike Nolan on 16/12/2024 - 08:03

  +4

  11th month? What a terrible offer

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  Viospeed on 16/12/2024 - 08:34

  You will get ripped off more than $275 in that 11 months.

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  mountaineer on 16/12/2024 - 10:08

  +1

  Don't sign up with anyone offering this type of rubbish "sign-up" bonus….this is to encourage the rest of energy companies to follow…bad for consumers..

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  Clarky77 on 16/12/2024 - 10:44

  They’ve had this offer for a long time, the comparison sites regularly show these guys as my best option as I’m a reasonably low energy user but once you factor in opportunity costs of lost Cashback and sign up offers they end up being petty bad and if your usage increases you’ll end up way worse off plus don’t forget you are down until that 11th month and then forced to stay longer so you can use the $275 which isn’t refundable.
  This is a good reminder to look at the details even if you use the government comparison sites.
  If you really don’t wanna check again for 14-15 months and your energy usage is pretty low and consistent then this might be the way to go.

• 

  sinners007 on 16/12/2024 - 11:07

  +1

  You are basically pre-paying the extra $275 (by paying more to be with them monthly) to then get it back at the end. Where I live in eastern VIC, at the end of 12 months, I'd be better off with several other energy providers and I am free to move whenever something cheaper comes along. No deal for me.

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  wannagrababargain on 16/12/2024 - 12:14

  -15% off only applies to usage charges. The daily supply charge is pretty ordinary.
  -I am on Jemena and there seems to be better deals out there.
  -Effectively being locked in 12 months to get the actual benefit might mean you miss out on other opportunities as they come up (especially around July period).
  -Your consumption must be, or assumed to be, really low for the comparison site to put this out on top. To be 100% sure of accuracy and if you have been at your place at least 12 months, use the AEMO provided NEM data to the energy compare website.