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You can decide whether to take up a market contract — and choose your retailer.
The main advantage of a market contract is that it may save you money — if you do your homework and make a decision that’s right for you.
What kind of contract are you on now? If you’re on a market contract, you need to check whether your current retailer will charge an exit fee — also called a termination or cancellation fee — if you move to another retailer.
Are you being asked to sign for a fixed term? Some market contracts are for fixed-terms, with an exit fee if you end the contract early. You need to be aware of this if you’re likely to move before the contract term ends. Sometimes a retailer will waive the exit fee if you stay with it at your new address.
Do you have off-peak electric appliances for hot water or heating? If you do, ask the retailer whether you’ll still get a cheaper off-peak electricity tariff to run these. Some retailers may not offer off-peak tariffs.
Do
you want to pay your bills monthly or quarterly? Some energy retailers
offer monthly billing and plans which ‘smooth’ your payments out over
the year — be aware that the monthly bills will be estimated and then
reconciled against the quarterly reading.
Do you owe your current electricity and/or gas retailer money? If you
have a ‘certified debt’ with your electricity retailer (over $200
overdue for more than 40 business days) or an ‘aged debt’ with your gas
retailer (over $100 overdue for more than 40 business days), the
retailer is allowed to block your transfer to another retailer.
For more information:
Our Choosing and energy retailer fact sheet
Essential Services Commission’s ‘How to make your choice’ webpage.
Return to Switching energy retailer
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