Is your power bill the lowest in 11 years?
The average annual power bill has continued to fall, reaching a new 11-year low in real terms according to the latest data released by MBIE, the Electricity Retailer’s Association Chief Executive Cameron Burrows.
The average annual power bill in the year to March 2020 was $2067-down $156 in the past five years after inflation, and the lowest it’s been since 2009.
Burrows says that competition is a main driver keeping power prices down, “Strong competition between power companies is helping keep prices down. There are now over 30 power companies meaning we’ve got the most competitive market ever, and everyone’s working hard to keep customers and gain new ones. That’s a great incentive to keep prices low.”
Improvements in home energy efficiency has helped bring power bills down, “Improvements to housing quality and energy efficient heaters have also led to savings in power consumption over the past 10 years, helping keep bills down-though that trend has recently reversed. Consumption is higher than it was in 2017 or 2018, but the average bill has continued to fall, meaning households are using more electricity compared to three years ago but paying $60 less in real terms.
"New Zealand has the 10th cheapest electricity in the OECD-and it comes to Kiwis in a way that’s highly renewable, very reliable, and with a great amount of choice.”
How does your power bill compare?
If you feel that you are paying too much for power, here are some tips to help lower your power bill. This is also a great time to compare your options to make sure you are on the best plan for your home. There are lots of innovative choices when it comes to power – plans like that offer a free hour of power and guaranteed savings, bundled plans, or generous joining credit.
Compare power plans with Power Compare, or if you’d prefer to talk, our team of friendly Comparison Consultants are ready and waiting to chat through the options.
Give us a call on 0508 226 672