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Victoria is known for its competitive energy market. Whether you are looking for a new electricity or gas plan or just want to compare your current plan against other offers, it’s easy to find a better deal.
There are a number of factors to consider when comparing energy plans. First, you need to decide what type of plan suits your needs. For example, are you looking for a Market Offer or a standard contract (also known as the Default Market Offer in Victoria)? There are also different discounts or offers that may be available, from bill credits and sign-up bonuses to reward programs or feed-in tariffs for solar owners.
Even if you aren’t sure what type of offer you’re looking for, we can help. Our energy comparison tool is free and easy to use, and we’ll show you a range of plans from across Victoria so you can find the best deal for your needs.
Our free comparison tool compares offers from all major Australian electricity and gas retailers, including information on any available discounts so you can save even more on your energy bills. And once you’ve found a plan you like, switching is easy.
Why compare energy plans in Victoria?
It’s a competitive market: In 2002, Victoria became one of the first states to introduce Full Retail Competition, which allowed private energy retailers to enter the market. The deregulation of the Victorian energy market means retailers are free to set their own prices. This competition is good news for consumers, as it helps to keep prices low.
Avoid the ‘Lazy Tax’: Many people never bother to compare energy plans and end up being charged more than they need to. This is often referred to as the ‘lazy tax’. By taking a few minutes to compare energy plans, you could save yourself a lot of money.
Take advantage of discounts and offers: Energy retailers often offer discounts and special deals to new customers. By comparing energy plans, you can make sure you are getting the best possible price on your energy bills.
It’s easy to compare: Our free online energy comparison tool makes it easy to compare a range of energy plans and find the best deal for you. Simply enter your postcode into the form and we’ll show you a list of energy plans from a range of providers.
Get started today and compare electricity and gas plans in Victoria! You could save yourself time and money by finding a better deal on your energy bills.
What is the Victorian Default Offer (VDO)?
The Victorian Default Offer (VDO) is a maximum electricity price that energy providers can charge Victorian households and small businesses on default offers for power in their area. The VDO is set by the Essential Services Commission (ESC).
The purpose of the VDO is to create a safety net for customers on default electricity offers, so they are not paying more than they need to. The VDO also provides greater clarity and transparency around pricing, so that customers can compare energy plans more easily.
The VDO applies to both residential customers and small business customers using less than 40 megawatt hours of electricity annually.
How often does the VDO change?
The VDO changes on the first day of each financial year (i.e. July), in line with the ESC’s annual review of prices.
Victorian default offer prices to apply from 1 July 2022 to 30 June 2023
Fixed flat tariffs for general usage and general usage + controlled load usage – residential customers
| Distribution zone | Supply charge ($ per day) | Usage charge structure | Usage charge (not controlled load) ($ per kWh) | Usage charge: controlled load ($ per kWh) |
|---|---|---|---|---|
| AusNet Services | $1.2994 | Block 1 (up to 1020 kWh during a quarter) Block 2 (> 1020 kWh during a quarter) | $0.2893 $0.3070 | $0.1962 |
| CitiPower | $1.1623 | Anytime | $0.2170 | $0.1566 |
| Jemena | $1.1577 | Anytime | $0.2322 | $0.1761 |
| Powercor | $1.3102 | Anytime | $0.2333 | $0.1656 |
| United Energy | $1.0753 | Anytime | $0.2327 | $0.1631 |
Source: https://www.esc.vic.gov.au/electricity-and-gas/prices-tariffs-and-benchmarks/victorian-default-offer/victorian-default-offer-price-review-2022-23
What's the difference between a Victorian Default Offer and Market Offers?
The VDO is a government-regulated standard price that Victorian energy providers charge you for electricity, without any incentives or discounts.
In contrast, Market Offers are variable prices that energy providers charge for their electricity plans. These offers may include discounts or other incentives, such as sign-up bonuses or bill credits. The incentives under a Market Offer typically last for a fixed period of either 12 or 24 months (called a benefit period), after which the price will revert to the provider’s base rate or the VDO which can be substantially higher than energy prices during the benefit period.
Market Offers usually offer better value than the VDO during the benefit period, but it’s important to compare energy plans before your current plan expires, to make sure you don’t end up paying more than you need to.
Fixed-rate vs variable-rate contracts
A fixed rate energy plan is an agreement whereby your electricity provider will not change the rates it charges you for power over a set period, usually one or two years. The benefit of fixed-rate contracts is that they offer price certainty, which can help you budget for your energy costs. The downside is that these contracts generally do not offer discounts or other incentives, so you may not be getting the best possible deal on your energy.
A variable rate plan, on the other hand, is an agreement whereby your electricity provider can change the rates it charges you for power at any time. The benefit of these plans is that they offer flexibility and can sometimes include discounts or other incentives. The downside is that you may end up paying more for power if rates go up, which can make budgeting for your energy costs more difficult.
Which type of plan is right for you will depend on your personal circumstances and preferences, as well as what retailers are offering – only a handful of retailers offer fixed rate contracts.
Feed-in tariffs for solar customers
In Victoria, the Essential Services Commission sets a mandatory minimum feed-in tariff for households. From 1st July 2022, the minimum feed-in tariff will fall from 6.7c to 5.2c per kWh. The minimum FiT rates are lower than for 2021-22 due to a forecast decrease in daytime wholesale electricity prices for 2022-23.
Retailers can also offer solar customers a time-varying minimum FiT. From 1 July 2022, customers on the time-varying FiT rate receive a day rate of 5 c/kWh, an overnight rate of 7.1 c/kWh and an early evening rate of 6.9 c/kWh (refer table below). The time-varying rates have all decreased compared with the respective 2021-22 rates.
| Flat FiT (c/kWh) | Time-varying FiT (c/kWh) | ||
|---|---|---|---|
| All times | Overnight Weekdays: 10pm-7am Weekends: 10pm-7am | Day Weekdays: 7am-3pm, 9pm-10pm Weekends: 7am-10pm | Early Evening Weekdays: 3pm-9pm Weekends: n/a |
| 5.2c | 7.1c | 5.0c | 6.9c |
Victorian electricity retailers are required to offer eligible FiT customers no less than these rates for electricity exported to the grid. Electricity retailers may offer a higher rate than the regulated minimum but are not obligated to do so.
Top 3 feed-in tariff rates VIC
| Retailers | Min Solar FiT | Max Solar FiT |
|---|---|---|
| 1st Energy | 6.7c | 11.7c |
| Tango Energy | 6.7c | 10.1c |
| Elysian Energy | 10.0c | 10.0c |
Feed-in tariff rates for major VIC retailers
| Vic Major Retailers | Min Solar FiT | Max Solar FiT |
|---|---|---|
| AGL | 6.7c | 6.7c |
| Origin | 6.7c | 10.0c |
| EnergyAustralia | 7.1c | 10.0c |
| Simply Energy | 6.7c | 6.7c |
| Red Energy | 6.7c | 8.0c |
| Lumo Energy | 6.7c | 6.7c |
| Alinta Energy | 6.7c | 6.7c |
| Momentum Energy | 6.7c | 10.0c |
*Feed-in tariffs are for residential customers on a single rate tariff in Melbourne on the Citipower Network. Accurate as of May 29 2022
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