Become consumer-savvy this Money Week

Become consumer-savvy this Money Week

As Money Week draws to a close The Electricity Authority is urging consumers to check they are getting the best deal on their electricity.

“Money week is all about being more financially aware,” says Electricity Authority Chief Executive Carl Hansen. “One simple thing New Zealander’s can do before Money Week ends is to check they’re getting the sharpest deal on or their power.”
“New Zealand has a very competitive electricity market, and there are lots of deals out there to suit different needs. This money week, why not check and see if there’s a better deal to suit your lifestyle”
If all eligible Kiwi households had switched to the cheapest electricity provider last year they could have collectively saved $281 million, or an average annual saving of $162. Some households have saved even more. Bronwyn Carr from Karori lives in a household of four, with her husband and two children. When she checked What’s My Number this week, her number was $380. Savings like this can make a real difference for many households.
There are quite a few misconceptions out there that put people off from shopping around for their power. The Electricity Authority is busting some of those myths:

Myth 1: It’s too hard to switch

Switching power providers is actually very straightforward, in fact – 90% of New Zealanders who have switched, found it to be an easy process.

Just head to www.whatsmynumber.co.nz to check if you are on the best deal, then simply click on through to Consumer NZ’s powerswitch.org.nz, to start the switching process. Easy. Alternatively, once you’ve discovered the cheapest provider for you via Powerswitch, you can just call the provider directly and they will sort it for you over the phone.

Myth 2: I haven’t heard of some of these new electricity retailers, so they might not be as good

Your choice of electricity retailer makes no difference to the reliability of your electricity supply.
The reliability of your electricity supply depends on the performance of your local distribution company and Transpower (who operate the national electricity grid). So, no matter which electricity retailer you choose the reliability of your supply will be the same.

Myth 3: If I switch providers, my power could be cut off during the process
When switching providers, the only thing that changes is the provider that is billing you. Best of all, your new retailer takes care of the switching process.

Myth 4: Power companies all have the same payment terms
Many different electricity retailers offer different payment options to make it easier. Some offer a way to level out all the payments over the year, this can take the sting out of the winter months when power bills tend to increase. You can also prepay with some providers so that you can more easily control your spending. Some providers allow you to pay weekly rather than monthly which can also suit some users. It’s worth discussing payment options with your current providers – and also considering the options when you shop around.

Myth 5: They are all the same, so why bother checking
There are a total of 29 retail brands operating in New Zealand with at least 7 different brands on offer in every region. All providers offer different deals to suit different people. When you look at the options on offer you’ll see there are also additional services, loyalty programmes, and other rewards to consider.

Checking you are on the best deal is just a click away at http://www.whatsmynumber.org.nz. It might just save you some money this money week.

ENDS

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