Major changes are coming to the Australian energy market that experts say could save households hundreds of dollars a year.
Major changes are coming to the Australian energy market with consumers able to switch providers within two days instead of waiting up to three months.
On the back of record numbers refinancing their home loans, households can now start saving hundreds a year off their power bills by switching with minimal effort.
The changes take effect from October 1.
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Under the new regulations, energy retailers must switch new customers over within 48 hours instead of waiting for their next quarterly meter reading, which could be months away.
Even those with smart meters that could be read remotely have had to wait 10 days in the past.
Customers will still have a 10-day cooling off period if they change their mind.
The regulatory change has been three years in the making and comes from an ACCC Retail Electricity Pricing Inquiry in 2018 to address affordability and trust issues.
The change is likely to enhance competition between retailers.
Compare the Market spokesman Simon Downes said switching is getting quicker and easier than ever before.
"(There are) hundreds and hundreds of dollars in potential savings each year," Mr Downes said.
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"It's a real game changer… this is actively empowering consumers to start saving much earlier than before."
Mr Downes said energy bills are the greatest source of financial stress for many families.
While mortgage or rent payments are bigger, they are the same each month while no two energy bills are ever the same, leaving households exposed to bill shock.
He said this was one of the best changes that had been made by regulators and it had taken a long time to get to this point.
"This is a really positive move."
Source: 9News https://www.9news.com.au/national/energy-bills-australia-new-market-regulation-changes-could-save-households-hundreds-of-dollars/30373c80-8a88-4f4d-bcf0-3746e13837dc