Top 5 tips to cut your power bills

We know that receiving your power bill stinks, so we’ve pulled together our five top tips for slashing those bills without cutting back on usage.

1. Shift your load

Electricity prices change every 30 minutes on the spot market (or wholesale market), largely driven by supply and demand. Spot prices tend to be higher at busy times, like breakfast, and again when everyone gets home at the end of the day. But these peak times don’t last long, and spot prices are generally lower over the rest of the day. If you’re on a fixed price contract with your supplier, you’re paying a set price regardless of what’s happening on the wholesale market. But if you’re accessing spot prices, you can take control of your power bill by shifting jobs to off-peak times, or when spot prices are lower. Doing a quick check to see if the price is low before you switch on a load of washing or turn on that dryer can really add up.

2. Make clever use of timers

Appliances with timers really show their worth when you’re accessing the wholesale electricity market. Because spot prices are dependent on supply and demand – this is the supply of power available at any given time, coupled with the demand for power by Kiwi households – the ability to set when your gadgets run means you can make the most of low spot price periods during off-peak hours when you might not be home, or even awake. Don’t have a timer? Check out WeMo or make a trip down to your local Bunnings or Mitre 10 to pick one up. Timers are easy to set up and use.

3. Check your plan

After signing up with a power company and choosing your user plan, most people then forget about it. However, changes to your living situation - even small ones - can have an impact on your power bill. A new family member, a change in your work hours or getting new appliances could change you from a low user to a standard user, or vice versa. Taking a couple of minutes to check that you’re on the best plan for your situation is a quick and easy way to reduce your bill, and most companies let you change plans once a year free of charge.

4. Analyse your usage

This one sounds daunting, but tracking your electricity data can give you some important insights about your power usage. At night, when the household is asleep and most things are turned off, it makes sense that your power usage is low. If you see usage peaks overnight, or in the middle of the day when the house is empty, this could indicate issues  (like a broken hot water cylinder, leaking hot tap or broken freezer seals) that are inflating your power bills. Check with your power company to see if you can access your usage data – some companies have apps you download to monitor this.

5. Look beneath the surface

Take a long-term view of your power plan. Most of us have fallen prey to fixed-term contracts with enticing cash offers, prompt payment discounts or extra add-ons, but are you really getting a great deal in the long run? It’s important to look beneath the surface for honesty, transparency and fairness in practice from your power company. Don’t get trapped into a fixed term contract that you can’t leave if you become unhappy with the service or pricing.

Buying electricity at the spot price means you can choose the best time of day to use your power, according to the corresponding wholesale price. With Flick, you’ve got control over what you pay for your power. Flick’s weekly power bills show customers exactly who they’re paying and for what, because they split out all the costs, including what they make, for total bill transparency. Flick don’t lock you into a contract, so if Flick’s not for you, you’ll be free to switch again. It’s a model that’s fair, transparent and informative – and with Flick customers saving an average of $350 annually, it’s just a better way to sell power really.

How is Flick different?