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8 February 2024

Powerswitch savings increase to an average $409 per year

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The average saving for Powerswitch users is now a whopping $409 per year.

Last year, Powerswitch users who switched energy providers collectively saved over $6 million.

“That significant sum stays in the pockets of people paying for power, rather than boosting the sizeable profits of the electricity retailers,” says Paul Fuge, Powerswitch manager.

“Last year, a record number of New Zealanders used Powerswitch to see if they could get a better deal by switching their power provider. We’ve seen site usage increase by a whopping 64% since 2020.”

The longer you stay the more you might pay

“Some savvy site users take the information they find on Powerswitch to negotiate a better deal with their existing provider,” says Fuge.

“Generally speaking, the longer you stay with your provider the more you could end up paying. It rarely pays to be loyal.”

Power to the people

The big four electricity retailers made record-breaking profits last year, amounting to $7M per day.

"Every 1% increase in households switching electricity providers results in a wealth transfer from retailers to consumers of around $8 million a year.

“The more people switch, the more retailers must sharpen their pencils to hold on to or attract customers.

“We are in a cost-of-living crisis and this winter’s power bills could hit people hard. “The time has come for consumers to take back the power – we can all check whether we are getting a good deal and switch providers to save money. If we can get people switching on mass, it would generate much-needed competition, leading to lower prices across the board.”

Over the coming months, many New Zealanders could see their energy bills rising as the low-user pricing options are phased out. Fuge says around 60% of households qualify as low users and could see their bills increase significantly. He urges everyone to take a few minutes to check Powerswitch and see what they can save.

Powerswitch improvements

Recent improvements to the Powerswitch site mean it’s quicker and easier than ever to compare the offers in the market. Recent development means the site now covers bundled plans, too.

“Although we know they are often not the cheapest, some consumers are interested in bundled plans. Site users can now compare bundled options on Powerswitch, meaning more New Zealanders can get the most out of our independent and free-to-use comparison site.”

The power plans on Powerswitch cover about 97% of the market, so users can be confident they are getting comprehensive and accurate information when they use the site to compare prices.

Are you paying too much for power?

Powerswitch is a free price-comparison website that helps you find the best electricity and gas plan. Check now to see if you’re getting the best deal.

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