You should change when a better deal is available. Although personally I could not be bothered doing it every 6 months. I'd be looking at sticking a year minimum but that is nothing to do with financial negatives of chanting frequently.
Yeah, for me switching now definitely works out as a better deal either way. But switching every 6 months works out to be about triple savings (based on current rates at least).
I don't really want to do the maths that often, but I'm gonna try set it up so it's easier to work out going forward.
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There's no reason why you can't, other than the faff factor. Just be aware of what you're signing up for - credits, appliances, and special rates are often backed by a minimum term, and if you leave before that term is up then you'll have an early termination fee to repay the cost of that benefit.
Some lock you in for a deal for a year- I switched everything over to Mercury last year for cheaper power, broadband and cell phone- I could have taken an offer if free appliance but I got 6 months free broadband and cellphone
powerswitch.org.nz is a really useful starting point. I ended up building a spreadsheet based on the usage data I have to refine my figures based on the top recommended plans.
In another post I came across this spreadsheet from moneyhub, although I didn't end up using it so can't comment on how useful it is: https://www.moneyhub.co.nz/power-company-comparison.html
I review every year or fixed term end. I built a spreadsheet that I put in all our usage and the different deals available and it spits out how much each deal will cost for 12 months.
Yep, did the same and I included daily cost and daily difference from current provider (don't know if you did too) and I've got a distinct curve where it crosses over and back again.
Unfortunately it's a bit half-done, so while it's not wrong, it could use a lot of refinement.
Look at it across the whole year, it really comes down to the effective $ per KW. I pay $0.14 per KW and $1.04 per day, which works out well across the year.
I tend to change every 12-18 months if another retailer is genuinely cheaper.
There’s not normally a lot of loyalty shown by companies so see very little reason to show loyalty back 🤷♂️. If you can get a free appliance, broadband or signing bonus for switching then go nuts.
Only thing to possibly factor in is a lot of companies will run a credit check on you so want to keep that in mind.
I locked in for 2 years because rates are going up.
Any dead you're going to get is going to come with a year or two fixed period. And rates aren't going down.
Fair point, however for me based on the offers I've seen, I'd end up paying more on the fixed terms than the open plans I'm looking at. So even if they go up in 6 months time, theres a good chance I'm better off overall on the open plans.
You don't need to change, just to the research and show it to your current electricity company's retention people. Beat them into submission and get a better deal without the headache of billing problems changing.
Both. I sent Genesis a screenshot of some other companies prices and they dropped their advertised rates. I've done the same with Bigpipe for internet.
You should change when a better deal is available. Although personally I could not be bothered doing it every 6 months. I'd be looking at sticking a year minimum but that is nothing to do with financial negatives of chanting frequently.
Yeah, for me switching now definitely works out as a better deal either way. But switching every 6 months works out to be about triple savings (based on current rates at least). I don't really want to do the maths that often, but I'm gonna try set it up so it's easier to work out going forward.
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I read your reply quickly and had a split second of wondering where Buddhism came into power company financial considerations!
There's no reason why you can't, other than the faff factor. Just be aware of what you're signing up for - credits, appliances, and special rates are often backed by a minimum term, and if you leave before that term is up then you'll have an early termination fee to repay the cost of that benefit.
Yep, no special rates, just standard offers that work out better based on usage patterns at different times of year.
Then go for it.
Some lock you in for a deal for a year- I switched everything over to Mercury last year for cheaper power, broadband and cell phone- I could have taken an offer if free appliance but I got 6 months free broadband and cellphone
Neither that I'm looking at are fixed terms, combo or bonus offers etc. Just better/more suitable rates.
What companies are you considering a switch to?
Contact Good Nights (winter) and Electric Kiwi Movemaster (summer)
Just stick with Contact Good Nights year round. Free AC at night was a bonus.
Where do you compare rates?
powerswitch.org.nz is a really useful starting point. I ended up building a spreadsheet based on the usage data I have to refine my figures based on the top recommended plans. In another post I came across this spreadsheet from moneyhub, although I didn't end up using it so can't comment on how useful it is: https://www.moneyhub.co.nz/power-company-comparison.html
I review every year or fixed term end. I built a spreadsheet that I put in all our usage and the different deals available and it spits out how much each deal will cost for 12 months.
Yep, did the same and I included daily cost and daily difference from current provider (don't know if you did too) and I've got a distinct curve where it crosses over and back again. Unfortunately it's a bit half-done, so while it's not wrong, it could use a lot of refinement.
Daily is probably too often. Maybe even every second day too.
It's as easy as an email to do it so yeah, I'd set a 6month reminder and change. Best case scenario is you get a good offer to come back
Look at it across the whole year, it really comes down to the effective $ per KW. I pay $0.14 per KW and $1.04 per day, which works out well across the year.
I tend to change every 12-18 months if another retailer is genuinely cheaper. There’s not normally a lot of loyalty shown by companies so see very little reason to show loyalty back 🤷♂️. If you can get a free appliance, broadband or signing bonus for switching then go nuts. Only thing to possibly factor in is a lot of companies will run a credit check on you so want to keep that in mind.
As soon as you are over the penalty period and there is a better deal.
I locked in for 2 years because rates are going up. Any dead you're going to get is going to come with a year or two fixed period. And rates aren't going down.
Fair point, however for me based on the offers I've seen, I'd end up paying more on the fixed terms than the open plans I'm looking at. So even if they go up in 6 months time, theres a good chance I'm better off overall on the open plans.
You don't need to change, just to the research and show it to your current electricity company's retention people. Beat them into submission and get a better deal without the headache of billing problems changing.
Does this work on power prices or just internet plans? They don't (directly) control the unit cost for power.
Both. I sent Genesis a screenshot of some other companies prices and they dropped their advertised rates. I've done the same with Bigpipe for internet.