Switch Power Company Need Advices!

Hi I am currently with Powershop, been with them since 2017 and now looking to switch power company to get the sign up bonus etc, i did a compare on powercompare.co.nz and Frank Energy work out to be cheaper on the website estd $3125/y, Powershop on the website is darer estd $3315/y, in reality i only pay average estd $2970/y from my bill calculations.

I am thinking to switch to Frank now and see if they will be cheaper, if not i will switch back to Powershop, do you know i can get the sign up bonus $150 from Powershop if i do that? Currently Powershop is with my partner's name (i use my name when i 1st sign up in 2017, break contract and use my partner name when we move to new house in 2018 until now), do i use my partner's name when i switch back from Frank and after a year i switch to my name to get another $150 sign up bonus? What do i need to take note when i switch? Ex different name/credit card?

Not sure if i missed something or am i thinking it right? Please share if you have any experiences with these and any input will be appreaciated!

Comments

  • +4

    https://www.moneyhub.co.nz/power-company-comparison.html

    I just read through this like 2 hours ago. Lots of very good, detailed information and very recent.

    • Good article with lots of information.

  • +1

    Also consider whether you can shift your usage to take advantage of free electricity with either Contact (Good Nights Plan) or Electric Kiwi (Hour of Power). The per unit cost may be higher but if you can regularly shift your usage into off peak times you can save a lot of money.

  • Electric Kiwi's move master plan has better off-peak & night rates along with free hour which can save a lot if you can shift your usage during those times. I feel it's better than Contact's (good night plan), if you are running heat pump/heater during day & night times outside peak hours.

    Also, consider Z electric(no contract) as a intermediate company, just switch for a month or so for the bonus fuel.

  • This may interest you: https://www.cheapies.nz/node/31239

    • Yes the z electric referral deal is by far the best short term deal. But may need to change again once you have the bonus fuel to optimise saving.

  • +2

    Here are summary of various options without a contract.

    e.g. Z electric offers 75L of free fuel worth around ($225) within 2 weeks of sign up, no contract, (best sign up offer at present)
    https://www.cheapies.nz/node/31239

    e.g. contact offers $100 off via referral (can be used for no contract option), probably needs to stay for a month or so.
    https://www.cheapies.nz/deals/contact.co.nz

    e.g. electric kiwi offers $50 on sign up..

    https://www.cheapies.nz/deals/electrickiwi.co.nz

    I would be cautious going back to power shop for the year, even if $150 discount you are paying extras…

    Powershop prices are lower in summer, much higher in winter. they also offer a price guarantee over a year, but they are often miscalculate and you have to chase them up when one year is up. They now offer the excess payment as credit, so you have to use that up before you can leave, or else loose the credit. so effectively the price guarantee locks you in for 1 year and several months. Also depending on your luck, their customer service replies are very variable. sometimes, they only offer 15% off in lieu of the Contact 3 hour free rate on the variable rate only, but sometimes they offer this 15% discount to the total rate. or refuse to match at all. if you take them as causal, then probably can get about $38 off in the first 6 weeks.. (gets $25 on first month, $3 using the app, and $10 on second month, and leave only after you have used the credit. Now they also charge for credit card charges.

    • Thanks, this is great. Who do you recommend staying with long term? I got a bill comparison quite a while ago with Powershop and they offered me over $230 credit to make them $150 cheaper. I remember their $150 bonus is really competitive but want to know if there are better choices for long term.

      • +1

        I would have to say, 'None of them'.

        As far as I know, none of the providers offer any incentive to stay with them, so it is usually best to take the best combination of rates and signup offer that is available at the point you are out of contract, stay for however long is required, then rinse and repeat.

        Electricity is the very definition of a commodity - a watt from one provider is the same as a watt from anyone else, so the only considerations should be price and quality (of service). Since the service is actually provided by a lines company (Vector for the majority of people since it covers Auckland plus), and customer service is generally irrelevant, you may as well go for the cheapest option.

        Don't be fooled by advertising that says you can help the environment by joining XYZ as their power is from renewables - the ETS means that if you don't use a carbon-credit, someone else will, and emissions will be completely unchanged.

      • First of all, make sure you have actually used up your $230 credit from power shop first.. I. E. The power packs you purchased using the credit has actually been used up. The credit will not be refunded when you leave

        Agreed with Alan, staying long term means more expensive price or more hassle. I used to be with powershop using their price match for a few years in a row but too much hassle to do and their price match won't match the sign up bonus generally. And hassle to get their calculations right as noted above.

        If you have not done a round, quite easy to do to change actually literally a few mins. Then may consider to take up all the sign up credit and may find yourself quite a bit cheaper overall over a year. Sometimes companies may have a year of grace period. Do note the power prices have gone up so what you paid last year is not the necessarily the same as what you pay next year. Take all the freebies non contract option first then consider contract ones later.

        Also cheapies community will help you to troubleshoot any power company in regard to the ins and outs if needed. Just ask!

        • I never went with powershop, I just got a quote and they told me they can guarantee they'll be $150 cheaper so they estimated they will give me $230 credit to be so.

          What I mean by long-term is that the three you mentioned will be exhausted within a few months. I'm sure they won't let me cycle their signup bonus every couple months. So after I have gone through them all who do I stay with on a contract term.

          Then may consider to take up all the sign up credit and may find yourself quite a bit cheaper overall over a year. Sometimes companies may have a year of grace period.

          What sign up credit and grace period are you talking about?

          My power prices have gone up and the offer from powershop was over a year ago.

          I would rather consider the contract options now rather than later so I can make a plan and perhaps get my current bill set as a guaranteed saving since I am still on a good plan I believe.

  • The way powershop works, they don't really guarantee cheapest rate.. As you have to use up the overpaid money as credit at high unmatched prices before you can leave. Some companies have grace period eg. Powershop credit of $150 in a year not the next.. So read the fine print. Although that is also not technically correct as I managed to get $150 extra as an existing customer.

    While you are going through the 3 regular no contract option. Look out for others offering sign up offer from time to time. Eg. Frank energy. By then consider joining powershop during summer when their rates are lower while open to contacted or one off deal.. Eg. I recalled contact offered 200 for sign up at one stage.

    Alternatively as you say look for a contracted option. Use switch me and power compare and powerswitch.. Find the cheapest rate based on your location and power use then check the original company website for any deal which may be better via power comparison site eg. Contact. Also worth checking if your currenct rates that you are on are actually cheapest at this point as well. If by a big margin the consider asking powershop for a price guarantee before joining but again end of contract issue noted above with nonrefundable overpayment.

    As noted by others if you need patrol then z deal short term is a very good one.

    • Powershop also put up their daily low user rate. But quite of lot of other power providers haven't.The increase in daily rates over the next 5 years is pretty massive for low power users.

      • Thanks, for the update. Powershop was never the cheapest company in the past anyway at any point. Had been getting credit back every year for several years via their price guarantee so effectively missing out on various sign up bonus even with the guarantee. So not really the lowest price guarantee as they had stated.

        • I signed up to powershop on a new house , not having a previous provider to compare it to. They only benefit they provide is that free 150 credit spread across 12 months. But that has basically be eaten up by the low power user increases. So they probably are not the best company for me to continue using.

          • @nzmax: If you have joined recently, you can still find the best deal for you via power comparison website then ask power shop to beat it..

            https://www.powershop.co.nz/why-powershop/guaranteed-savings...

            Can be any company not necessarily the last one. You have to know whether you are high or low user.

            Without applying price guarantee, you are guaranteed to pay a more despite $150 on called discount.

            Or alternatively consider taking $25 + $10 on the beginning of second month and $3 via using app and then leave.. Make sure your powerpacks from you free credit is used up before leaving. power price is extra high during winter with powershop when your usage is higher as well.

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