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With power prices making up a chunk of household budgets, what do you get for what you pay?
Well, the answer is a bit complicated, so let us break it down.
It might surprise you to know that because Aurora is a regulated energy retailer, we don’t set the price that standing offer residential and small business customers pay for their power.
That’s up to an independent body called the Tasmanian Economic Regulator. They decide on a fair and reasonable price for standing offer Aurora customers.
This year, the Tasmanian Government announced a price increase freeze in response to the COVID-19 pandemic, meaning the price you pay for power would not increase until at least July 2021.
Due to lower network and wholesale costs, not only are prices not rising, but the Tasmanian Economic Regulator has approved a decrease of 1.38%
Solar prices are also determined by the Tasmanian Economic Regulator. The 2020-21 regulated feed-in tariff (FiT) is 8.471c/kWh which is a slight decrease from the 2019-20 rate.
This is due to the significant decrease in the wholesale energy price for 2020-21
Read more about how this rate is decided here.
This year, the Regulator approved a decrease of 1.38%. So you’ll see a small drop in the price of your power.
Now that the price has been set – it won’t change for another 12 months. So you can rest assured it won’t change unexpectedly and that you’re getting some of the lowest regulated power prices in Australia for the fifth consecutive year.
Now that you know how the price is set, you might like to know where the money you pay actually goes.
Power is an essential part of our lives and what you pay on your bill doesn’t just cover the power you use, there’s a lot that goes into bringing you power!
And the profits? Because Aurora is owned by Tasmanians, our profits go back to Tasmania.
Although we'll keep striving to deliver some of the lowest power prices in Australia, we know a 1.38% decrease in your energy costs is not going to make a huge difference to your overall power bill. This is especially true over winter and even more so during COVID-19.
That's why we have a range of tools and advice to help you manage your energy and keep costs low.
With more people at home for longer, we're likely to see a rise in the amount of power we're using which is why energy efficiency is more important than ever. The good thing is, you do a lot to make your home more energy-efficient without having to spend big.
Check out our energy advice page for all the tips you need.
Our new digital product aurora+ is already helping thousands of customers manage their energy and save! With aurora+ you can see how much power you're using and when, and you can top up your power whenever you want all in the palm of your hand! Check out aurora+ here.
In response to the impacts of COVID-19, we've established a customer support program and $5M customer support fund to help our residential and small business customers impacted by the pandemic. Find out how we can help you here.