Fixed rate energy plans

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In this guide, Canstar Blue explains what a fixed rate energy plan is, how they work, what energy providers offer them in which states.

What are fixed rate energy plans?

Fixed rate energy plans are contracts that lock-in a set price to be paid for electricity or gas usage and supply for the duration of the term, usually one or two years. The energy companies tend to review their prices every 12 months (i.e. increase/decrease them) and fixed rate products allow customers to effectively ‘beat’ the price hikes by locking in the rate they are charged.

This means that the cents per kilowatt-hour rate you pay for electricity or gas will remain unchanged for one or two years. In most cases, your daily supply charges (what you pay just to be connected to the energy network) will also be locked in.

Fixed rate energy plans by state

The following tables show the current fixed rate energy plans available from the energy providers on the Canstar Blue database. The tables show the cheapest product per energy provider.

Please note that each state is set on a specific postcode, so you will need to go to the Canstar Blue tool and input your postcode for more personalised results.

New South Wales

Here are the fixed rate energy plans on our database for New South Wales. This table contains products from a referral partner†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Victoria

Here is the fixed rate energy plans on our database for Victoria. This table contains products from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

South East Queensland

Here are the fixed rate energy plans on our database for south-east Queensland. This table contains products from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

South Australia

Here is the fixed rate energy plans on our database for South Australia. This table contains products from a referral partner†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Are fixed rate plans different from fixed cost plans?

Yes, very much so. While fixed rate energy plans give customers certainty over the price they will be charged for power, they don’t provide any certainty over actual costs. No household uses the same amount of electricity or gas every month, so the amount you need to pay will continue to vary from one billing period to the next. Fixed cost energy plans on the other hand, provide households with a specific price to be paid every billing period, regardless of how much electricity or gas they use. So you can either lock-in a price or a cost.

What energy providers offer fixed rate and fixed cost plans?

Only a couple of electricity providers offer fixed rate plans. However, most retailers only offer fixed rates in certain locations. Amber Electric offers fixed rates on its Standing Offer plan in NSW, SEQ and SA, however customers are required to pay a monthly membership fee of $22.

Fixed cost plans are a little different. While Origin Energy has offered a fixed cost plan in the past, a handful of other retailers now offer prepaid energy deals which are effectively the same thing, but with one crucial difference. In the case of prepaid energy plans, retailers like Powershop allow customers to pre-purchase a specific amount of electricity to use each billing period (which means you know how much you are paying from one month to the next). However, if you go over the agreed prepaid amount, you will be charged extra for your remaining usage.

What are the pros and cons of fixed rate energy plans?

Every energy plan comes with its advantages and disadvantages. So what are the pros and cons of fixed rate energy plans?

Pros

• A fixed rate energy plan locks in your usage and supply charges for a set period, which means if prices go up during your contract, you’ll avoid an increase
• These plans can provide a small level of certainty on your energy bills, at least for the 12 to 24 months of your contract’s benefit period

Cons

• If prices fall during your contract term, you’ll miss receiving cheaper charges on your plan
• Although exit fees have almost become obsolete, leaving your fixed rate energy plan before your contract’s end date may incur additional fees
• Once your fixed rate contract ends, your provider may simply move you onto their default offer, which could be significantly more expensive than your current offer

Compare energy plans

While you are thinking of fixed rate energy plans, it might be a good idea to look at some of the cheapest variable rate plans on the electricity market. Variable rate energy plans give the customer more freedom to change when prices rise, but if you haven’t compared in the last 12 months, you may be experiencing higher costs than a fixed rate energy plan.

For more information, you can check out Canstar Blue’s fixed vs variable rate article for more information here.

• NSW
• VIC
• QLD
• SA

Here are some sponsored deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid energy network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Sponsored Products

Based on the general usage^ in the Ausgrid network the AER reference price is: $1,810 / year

Netflix Plan Basic Plan Information Get $96 RRP of Netflix value included each year With the AGL Netflix Plan. Plus 6c off per litre for up to 6 months at bp*. Offer ends 31 December 2025. *T&C’s apply.

9% Less than reference price

$1,651 Price/year (estimated)

Go to Site

View all electricity plans listed on Canstar Blue

*^View important information

Here are some sponsored deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Sponsored Products

Based on the general usage^ in the Citipower network the VDO reference price is: $1,456 / year

Value Saver Energy Factsheet Get $96 RRP of Netflix value included each year With the AGL Netflix Plan. Plus 6c off per litre for up to 6 months at bp*. Offer ends 31 December 2025. *T&C’s apply.

15% Less than VDO

$1,238 Price/year (estimated)

Go to Site

View all electricity plans listed on Canstar Blue

*^View important information

Here are some sponsored deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from our referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Sponsored Products

Based on the general usage^ in the Energex network the AER reference price is: $2,066 / year

Netflix Plan Basic Plan Information Get $96 RRP of Netflix value included each year With the AGL Netflix Plan. Plus 6c off per litre for up to 6 months at bp*. Offer ends 31 December 2025. *T&C’s apply.

9% Less than reference price

$1,888 Price/year (estimated)

Go to Site

View all electricity plans listed on Canstar Blue

*^View important information

Here are some sponsored deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from our referral partners†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4011kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area and to see other products in our database that may be available. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Sponsored Products

Based on the general usage^ in the SA Power network the AER reference price is: $2,230 / year

AGL Netflix Plan AGL Netflix Plan Information Get $96 RRP of Netflix value included each year with the AGL Netflix Plan. Plus 6c off per litre for up to 6 months at bp. Offer ends 11 March 2025. T&C’s apply

9% Less than reference price

$2,036 Price/year (estimated)

Go to Site

View all electricity plans listed on Canstar Blue

*^View important information

Is a fixed rate energy plan right for me?

Whether a fixed rate energy plan is the best decision will depend on your circumstances. While some people may find it helpful to set and forget their rates through a fixed rate energy plan, others may not be too quick to jump on locked-in rates, especially when usage and supply charges look to be on a downward trend. Either way, if you’re trying to find the best deal on your electricity or gas, the best thing you can do is compare both types of offers and see which works out cheaper or is more convenient for you.

You can begin comparing by clicking the Canstar Blue link below.

Compare Electricity Plans

Original reporting by Simon Downes
Image Source: Pasuwan/Shutterstock.com