Prepaid electricity plans are still up-and-coming in the retail energy market, but they can be great way to save money on your bills – if of course, you know what you’re doing with your usage. So how exactly does ReAmped Energy’s offer work and what does it mean to be on a prepaid plan? This Canstar Blue guide explains it all.
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What is ReAmped Energy’s Advance plan?
ReAmped Energy’s Advance plan is a prepaid electricity offer that asks customers to pay a fixed fee, upfront, once a fortnight, to cover their electricity usage for that period. Customers on this offer will also need to agree to online billing and communication, with all payments to be done through direct debit
While it isn’t the cheapest market offer available at the time of writing, bill-payers still stand to save a generous amount off the Reference Price with the Advance plan in each respective state.
How does the Advance plan work exactly?
ReAmped Energy’s Chief Executive Luke Blincoe explained that the plan works by implementing bill smoothing, which is settled after your quarterly meter reading.
“The fortnightly advance amount is initially based on the average usage of a similar sized household in their area. Every three months, ReAmped will review and may update the advance amount based on their actual average usage,” he said.
“If their account is already sufficiently in credit, ReAmped won’t take an advance payment that fortnight.”
Households with a smart meter, which records real-time power usage, can expect a slightly different outcome.
“For customers with a smart meter, because accurate usage data is already available, invoices will be sent each fortnight along with the advance for the new billing cycle,” Mr Blincoe said.
ReAmped Advance Prices
Here are the ReAmped Energy plans on our database for NSW. These are 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.
Here are the ReAmped Energy plans on our database for Victoria. These are 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.
Here are the ReAmped Energy plans on our database for SE QLD. These are 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.
Here are the ReAmped plans on our database for South Australia. These are 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 prepaid power plans worth it?
Prepaid power plans have been floating in and out of market for the last few years, most notably from retailers like Powershop and Elysian Energy. While most of these offers have now ceased, an argument can still be made for potential savings they can bring in.
Canstar Blue’s Energy Editor Jared Mullane said there are some pros and cons of paying for your energy ahead of time.
“On one hand, if you’re a customer with a smart meter and are willing to monitor your energy usage, a prepaid plan may be a great budget hack to make you decide whether you really need the heater on,” he said.
“On the other hand, if you’re blissfully unaware of your energy consumption and are reaping the financial rewards of consistent power bills, that quarterly invoice can really sneak up and hit you with a large bill to settle your score.
“It all comes down to how much of an engaged energy customer you are. If you’d rather just pay for what you owe when the bill drops in the mail, prepaid is probably not for you. But if you take a keen interest in your energy usage, it’s a good way to pay for power and can help encourage more mindful energy consumption.”
Image credit: GaudiLab/Shutterstock.com
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