A GoSwitch comparison saves you on average $483 a year*

Balancing Australian energy prices isn’t an easy act to perform. Prices go up and down, while regulations like the Default Market Offer (DMO) and Victorian Default Offer (VDO) try to keep the markets in check and stop bills skyrocketing.

But did you know a GoSwitch energy retailer price comparison can save you around $483 a year on household power bills*? We dig deeper to discover the answers behind the rise and fall of prices so you can enjoy the energy bill ride.

Disclaimer: These savings are based on the actual comparisons done in 2024 and may vary depending on individual energy usage. Savings are based on average annual savings in 2024. Any estimates provided are for informational purposes only. Your savings may vary based on your usage, location and tariff type*.

How much have electricity prices changed year-on-year?

The electricity is the same but in some states electricity prices have increased by up to 39% year on year. There was a day when governments held sway over most of our energy supply and tariffs. Energy retailer options were few. The introduction of the deregulated energy market in Australia changed all that.

What is driving the rise and fall of energy prices this year?

Today, competition is fierce between a large number of energy retailers who are all looking for unique and appealing ways to entice new energy customers. The result is an ever-changing energy landscape where industry newcomers compete with established Australian energy companies, and wild fluctuations in energy usage and costs are the norm. There are of course some cost factors that are out of our hands, including:

• The VDO/DMO price caps for customers on default offers.
• Extreme hot and cold weather events.
• Wholesale electricity and gas prices.

However, there are ways savvy customers can reverse the trend and save hundreds of dollars annually.

• Comparing peak vs TOU (time of use) tariffs.
• Bundling electricity, solar, and gas deals.
• Moderating the use of appliances like air-conditioners and heaters.
• Installing a smart meter plus smart home appliances and gadgets.

The biggest differences in energy costs between Australian states

Some Australian states and regions rely heavily on government oversight and investment in energy production, distribution, and retail. Other parts of Australia have opened up the electricity and gas playing field to new energy startups and established operators looking for industry diversification. Progressive retailers encourage personalised power usage with incentives, discounts, rebates, special deals, and sustainable energy options.

Which states are paying the most for electricity and gas?

To make a fair comparison state-by-state, we can look at deregulated energy market regions: NSW, VIC, South-East Queensland, South Australia, and the ACT. The results are in for the shift in Australian electricity and gas prices from 2023 vs 2024.

To be honest, only a highly qualified seer could guess the energy cost fluctuations over the past few years, and nothing has changed to say 2025 won’t also be a mysterious ride with plenty of ups and downs. But it doesn’t have to be that way!

Where electricity bills have increased and where they have dropped

There is a silver lining to the sometimes dramatic price fluctuations in a deregulated energy market. Price wars can result in immediate and ongoing savings for new contract sign-ups, and switching energy retailers is easier than ever using a price comparison service. The state vs state 2023 vs 2024 energy price and usage changes are revealing, particularly the dramatic rise and fall in some regions. Let’s look at where electricity bills have increased and where they have dropped.

* Data is based on average residential household usage in each state, without solar on the property.

Biggest Electricity Price Fall 2023 vs 2024: The ACT (-26%)
Biggest Electricity Price Rise 2023 vs 2024: Victoria (+39%)

Gas prices surge in some states while others see relief

Regular energy users want to trust the government and industry when it comes to prices. But it doesn’t take a doubting Tom to get suspicious when prices rise through the roof one year then fall through the floor the next.

* Data is based on average residential household usage in each state, without solar on the property.

Biggest Gas Price Rise 2023 vs 2024: South Australia (+64%)

Electricity or gas: Which one is costing Australians more?

Gas prices are no safer than electricity from energy market fluctuations. Sometimes electricity prices are more favourable. At other times, gas comes out on top. Now is a good time to combine natural gas and electricity for the best of both worlds and more power options around the home.

What the future holds for electricity and gas prices in Australia

Everyone appreciates the importance of fair-priced electricity and gas for all Australians. It’s in everyone’s best interest to make it happen. Are the energy bill ups and downs the result of the merging of old guard energy companies with young upstarts…or startups?

Is this the new normal, where industry shakeups are expected, anticipated, and monetised? However, all cynicism aside, Australia is ideally placed to handle the future of electricity and gas prices without undue stress on the economy. Balancing the energy business is a delicate act, maybe not fit for a circus, but certainly very doable in a country like Australia with a wealth of natural resources.

With proper management and oversight, electricity and gas prices in the deregulated market can remain affordable, even while transitioning to renewable energy.

How households can lower their energy bills

The good news for regular Aussie families is that energy bills don’t look to be skyrocketing totally out of control anytime soon. The better news is, that with more industry competition, you can get energy that is tailored to specific household needs while saving money along the way. There are also lots of other ways households can lower their energy bills, including:
1. Examine your bills and compare this year’s energy usage to last year.
2. Compare electricity and gas prices and tariffs from competing retailers.
3. Install a smart meter for real-time energy use updates.
4. Install energy efficient lighting.
5. Utilise natural light.
6. Moderate thermostat temperatures in summer and winter.
7. Insulate ceilings, walls, floors, windows, and doorways wherever possible.
8. Install solar panels for instant heat and energy surplus sales tariffs.
9. Use energy efficient appliances and switch off appliances not in use.
10. Wash full loads in the washing machine and use cold water.
11. Take shorter showers for significant hot water savings.

Best energy deals by Local Government Area (LGA)

There are some great deals available in our deregulated energy market. Significant savings are on offer, so let’s explore the best of the best according to LGAs in Australia in 2024.

New South Wales

The cost of living is on the rise, but Sydney City and suburbs are bucking the trend with huge energy bill savings. In fact, the City of Sydney has the lowest monthly average NSW electricity bill on offer (2024) at $174 per month. Neighbouring Woolhara Municipal Council didn’t fare as well, with significantly higher monthly bills. Inner-West Burwood Council came out on top for lowest monthly gas bills, more than half the cost of gas in the Randwick City Council area.

Average Annual Savings in NSW’s 10 Most Populated LGAs

Highest Average Annual Savings (2024) – Canada Bay Council ($752)

Average Monthly Electricity Bills of the 10 Densest LGAs in NSW

Average Monthly Gas Bills of the 10 Densest LGAs in NSW

Victoria

Costs are impacted by proximity to large population centres and local energy supply networks, Victoria also has the lowest solar adoption of any state*. The average monthly 2024 electricity bill in the City of Melbourne, for example, was only $120. This can be attributed to the area being densely populated with apartments which are typically smaller than homes, resulting in lower electricity usage. The City of Moonee Valley had the highest average electricity costs at $261 per month. City of Port Phillip gas customers have the advantage of proximity to supply, with the lowest monthly gas bill at $81, while City of Glen Eira customers paid around 2 ½ times as much in 2024.

Average Annual Savings in VIC’s 10 Most Populated LGAs

Highest Average Annual Savings (2024) – City of Moonee Valley ($725)

Average Monthly Electricity Bills of the 10 Densest LGAs in VIC

Average Monthly Gas Bills of the 10 Densest LGAs in VIC

Queensland

Brisbane and the Gold Coast come out on top for energy bill savings in Queensland. Queensland also benefits from the highest solar adoption in Australia*. Gold Coast residents enjoyed cheaper monthly average electricity bills at $176, a significant saving compared to the City of Redland, with average costs at $247 per month. The City of Brisbane offers great savings on natural gas, with the monthly average bill at only $49 per month. City of Gold Coast monthly average gas bills were almost 4x more.

Average Annual Savings in QLD’s 10 Most Populated LGAs

Highest Average Annual Savings (2024) – City of Redland ($831)

Average Monthly Electricity Bills of the 10 Densest LGAs in QLD

Average Monthly Gas Bills of the 10 Densest LGAs in QLD

South Australia

Adelaide and surrounds have some very competitive energy rates, even compared to larger Australian population centres. The City of Holdfast Bay’s average monthly electricity bill in 2024 was only $137 per month. Customers in the City of Campbelltown, on the other hand, paid an average of $281 per month. City of Marion gas customers came out on top for gas, at only $39 per month, while City of Adelaide customers paid around 2 ½ times more monthly on average.

Average Annual Savings in SA’s 10 Most Populated LGAs

Highest average annual savings (2024) – City of West Torrens ($513)

Average Monthly Electricity Bills of the 10 Densest LGAs in SA

Average Monthly Gas Bills of the 10 Densest LGAs in SA

Solar Energy

The uptake of solar power electricity for Australian homes and businesses is continuing its upward trajectory. Solar systems are ideal Australia-wide, from north to south. Tropical Queensland understandably enjoys the greatest solar uptake, and temperate Victoria the lowest uptake according to our figures.

Average electricity and gas usage doesn’t give the full picture, but it will point you in the right direction. By understanding electricity and natural gas availability and price in your LGA you can personalise your energy contract. Your GoSwitch energy plan consultant can help you choose an electricity, gas, or bundle deal that will get you significant annual savings.

Switch energy retailers and save

Did you know you can switch energy retailers from the comfort of your home? The entire process can be completed in a few simple steps.

1. Get started – Create an energy usage profile using your postcode.
2. Compare energy deals – Use the GoSwitch energy retailer price comparison search tool.
3. Set up and save – Discuss the best money-saving deals with a GoSwitch energy expert. Best of all, the GoSwitch service is 100% free and the savings are all yours!
It’s that easy to change energy retailers for a better deal. If you are ready to take control of your bills and fight back against rising energy costs, make the switch with GoSwitch today!

Disclaimer: *These savings are based on the actual comparisons done in 2024 and may vary depending on individual energy usage. Savings are based on average annual savings in 2024. Any estimates provided are for informational purposes only. Your savings may vary based on your usage, location and tariff type.

*Solar adoption rates are based on GoSwitch’s customer data.