Saving money as a student: how to cut the costs of your energy bill this winter
Last week, we covered various ways you can save money as a current uni student. Here, in revisiting part two of our popular ‘Saving your money as a student’ series, student Izzy Holt shares hassle-free ways you can save hundreds on your energy bills as the colder weather sets in.
If you found an extra $200 in your bank account, what would you spend it on?
I have saved this amount of money off my energy bill and put it towards my car registration. For many students, this amount could be a week’s worth of rent, a month’s worth of food or even the wages lost if you’re a casual worker who needs to take sick days.
Having extra cash in your pocket can be invaluable to cover any unexpected expenses that might occur, and there are many ways you can claw some cash back from your power bill. Here are the ways I reduced my energy expenditure that might help you save some cash towards something important.
Check your provider
I use the Government’s ‘Energy Made Easy’ tool to compare the best provider plan for my residence. It gives you side-by-side comparisons of different plans, walks you through how to contact the new provider and provides you details to quote. Your new provider can help you navigate the exit conditions of switching.
For me, switching providers seemed like a lot of trouble, especially since I was already getting a pretty good rate. Instead, I noted down the details of the best plan I could find and called my provider to see if they could match the best offer and keep me as a customer. They couldn’t price match, but they instead put me on a different plan of theirs that saves me hundreds of dollars a year.
- Did you know about Victoria’s Best Offer notice? Victorian energy retailers are now required to inform customers on their bill if they could save money on a different plan – see how you can find this information on your bill!
Do your research
Take advantage of any perks or discounts your energy provider may offer. I learned that AGL has a Peak Energy Rewards program where you can earn credits towards your bill. Additionally, if you hold a concession card, check your eligibility for energy assistance.
I was shocked to learn that sometimes providers will use estimated meter reads, instead of actual reads. When researching your provider, check and see if your bill uses an actual meter read or an estimated meter read (yes, this is a thing!). It will tell you the type of read on your bill. On the chance your bill is estimated, you can research video tutorials on how to read your meter and contact your provider to refund you any discrepancies. There are also plenty of other options to explore to save!
Check out these key energy bill discounts and support for students:
- Retailer student discounts: Some providers, such as OVO Energy, offer a 10% student discount on energy bills when you provide a valid student ID.
- Annual Electricity Concession (Victoria): Eligible Health Care Card or Pensioner Concession Card holders can receive 17.5% off their electricity usage and supply costs.
- Power Saving Bonus (Victoria): You may receive periodic, one-off payments (e.g., $250) for households, including those on Youth Allowance, JobSeeker, or Abstudy.
- Utility Relief Grant Scheme: Provides up to $650 per utility ($1,300 for single source) over two years for students in temporary financial crisis.
Here’s more tips and tricks to lessen your energy bills
- Instead of constantly using the heater, I rug up and use a hot water bottle or microwave heat pack to stay warm.
- Unplug devices and turn off power points when not in use. Especially microwaves, TVs, kettles, washing machines and laptop chargers.
- If you’re on a flexible plan where rates change depending on peak times, plan to do chores during off-peak times.
- Go to Bunnings and spend $3 on weather sealer. I put these rubber strips across my doors and windows to seal draughts.
- If you can, turn down the temperature of your fridge a degree or two but not to unsafe levels, only if it’s currently set colder than you need (food should be stored at 5 °C or below).
- Replace light bulbs with LEDs. In some Australian states there are even subsidies and free programs to do this, so Google to see if there’s one in your area.
- When I do use the heater, I only turn it as high as necessary (extra degrees = extra dollars!) and set a timer. I also close doors to rooms to keep heat in. Same goes for the air conditioner.
- I like to open and close blinds to help regulate temperature when it’s sunny or dark.
- Use rugs and carpet to help insulate bare floors (it also makes your place look fancy!).
- If your laptop or phone is fully charged, unplug it for a while! Not only is this better for its battery life but you can save some dollars by turning off the outlet.
Want to find out more?
- Check out this Government guide on saving electricity.
- If you’re having trouble paying your bill, take a look at this Victorian Government resource for support and advice.
- If you’re in need of financial assistance, take a look at Deakin’s Financial assistance webpage or contact DUSA’s Financial Wellbeing service .
And please go ahead and help a friend by sharing this article!
Edited version of a previous Deakin Life blog.