Home topics news Source: Andrew Metelev on Unsplash News News Beat the price hike by switching energy providers before July 1 Yajush Gupta June 20, 2023 New South Wales (NSW) residents are facing a sharp increase in energy prices, with the majority of energy retailers implementing hikes of up to 29 per cent for residential customers on July 1. Some providers are going even further, raising prices by a staggering 50 per cent. However, a recent analysis by personal finance marketplace Compare Club has revealed a silver lining: households can save up to $714 annually by switching to cheaper plans offered by retailers who have postponed their price rises and bundled energy with broadband. By comparing current offers and pricing, Compare Club found eye-opening discounts compared to the Default Market Offer (DMO) reference price in NSW. These discounts, combined with the delay in price hikes by select retailers, provide an opportunity for savvy customers to not only offset the impending increase but also stack additional savings. Area FY23 DMO New DMO from 1 July 2023 Maximum potential saving Sydney & Central Coast (Ausgrid) $1,512 $1,827 $538 Western Sydney & Blue Mountains (Endeavour) $1,726 $2,228 $702 Regional NSW (Essential) $2,092 $2,527 $714 Energy prices in NSW are linked to the DMO, resulting in customers experiencing up to a 29 per cent rise in some areas. Shockingly, certain retailers have decided to burden consumers with an even higher increase of 50 per cent. However, switching energy providers presents a viable solution, offering