The new financial year will see a dramatic price hike in the electricity bills of all Queensland businesses, with a 13.29 percent increase in electricity costs.
The increase, imposed by the Queensland Competition Authority (QCA) is set to cost local Queensland businesses a combined $60 million in this financial year alone.
Over 50,000 businesses will be severely affected, with small and medium sized businesses in South East Queensland hit the hardest, according to MakeItCheaper.com.au, an independent business energy price comparison service. The service estimates that the local corner shop’s bill will soar by around $320, while a restaurant or cafe that relies even more heavily on its power supply is likely to suffer a crippling increase of close to $1,200 per year.
CEO of MakeItCheaper.com.au Tim Wolfenden says that business owners should look to switching their electrical suppliers to get better deals.
“These big bills could destroy businesses throughout Queensland…however, smart business owners can easily avoid such crippling bills by switching to a new supplier that will give them a much better deal,” Mr Wolfenden explained.
“Many business owners don’t even realise they can change their energy provider. No-one’s locked into a contract they can’t get out of, and any penalties for breaking a contract are quickly recouped when ongoing costs are slashed.”
There are eleven energy retailers in Queensland and since full retail competition was introduced in 2007 the customer is in a very strong negotiating position. MakeItCheaper.com.au claims that business can save up to 20 percent on their electricity bills by switching to a cheaper retailer.
“Loyalty doesn’t always pay…in fact, it could end up costing you your business in the long run,” advises Mr Wolfenden.