There’s good news for Australian families and small businesses as large energy retailers have announced lower retail prices for energy customers.

EnergyAustralia joined AGL and Origin Energy in announcing price reductions, which mean in the coming weeks electricity prices will fall for around 2.8 million households and businesses.

Customers will benefit from the changes, as NSW households with EnergyAustralia will on average save $41 on their annual gas bills while businesses will save $369.

These savings come on the back of AGL and Origin Energy announcing electricity price reductions of 1.2 per cent to 5.6 per cent for residential customers.

The NSW Nationals in the federal government have also acted to abolish the loyalty tax and lock in lower energy prices for consumers, with the new Default Market Offer (DMO) price cap coming into effect from July 1.

Households on standing offers could be between $500 to $725 a year better off than they were before the introduction of the DMO, depending on where they live. Average small businesses on standing offers could now be saving up to $2392 to $2855 a year, while larger energy using small businesses could be saving significantly more than average.

These announcements are a win for Australian families, individuals and small businesses doing it tough right now in the face of COVID-19. This pandemic is changing the way we live and for many, it is driving up energy use in their homes. Energy bill relief will be welcomed by many Australians. With wholesale prices continuing to fall for 10 straight months, energy retailers have an obligation to pass on those cuts to their customers and the NSW Nationals in the federal government’s Big Stick legislation ensures the energy companies can be held to account.

The ACCC has also found that second tier retailers are offering some of the cheapest plans in the market. This shows how important it is to shop around.

Residential and small business energy customers can review the competitiveness of their current energy plans at the government’s free price comparator site energymadeeasy.gov.au to ensure they are getting the best deal.