Is your power plan right for you?

Your current power plan may have worked in the past, but if your lifestyle has changed or you haven’t reviewed your plan in a while, it may no longer be the best fit.

If your family has grown or you’re back in the office more, switching plans could save you money. And if you’re willing to be flexible about when you use power, like doing laundry or washing dishes at night, a flexible plan could boost savings and energy efficiency.

What to consider

Peak versus off-peak power

Power companies offer plans that reward you for using energy during off-peak times, like nights and weekends, when demand across the country is lower. These plans, often called off-peak, time-of-use, flexi or ecosaver, can save you money while helping the grid stay sustainable.

These plans typically offer free or discounted power at specific times, like after 9pm or during weekends. They are especially great for households that use more energy during off-peak hours, like charging EVs overnight or heating rooms while kids sleep.

If you switch to an off-peak power plan or are already on one, make sure you shift your energy use to those discounted times. Power companies might increase their peak rates to offset the discounted offers. This means if you don’t shift your use to those discounted windows, you could potentially end up spending more.

Also, some plans need a smart meter hooked up to your house. This tracks real-time usage and can sync with smart appliances to maximise off-peak energy use (more on that to come).

Bundle up?

Bundle plans simplify your bills by combining power, gas and broadband into one. While it may be more convenient to have one provider for your utilities, bundled plans don’t always offer the best value.

If you’re considering a move to a bundled plan or are already on one, look at how the prices balance – sometimes a discount on one service, like electricity, means others, like gas, may vary. Using multiple providers can offer greater flexibility and can save you more.

Bundled plans limit your ability to shop for the best deals on individual services. Before choosing a bundled plan, check how long you’re locked in and what the termination fee is if you cancel early.

Get smart

Smart meters track real-time usage, but you can save even more with energy-efficient appliances, like smart EV chargers and plugs. For example, a smart thermostat can save energy and money by adjusting the temperature of your hot water cylinder to pre-set levels.

Smart homes – the future of home energy management | Gen Less

Smart homes, efficient appliances and alternative power sources, like solar, come with upfront costs. But even with these expenses factored in, a household with the most efficient appliances can be $10,000 to $20,000 cheaper over 15 years.*

To help with initial investment, banks offer green loans and mortgage top-ups with interest rates as low as 0% or 1%. They can cover things like smart appliances, insulation, EVs and smart chargers, solar power systems, and more.

Green loans for your home | Gen Less

Good for the grid

Most of New Zealand’s electricity comes from renewable sources, like sun, wind and water. But when there is high demand for energy at peak times, like mornings and early evenings, fossil fuels are used to meet demand. This drives up costs.

Choosing a plan that offers off-peak rates can lower your bills and help the country use less fossil fuels.

Make the switch

Start by reviewing your current power plan to see if it suits your needs and lifestyle. Check if your current provider offers a cheaper off-peak plan or one that matches your energy use better. If not, it might be worth looking into other providers and comparing a few plan options.