Electricity prices at their lowest in over five years, as people find more ways to save

Electricity bills are at their lowest level in more than five years, but some customers are still finding ways to save themselves even more money.

The Independent Pricing Regulator said electricity prices are at their lowest level since 2016, with many households continuing to uncover new ways to save on bills.

One such way has been through electricity provider AGL's energy-saver program that sees households reduce their usage in peak times in exchange for credits on their electricity bill.

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"The energy-saving program last year saved me an $80 credit," program participant Paul Vogelzang said.

"You get an SMS telling you it's a peak event... and at the time, [you] stop using things. It's not exactly a hard thing to do," he said.

AGL said the "peak event" is normally a two-to-three-hour window where energy demand is high, which then reduces pressure on the grid and avoids outages.

Electricity bill costs remain among the five biggest financial concerns for households, so Mr Vogelzang says it's important to keep finding ways to reduce it.

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"I think everyone should be checking their energy provider on an annual basis to see competitive rates."

The Independent Pricing Regulator said even though electricity prices are at their lowest, customers who remain on standing offers are paying too much.

They advise switching plans, which could save households up to $300 a year on electricity and $350 a year on gas.

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