Power Bill Price Increase 2024

May 14, 2024

As industry costs rise, energy retailers are increasing their prices. Power Compare share the details on who has increased their prices so far in 2024.

Many Kiwis will experience an increase in their energy bills as several power retailers such as Meridian have announced prices will rise this year.

The increase comes down to rising costs in the power industry and electricity supply chain. The supply chain is made up of many working parts such as towers, power stations, lines and poles, that each require maintenance and upgrades. As inflation increases both globally and locally, the costs in the electricity supply chain go up too. These circumstances will not provide much comfort to many Kiwi households, though, who are feeling the weight of the cost of living crisis that continues to squeeze budgets.

For example, Mercury prices are increasing as of April 2024, and will be between 5 and 8 percent higher than last year for most consumers than last year.

Which Energy Retailers are Raising their Prices?

As of the time of writing this article, these are the retailers who have increased their prices:

However, these are retailers who have not yet announced an increase in their prices this year, but could do so in the new future, given the current landscape.

3 Ways to Lower your Power Bill

You may have noticed that your power bill has increased recently. While it can feel overwhelming, there are things you can do to take back some control over your power bill and avoid paying too much.

1. Reduce Power Consumption

Reducing your power consumption is an effective way to lower your energy bills. There are many things you can do around the house to minimise your energy use. It’s always a good idea to start with the draft in your home. Make sure your windows and doors are closed while you use your heat pump, and always close your curtains at night to trap in the heat, and open them in the morning to absorb the warmth of the sun, while turning off the heat pump. You can make sure you run your washing machine on the cold setting. Did you know that hot water can gobble up a lot of energy? Well, you can save a lot of energy by choosing cold water! It’s also helpful to choose energy efficient appliances. If you have an ancient fridge, chest freezer, washing machine, or heat pump, it might be time to upgrade to a modern unit with a high efficiency. Energy efficient appliances will use a lot less energy, while still doing their jobs! Save power, and save money!

Top 8 Tips to Save Power

2. Compare Power Plans

One of the most powerful ways to save money on your power bills is to compare plans and providers available to you. If you stay with the same plan and provider, you may be falling victim to loyalty tax. Loyalty tax refers to a consumer who stays with the same plan or provider out of convenience. The problem with this is that you can end up paying more than you need to when you stay with the same plan, as there may be other plans on the market that match your needs better and save money! Comparing your bills on a regular basis is a healthy habit and an important step in financial wellness. It takes only minutes with Power Compare’s user-friendly platform. Use the form on this page to compare costs and unlock a better deal that delivers savings and more value for your hard earned money. Go on, make savings that make a difference!

3. Winter Energy Payment and Power Credit

You may be eligible for the winter energy payment this year. This is an automatic payment sent by the government to Kiwis who are eligible. It is used to cover a portion of your power bill, and help ease some of that financial burden.

Check if you qualify for the Winter Energy Payment

Power credits is a scheme that the government has set out to help struggling households with their power bill. For customers struggling with their electricity bill, they may be eligible for up to $110 credits towards their power bill with participating energy retailers.

Who is Participating in the Power Credits Scheme