They generate around 25% of New Zealand's electricity, and are one of the country's largest wholesalers and retailers of natural gas; with around 47% of the LPG market in New Zealand. The government has given Power Companies 6 months to get rid of prompt payment discounts under threat of regulation. Most power companies have ditched the prompt payment discount but some of the biggest still offer them. This does not apply to other charges including Fixed charges and Market Fees. Electricity is an essential service, says Consumer NZ, and many people struggle with their bills. We will contact you as soon as possible. Here at Power Compare we help you compare power companies to find the best power company and the best new power customer deals. Contact Energy has admitted breaching the Fair Trading Act in relation to misleading some customers about the amount payable for final bills. (2 days ago) Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. The discount applies to your electricity and/or reticulated gas unit charges or LPG bottle delivery. (2 days ago) Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. Those of you who have struggled to pay your bill on time, and would prefer power prices were lower for everyone in the first place. Subscribe to our newsletter to get Important news and amazing offers: A review of over 378,000 residential customers that switched power provider last year has revealed some interesting trends in the provider of choice for... Wishing you a happy holiday season and a great start to 2021! In November, Energy Minister Megan Woods gave power companies six months to make changes to the prompt payment discounts (PPD) before the Government decided whether to regulate. A percentage-based charge for late payment was not justified when it was a fixed recovery cost, Wilson said. Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. said it wanted to see major changes to them. Prompt payment discounts were introduced with good intentions, the company said, but they had come to disproportionately impact those who struggled to pay their bill from time to time. In June, Woods wrote to retailers seeking answers to a number of questions, and officials were currently considering the responses, a spokeswoman for the minister said. Depending on the plan, Contact Energy now offer discounts to all customers. What is a prompt payment discount? … Prompt payment discounts have traditionally been a standard part of NZ Power Bills – usually a discount of up to 15-20% for power customers who pay their bill on time. Cheers! The 2% discount is not a prompt payment discount, it will always be applied. New Zealand’s third-largest power retailer by market share, Mercury, still offers the prompt payment discount to customers who choose it or … The review made several key recommendations intended to ensure that we pay a fair price for our power, and to make power more affordable for everyone. Losing a prompt payment discount had happened to 59 per cent of Meridian customers. The Government recently completed the Electricity Price Review – a comprehensive industry-wide review on how we are charged for our power. “Since implementing a ‘guaranteed discount’ and later moving to the ‘naked rate’ or ‘flat rate’, Meridian has developed even stronger relationships with our customers. Energy Online. ... Meridian Energy is a New Zealand power company that generates electricity through 100% renewable sources – wind, water and sun. Depending on the plan, Contact Energy now offer discounts to all customers. “These discounts can … Contact Energy is one of New Zealand’s leading energy generators and retailers, providing electricity, natural gas and LPG to about 562,000 customers nationwide. A late payment fee of $25 may apply if you don’t pay your bill on time. The company cut its discount to 10 per cent from 12 per cent to accurately reflect what it cost to recover a late payment, the spokesperson said. GST) off your first bill 2% discount on your energy charges Fixed energy rates until 31 October 2022 If you want to get ahead of the ban on prompt payment discounts – you could consider a plan from Contact Energy or Meridian and benefit from a general discount and additional perks. Those of you who love your prompt payment discounts and are sceptical that the ban will result in savings that filter down to power customers. “The ability to pay a $200 or $300 power bill within the PPD period is not an option for many New Zealand families, so missing out on a 10 per cent, 12 per cent or even 18 per cent discount has always been unfair.”. It’s a back to basics, hassle-free plan. Contact Energy Remove Prompt Payment Discounts and ... $150 off (2 days ago) Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. ... as this ensures prompt, regular payments. We can see this through reduced customer ‘churn’, improvement of credit performance, low disconnections, and anecdotal feedback,” said a spokesperson. The Electricity Price Review last year estimated that consumers would be $45 million a year better off if power companies normalised pricing at the discounted level and only charged late-payers “reasonable fees” for the costs of chasing late payments. Or if you like the confidence of knowing exactly what you’ll be paying each month, opt for SmoothPay, which divides your energy cost evenly so you can pay the same amount each month. Discounts include 18% prompt payment discount when you pay on time, 2% discount if you are a DualEnergy customer, and a further 4% if you add broadband, get bills by email and pay by direct debit. A common discount is 2/10 – net 30, which means buyers can earn a 2% discount by paying in 10 days. Discounts and rewards with Energy Plus Join Genesis and get up to $200 credit plus great discounts and rewards on an Energy Plus Plan. Here are our opening hours for the 2020-2021 holiday season. Direct Debit is an easy option that you can set to make payments automatic each month. The 2% discount is not a prompt payment discount, it will always be applied. “If a customer pays late and there are grounds to charge a late payment fee, that should reflect the actual costs that the company may incur, sending a reminder notice for example.”. The Basic Plan, is Contact Energy’s simplest plan. 6 months to get rid of prompt payment discounts, Power Compare Christmas Opening Hours 2020. The report instead recommended banning prompt payment discounts and passing a standard discount on to everyone. You will be the first to learn about new power deals and exclusive offers. Understanding Early Payment Discounts on Invoices. About half its residential customers – about 185,000 – were on plans without the discount. As long-standing Contact Energy customers over many years, Mr and Mrs Thomson pay their bills on time through the Post Shop by preference, receiving a 10 per cent discount. Some existing customers still had the discounts as part of legacy plans, which they could change. Advising Contact Energy in relation to settling breaches of the Fair Trading Act regarding Contact Energy's Dual Energy and Prompt Payment Discounts. Rival power retailers are likely to come under pressure to follow suit, with Contact Energy particularly exposed as it has led the market in raising the size of its prompt payment discount to … The people who were penalised were those who struggle to pay their bills, or those who need a fair price for power the most. Do you rely on a prompt payment discount to keep your power bill down? Investor news. “At the same time as we stopped offering PPD plans to new residential customers, we also introduced a simpler set of plans which represents a fairer and more transparent energy market,” a spokeswoman said. Check out our payment options below and choose the one that works best for you. Compare power companies NZ wide on Power Compare. Feedback from Power Compare customers indicates that we fall into 2 clear groups when it comes to the ban on prompt payment discounts: Some companies, like Contact Energy and Meridian have already followed the government recommendation to remove prompt payment discounts. The Government estimated that consumers would be $45 million a year better off if power companies normalised pricing at the discounted level and only charged late-payers "reasonable fees" for the costs of chasing late payments. The lowest average since 2015. If you’re going to miss your prompt payment discounts – make the most of them now – and make sure you compare power plans to get the best deal and rewards in the future! COUPON (2 days ago) An early payment discount (also called a prompt payment or cash discount) is a reduction in an invoice balance when it’s paid before the due date. For FY19 this equated to 39 cents per share, compared to the 32 cents per share declared for FY18. The Basic Plan, is Contact Energy’s simplest plan. There is no prompt payment discount available on this Plan. This means the customer receives a 1% invoice discount if the payment is submitted within 10 days. How does your power... Change The details of a PPD can vary depending on the industry, but generally it means that the supplier will provide a discount if the consumer meets certain conditions as specified in their contract. ... Get up to $150 credit and up to 11% monthly discount with this exclusive power deal. While many homeowners benefited from the discounts, it effectively rewarded wealthier customers at the expense of those whose income did not cover monthly expenses, said Chris Walsh, founder of price comparison site Moneyhub.co.nz. Energy Minister Megan Woods has now written an "open letter" to power companies encouraging them to make changes, before she "proceeds down the track" of regulation. You may also be charged by your bank or building society if you pay your energy bill by cash. For individual Contact Energy reviews, scroll below. If there is a conflict between our General Terms and the Special Terms of this Plan, the terms of this Plan will apply. For customers who regularly meet their payment deadlines, a prompt payment discount can help save hundreds of dollars each year. Compare over 100 NZ internet service providers quickly, efficiently and for free. New Zealand’s third-largest power retailer by market share, Mercury, still offers the prompt payment discount to customers who choose it or it can be exchanged for offers that do not have PPDs. “In our view, it was not the major problem with pricing in the market,” Wilson said. Understanding Early Payment Discounts on Invoices. So that so-called prompt payment rate, everyone should be getting that,” she said. “Anything above 0 per cent is too much for power companies to offer, as the discounting comes at the expense of financially challenged customers,” he said. The latest data from the Electricity Retailers’ Association reveals that Power bills are down $126. As the name suggests, the customer will have a specified amount deducted from their bill total if they pay before a certain date. “Some changes seem perverse and poorly thought through, such as removing prompt payment discounts while retaining late payment fees. more Aroha Nov 2020 ...Contact is an awesome power provider...Contact Customer service team are friendly, kind, prompt and very helpful. address. Is your power bill the lowest since 2015? The 2% discount is not a prompt payment discount, it will always be applied. Via a secret source, Contact energy is offering 12% prompt payment discounts, up from 10%. PPDs are widespread in the New Zealand electricity sector. A good prompt payment discount has often been a key deciding factor for people who are choosing a new power plan. Contact Energy, second-biggest by market share, stopped offering prompt payment plans to new residential customers in May 2019. Trustpower has removed the discounts from all new plans, and the company is in the process of removing them from existing customers’ plans. The latest offer from Contact offers up to $25 off the standard monthly cost of broadband when you bundle with energy on the Broadband Bundle plan. Trustpower offers several different ways to pay your bill so you can find the method that is right for you. Energy bill payment options We know you’ve got better things to do, so we make paying your power bill easy as. In addition to bundles ; broadband compare helps you compare power companies, like Contact Energy ’ s back... 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