When choosing a market contract, you should shop around and understand your rights and responsibilities before entering into any contract. Remember to carefully read any contract before signing and check that the terms and conditions match the deal described to you.
Compare contracts
It's important to read all offers carefully and make sure you are comparing like for like. If you are comparing prices, make sure you check what has been included and what is excluded from your offer. Check your recent bills to see how much energy you usually consume - and don't forget you may use more or less electricity depending on the season. The electricity you use is measured in kilowatt-hours (kWh) or megawatt-hours (MWh). 1 MWh = 1000kWh. A unit price is the price per kWh or MWh. This is how you will be able to compare different prices against the Queensland Government's regulated price. The Queensland Competition Authority has also developed a price comparator (external website) so you can compare electricity prices offered by Queensland energy retailers.
Energy marketing
Energy marketers can contact you in person, by phone or by mail and they must comply with the Marketing Code of Conduct. If you are contacted by a marketer who pressures or misleads you, you should contact the retailer they represent to make a complaint.
10-day cooling-off period
All energy contracts have a 10 business-day cooling-off period. This means you can change your mind and cancel the contract within 10 business days after signing the contract. The contract may need to be cancelled in writing - contact your energy supplier to find out. See our cooling-off period case study and sample cancellation letter.
Read the fine print and take your time
A contract is a legally binding agreement so it makes sense to take the time to read it carefully and ensure you understand what you're signing up to. Don't allow yourself to be pressured into signing a contract you haven't read or don't understand.
Disclosure statements
Once you have signed a contract, your energy retailer must give you a written disclosure statement. It should be in plain English and explain key terms of the contract, including prices, service levels, bill frequency, duration of the contract, available payment methods, fees and charges and early termination penalties.
Delayed transfer
If you sign up with a new energy retailer, your contract will usually start after your next meter read. You should receive a final bill from your old retailer and a welcome letter from your new retailer to let you know your new contract has begun. Normally, this process can take a few months to complete. See transferring to a new contract.
Rebates
If you currently receive a Queensland Government Electricity Rebate, you should make sure that your new retailer has these details.
Keep copies
Always keep a copy of any contract you sign - if there's a dispute in the future you will need all of the original paperwork.
What happens when your contract ends?
At the end of your contract, your retailer must give you the option of going back onto the Queensland Government's regulated electricity price. You can either stay with your current retailer on the regulated price, negotiate another deal with your current retailer, or shop around for a deal with another retailer.