Australia’s electricity prices are at their lowest in over five years. 

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

One such way is through electricity provider’s energy-saver programs, which push households to reduce their usage in peak times in exchange for credits on their electricity bill.

However, electricity bill costs remain among the five biggest financial concerns for households. 

The Independent Pricing Regulator says many customers who remain on standing offers are paying too much.

The authority has recommended switching plans, which could save households up to $300 a year on electricity and $350 a year on gas.