There's a new electricity company in NSW and it’s called Mojo Power. They are promising lower energy bills for households which comes with its radically improved way of billing you for your energy consumption. The method behind the madness enables customers to purchase electricity at wholesale prices rather than retail.
If your household keeps running up a large energy bill every month then this could be the answer to reducing your monthly costs and saving you money. So how does this new Mojo service work, who is it most suitable for and are you eligible to use their service? If so, how do you get this money saving service into your home? These are some of the questions I'll be answering in today's money saving orientated post on the Buckscoop Bargain blog.
How it Works
What makes this service different from all the other energy providers is that it basically gives you an ‘Energy Pass’ that you pay for on a monthly subscription basis. The subscription costs a flat rate of between $30 - $50 per month which will give you access to the wholesale rates of electricity that will ultimately make up the remaining balance of your energy bill. There is also an annual subscription option that saves you even more money compared to the monthly price.
Mojo Power have three different Energy Passes that you can subscribe to, the first being a $30 per month tier which only gives you access to the wholesale energy discounted prices. The next level up is their $40 tier which includes the installation of a smart meter allowing you to monitor your consumption in real time via MyMojo. If you are eager to save even more money then the meter will help you learn when the on and off-peak times are to use electricity to pay less.
Finally the 3rd tier provides access to all of the above plus you have phone support which means you can call the team for assistance. If you choose either tier 1 or 2 then you only have live chat or email assistance available to you.
Mojo’s wholesale pricing offers a very decent discount on kWh and to put it into comparison, most electricity retailers will charge you more than $0.20¢ per kWh. Mojo’s single rate tariff will only charge you $0.17¢ per kWh (distributor dependent). Tier 2 and 3 customers with the meter will be able to monitor their expenditure to avoid $0.35¢ per kWh in peak times and take advantage of $0.10¢ per kWh in off-peak periods, a 50% discount.
If your home has solar panels installed then you will most likely receive the same feed-in-tariff that’s you’re currently earning now. Mojo Power also charges a $99 joining fee which is a one-off payment.
Who's Mojo Power Suitable For?
The set up with Mojo Power is simple. Basically, anyone can sign up to one of their subscription services and receive discounted energy prices. If your household uses electricity costing more than $50 a month, then most likely you'll benefit from Mojo. If, however, your energy consumption is very low then you might be better off using a company which charges you for what you actually use. Solar power users might be more inclined to stick to their normal energy provider, especially as their panels will be offsetting a proportion of their energy costs.
Homes with large energy requirements such as ones with big families or expansive layouts using air conditioning units, pool pumps and fans etc., will be the most suitable group to benefit from Mojo Power’s service. The smart meter on tier 2 and 3 will also keep costs down e.g. running the pool pump during off-peak hours or heating the boiler. The meter is align with modern day requirements because it shows you where you can save money every month.
How to Get Mojo Power
The process is as simple as it is to understand. You just need to go online, sign up in under 4 minutes and you’re all set. Mojo Power’s co-founder James Myatt says the company prides itself in being extremely easy to sign up to - the online form allows you to choose your account type, enter your details and Mojo will arrange the switch for you from old to new.
The other great thing to know is that Mojo do not provide lock-in contracts or charge exit fees. Their monthly bill simply gets charged each month and there is a cooling off period totalling 10 business days during which time you can claim a full refund, just in case you change your mind.