Flick Electric Co. customer savings top million-dollar mark

Flick Electric Co. customer savings top million-dollar mark

Electricity Authority figures show $280m savings available in residential market

Customers of power company Flick Electric Co. topped $1m in savings this week after just 18 months in market, and with a rapidly growing customer base, the company expects savings of more than $5m in the coming year.

Average annual savings are $360 per household, while the top saving household with the company is already $1,843 better off.

The disruptive technology business gives customers access to the wholesale costs of getting power to their property, then charges a separate retailer fee. The model empowers customers to optimise low spot market prices, and off-peak lines charges, to make savings.

“Spot market prices have been excellent for sustained periods over the past year and the upside of this has flowed straight through to our customers,” says CEO Steve O’Connor.

The Electricity Authority estimates that there is $280m in savings available in the residential electricity market if households switched to the cheapest provider in their area.

“We know there is significant money coming out of kiwis pockets, and by extension local economies, because people are paying more than they need to for power. The million-dollar savings milestone validates that our model works and helps kiwis save,” said O’Connor.

“Households have experienced huge price increases over the past decade, but households can take back control by voting with their feet.” (+53% from 2006 – 2015, MBIE)

Flick has 6,700 customers. It achieved Consumer NZ’s ‘Consumer Trusted’ accreditation in October, and topped this year’s industry customer satisfaction survey with 96%.

ENDS

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