The end of the financial year is fast approaching. It’s a time when businesses everywhere are looking for ways to maximise their tax refund and lower their taxable income.
It also happens to be the perfect time to take a closer look at your energy costs.
The rising cost of energy (and all the other financial strains that come with it) continues to be a key issue for Aussie businesses. But this isn’t something they have to accept. The truth is, there are so many quick wins available to you if you know where to look.
That’s exactly what we aim to cover in this article. This checklist acts as a map, showing you where you can reduce costs, clean up your accounts, and enter FY25 in the strongest position possible. Let’s get into it.
1. Review Your Energy Contract
One of the simplest ways to reduce your energy costs is by reviewing your contract — yet it’s one of the most commonly overlooked.
If your contract is due to expire soon (or already has), you could be automatically rolled onto a higher default rate without even realising it. Unfortunately, this is a common practice in the energy industry and generally means you end up paying more than you need to, simply because no one flagged it.
The good news is that this isn’t something you have to do alone. In fact, we can do it for you! Simply book in a free energy assessment, and one of our brokers will give you a clear picture of where your energy rate sits relative to the rest of the market.
If there’s a better option to be found, we’ll help you find it.
2. Claim Solar Depreciation Before Cut-Off
You might think that solar energy is something best considered in the summertime. But actually, this period right before tax time is much better.
The main reason is that EOFY means the window is closing to take advantage of certain tax benefits – including the instant asset write-off for eligible commercial solar systems.
If you’re not familiar with this scheme, allow us to explain: The instant asset write-off allows businesses to immediately deduct the cost of eligible assets, like solar, instead of depreciating them over several years. That means you could claim a large portion (or even the full value) of a new solar system in this year’s tax return. You can learn more about the instant asset tax write-off and your eligibility on our website.
The end result is that you lower your taxable income this financial year, plus you then have a fully installed solar system ready to bring massive long-term savings on your bills.
Another thing to mention is that installation times are also a lot quicker than most people realise. For eligible sites, it’s still possible to get solar installed before June 30, but you’ll need to get your skates on!
3. Check Your Network Tariff
The next thing to check out is your network tariff. Many businesses don’t even know what this is, but believe it or not, it actually accounts for a substantial amount of the money you pay for energy.
A quick explainer: a network tariff is the rate you pay to access the electricity network. It’s based on factors like your location, connection type, and energy usage patterns. It’s separate from your energy rate and set by your distributor, not your retailer.
The problem is that lots of SMEs are still on outdated tariffs that don’t reflect how they operate today, especially if things have changed post-COVID, or after scaling up or down.
A quick network tariff analysis can uncover hidden charges, identify better-suited options, and potentially save you thousands. In fact, we’ve seen clients secure significant refunds or ongoing bill reductions after a simple review.
4. Validate Your Energy Bills
Think your energy bills are accurate? You might be surprised how common overcharged energy bills really are.
Billing errors and overcharges are far more common than most businesses realise — from incorrect metering to tariff misalignment, even small discrepancies can add up over time. And if you’re not reviewing your bills regularly, those errors could be quietly eating into your bottom line.
With EOFY around the corner, now’s the time to make sure your accounts are clean, accurate, and free of any surprises. A quick audit can also help you recover lost dollars or build a clearer picture of your energy spend heading into FY25.
5. Schedule an Energy Health Check
Although EOFY is a great time to look at the year that was, it’s also a great time to look at the year that will be. In other words, it’s time to plan for the future.
One of the smartest ways to future-proof your energy costs is with a full health check of your current setup. An energy health check gives you a clear picture of how your business is tracking: what you’re using, where you might be overspending, and what opportunities exist for solar, bill optimisations, and better commercial energy procurement strategies.
Whatever your goals are for the next financial year, there’s no goal that doesn’t fit with saving on your energy bill. At Choice Energy, we make it easier than ever. Simply schedule a free energy assessment today – so you can save tomorrow.
