How much should I save each month?

The commonly cited rule in NZ is 20% of after-tax income toward savings and debt repayment (the 50/30/20 split). But housing costs in Auckland and Wellington mean many Kiwis realistically save 10-15% — start where you can and automate the transfer on payday.

What's the fastest way to save money in NZ?

Do a subscription audit first — most Kiwis have $50-150/month in recurring charges they've forgotten about. Next, check your power and internet providers against Powerswitch; switching often saves $200-400/year. Then automate savings on payday so it doesn't depend on willpower.

Can Steady help me save automatically?

Steady shows you your safe-to-spend amount, tracks progress on savings goals, and sends alerts when you're close to overspending. Because NZ banks don't yet support automated bank-to-bank transfers through Akahu, actual money movement still happens in your bank app — but Steady tells you exactly when and how much.

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Tips19 June 20269 min read

Cheapest Power Company NZ 2026: How to Actually Save on Your Bill

The cheapest power company depends on where you live, how much you use, and when. Here's how to compare NZ electricity plans properly in 2026 — and the switching trick that takes 10 minutes and saves hundreds.

Comparing NZ power companies — warm home, lightbulb, calm evening light

Know your Safe to Spend every week

Steady connects your bank and tracks it all automatically — no spreadsheets. Join the waitlist for early access.

Kia ora. "Who's the cheapest power company in NZ?" is the wrong question — because the answer changes depending on your region, how much power you use, and whether you use most of it during the day or at night.

But there absolutely is a cheapest plan for your house, and most Kiwis are overpaying because they've never switched. Here's how to find it.

Why there's no single cheapest provider

Electricity pricing in NZ has a lot of moving parts: a daily fixed charge, a per-kWh rate, and increasingly time-of-use rates (cheaper at night, dearer at peak). A retailer that's cheapest for a low-use flat can be the most expensive for a big family home with a heat pump running all winter.

That's why "cheapest power company" lists are nearly useless — they can't see your usage.

The right way to compare (free, official)

Use Powerswitch (powerswitch.org.nz), the free comparison tool run by Consumer NZ. Grab a recent power bill, pop in your address and usage, and it ranks every plan available at your address by your actual consumption. It's the only comparison that reflects your real numbers.

Steady tip: Don't have your usage handy? Your annual kWh is on any power bill, or in your retailer's app. Steady spots your power payments automatically in your bank feed so you can see exactly what you're spending across the year — join the waitlist for early access.

The switching trick most people miss

Run Powerswitch with your real usage — note the cheapest plan.
Check for prompt-payment discounts (often 10–20%) and sign-up credits — these change the ranking.
Call your current retailer first and say you're about to switch. They'll often match or beat the new price to keep you. Five-minute call, sometimes $200+/year saved.
If they won't budge, switch. It takes ~10 minutes online, there's no interruption to your power, and the new retailer handles everything.

Beyond switching: cut the usage itself

Switching is the fast win. The slow win is using less — heat pumps on timers, hot-water cylinder wraps, and avoiding peak-time use on time-of-use plans. We go deeper in power bill hacks for NZ homes and surviving the winter power bill.

The bottom line

There's no nationwide cheapest power company — there's the cheapest plan for your house. Run Powerswitch with your real usage, haggle with your current retailer, and switch if they won't match. Ten minutes of effort, often hundreds saved a year.

Steady tip: Power is one of the four big household leaks (along with groceries, insurance, and subscriptions). Steady auto-tags every NZ retailer — Contact, Genesis, Mercury, Electric Kiwi — so you can see your real annual power spend and whether switching actually worked. Join the waitlist.

Written by Sam Wilson

Founder, Steady

Sam is a New Zealand founder building Steady — a personal finance app designed for Kiwis, integrated with every major NZ bank via Akahu. He writes about money, bank integrations, and what actually works for everyday New Zealanders.More about Sam