Average electricity prices are set to fall in the ACT by 2.6 per cent next financial year.
The Independent Competition and Regulatory Commission on Friday released its final decision on regulated electricity prices in the territory for the next four years.
The commission says the average retail price decrease is largely because of growth in renewable energy generation.
But it's warned many Canberrans will still struggle to pay their electricity bills, especially in the current economic climate.
The commission's report has asked the government to make it easier for ACT customers to shop around for a better electricity plan.
In its recommendations, it says retailers should have to tell their customers if they have a plan that could reduce a customer's bill.
The final price decision means a typical customer on ActewAGL's standing offer contracts will see a 2.56 per cent reduction in retail electricity prices in 2020-21.
For the average residential household using about 6,500 kWh per year, the expected price decrease would translate to a $43 saving in their annual bill.
"The impact on non-residential customers ranges from a reduction of $265 per year for a large customer to $66 for a small customer," senior commissioner Joe Dimasi said.
Chief Minister Andrew Barr said the government was supportive of the commission's recommendations.
"Despite all the scaremongering that a reliance on renewable energy will lead to higher prices, the ACT is proving to the nation that a transition to clean energy is the right thing to do," he said.
The final price decrease of 2.56 per cent determined by the commission is lower than the price decrease estimated in its draft report.
The commission says this mainly reflects updated data between draft and final reports, especially for network costs which increased by 5.4 per cent following the Australian Energy Regulator's May decision.
In making its recommendations, the commission surveyed more than 1000 ACT electricity customers as well as consulting with retailers and community groups.
ACT Council of Social Service chief executive, Dr Emma Campbell, welcomed the recommendations to improve transparency around electricity offers.
"We now encourage the ACT government to act as quickly as possible to implement the [commission's] recommendations so that Canberrans can move to more affordable energy offers more easily," she said.
"Electricity is an essential service and people should not have to wade through complex and confusing information to access more affordable energy."