Choosing the wrong NBN service could cost Australians an additional $700 per year.

New research conducted by energy provider MOZO has found there was a significant price difference of nearly 50% between same speed NBN plans, equaling potential savings of up to $736 per year.

Mozo Director, Kirsty Lamont, says consumers should shop around as some contract plans come with hefty installation fees, cancellation fees and locked-in contacts making it difficult to swap providers.