The deregulation of energy markets has enabled consumers to select their electricity providers. This choice allows for greater savings and more predictable energy costs. However, it’s essential to carefully compare rates and plans and look for hidden fees.
The best time to switch is during fall and spring, known as the shoulder seasons. This is when energy consumption is low, and suppliers are more likely to offer attractive switch deals.
Look For A Plan With A Fixed Rate.
If you choose a plan with a fixed rate, you’ll lock in the cost per kWh for the term of your contract, which can be as short as three billing cycles or up to 24 months. These plans are great for those who want to minimize energy costs and avoid risk.
The price per kWh can change each month at a variable rate, depending on market conditions. If energy prices drop, your rate will also drop — but remember that the opposite can happen. Whatever plan you choose, exercise your power to shop and compare options from an electric provider before you sign a contract. Look for rates that fit your budget from a provider with excellent customer service, and take the time to review pricing and plan terms carefully. It’s also important to notify your current supplier, if applicable, and follow any required steps for termination or cancellation. Talk to an energy consultant today to find the right energy solution for you.
Look For A Plan With A Flexible Rate.
If your energy bill fluctuates from month to month or feels unpredictable, a plan with a fixed rate can help. However, a plan with a fixed rate will likely require you to commit to a contract ranging from a few months to several years. You should consider the terms and conditions of a new energy plan, including any cancellation fees associated with early termination.
Other plans with flexible rates may include time-of-use or prepaid plans. For example, a time-of-use plan will allow you to pay different electricity rates depending on the time of day or week when power demand is lowest. This type of plan is often designed to encourage customers to shift their energy consumption to off-peak times to lower the price of their electricity bills. The ability to switch energy providers and plans can be an empowering move for consumers in deregulated states. It’s essential to take the time to research providers and their available plans to ensure that you find a provider that offers competitive pricing and a plan that fits your energy needs and budget.
Look For A Plan With A Time-Of-Use Rate.
When you shop for a new electricity plan, look for the one that best fits your lifestyle. Consider factors such as your energy usage, preferred time of day to use electricity, and whether you want to earn bill credits with a time-of-use rate structure.
Energy providers (ESCOs in deregulated markets) buy large volumes of wholesale energy and set their customers’ terms, rates, and billing. Utility companies deliver power to your home or business and maintain the lines, and they are responsible for restoring power during an outage.
When you choose an energy provider and plan, read the contract carefully to ensure no hidden fees or penalties. If you change your mind after signing, looking for a contract with a fair rescission window is also a good idea. Once you have selected a plan, contact your new supplier to enroll. They will handle the switch with your utility company to ensure your energy service is uninterrupted during the transition.
Look For A Plan With A Fixed Start Date.
Exercise your power to choose by taking advantage of the many options available when you shop for a new energy plan. Compare rates and providers, consider contract lengths, and check for additional fees.
Are you interested in a fixed-rate plan that offers stability for your term? Do you want to save money by shifting your consumption patterns into off-peak periods when electricity rates are lowest? You may seek a provider with excellent customer service or alternative plan choices. You may also want a renewable energy plan to decrease your carbon footprint.
Electricity providers often offer plans with various term lengths, including month-to-month and three- to 36-month terms. They might also offer time-of-use (TOU) rates, which vary based on your usage during off-peak and peak times, and indexed plans that track a specific commodity index.
Look For A Plan With A Fixed End Date.
When you’re a consumer shopping for the best electricity rates in your area, comparing a plan’s price per kWh is essential. It’s also important to know what additional fees comprise your utility bills so you can become a more discerning energy shopper.
It’s also worth considering if an energy supplier offers value-added incentives for choosing them. This could include prepaid gift cards, cash-back bonuses, or a smart thermostat. Some suppliers may guarantee that 100 percent of their power comes from renewable sources so that you can feel good about your switch.
You can switch online or over the phone once you decide on an energy provider and plan. You’ll need to provide your current energy usage, which you can find on your utility bill. Be sure to take note of any contract terms or early termination fees, as these can add up. In most cases, your new energy supplier should handle everything else, including submitting the proper meter reading to your local utility company.