There are several mistakes homeowners, and business owners alike, can avoid when shopping for lower electricity rates and a new energy plan:
Mistake 1: Comparing rates of only a couple of providers.
One of the biggest mistakes that many energy buyers make is buying their energy plan too quickly without looking at ALL available electric rates and plans. The energy market is one of the most complex markets out there and it is always changing. Sure, your favorite electric company might have had the best rates for you a couple of years ago, but what about this year? What about new providers in your area — have you checked their rates, as well?
Do you even know all of the providers in your area?
It’s best when shopping for electricity rates to use a site like ours, ElectricChoice.com, which has an electricity marketplace. Our marketplace has countless plans, sortable by term, kWh price, etc., to make sure you find the best plan in your area from numerous providers.
Mistake 2: Being afraid to commit to a contract.
One of the biggest mistakes that electricity consumers tend to make when buying a new energy plan is dragging their feet when it comes time to commit to a contract. If you are seriously looking for an energy plan and have the intention of committing to a new plan, then you must be ready to execute a new contract quickly.
Prices and deals can change in an instant and if you hesitate too long, then you may end up missing out on the deal you are considering. The good news is that retail suppliers legally have to remind you when a contract is about to expire, so you are fully aware of when it is about time to commit to something new.
Mistake 3: Sticking with an electric provider as the “status quo.”
There are so many commercial and residential electricity customers that stick with a provider for years and don?t feel the need to ever change suppliers. Sure, you might consider the service you’re receiving to be “fine,” but it really does pay to shop around whenever your contract goes up for renewal. Electric deregulation has become incredibly competitive, especially in states like Texas, Pennsylvania, and Ohio, and you may be paying much more per kWh than you should.
This industry is competitive and suppliers are competitive and willing to do what they can to secure new contracts. Even if you are happy with your current supplier, one of the biggest mistakes you can make is to become complacent and not shop around.
Do some shopping, compare rates and see how other contracts compare to the one you have with your supplier. You never know who else could be offering you a better deal, and if you aren?t shopping around you may be spending more money than necessary on your monthly electricity bills.