With the pandemic taking a toll on your earnings and expenses being constant and rising steadily, it’s a double whammy for most people!
A major component of your monthly bills is electricity, and getting a better deal on it would certainly bring down your monthly costs.
You may have lots of electricity providers in your state, but would it make sense financially to switch to another?
We try to cover all the questions you need to ask yourself before you consider a switch. Read on to find out more.
Factors To Be Considered While Switching Electricity Providers
Electricity supply is a highly competitive market. Whether it is a new entrant or an established company, everyone is willing to offer you attractive tariffs to ensure that you choose them.
Switching from one electricity supplier to another has also become easier, thanks to technological innovations. Here are the questions you ask yourself when switching electricity providers:
Am I Getting Cheaper Tariffs?
Savings in tariffs are the primary reason why you would consider switching to a new electricity provider.
However, your energy supplier should be able to provide you with quality service in addition to the lower rates; otherwise, you will have to look elsewhere.
If you are in Houston, Texas, for example, you can check the Houston Electricity Rates to find out which electricity provider offers the best value for every dollar spent. There are two main electricity plans in Texas, the fixed-rate plan and the variable-rate plan.
If you switch providers before the expiry of the contract, make sure that you don’t have to pay a termination fee. It is possible to lock-in the tariff for the fixed-rate plan using the weekend plan for free electricity.
In variable-rate plans, the tariff fluctuates according to market conditions, and you can try to find providers offering you the best rates.
What Is The Quality Of Customer Service?
While tariffs are an important consideration, so is customer service when it comes to retaining customers.
If you are planning to switch suppliers due to the higher savings, you must ensure that their customer service is equally good or else the switch wouldn’t be worth it.
If the quality of customer service is better than your current provider, you might switch even if the tariffs are the same.
Quality customer service would include faster response to customer complaints, prompt billing, efficient reporting, and well-behaved staff.
You should not have to wait for days to get a response from the service staff where your electricity issues are concerned. They should have a 24×7 toll-free number you can contact should you have any problems.
You can find out how prompt they are in providing service by calling them for providing a free quote. The speed at which they respond, as well as their communication skills, will give you a rough idea of the quality of their services.
What Is Their Service Area?
The energy service provider you want to switch to should have sufficient experience in residential and commercial properties in your area.
They are aware of the local regulations, market prices, or tax incentives that are different for each state. It is safer to deal with an electricity supplier that is compliant with the local laws and provides you with the best deal.
There is deregulation in major service areas, and you have the flexibility to go with an independent energy service company or ESCO for more stability in pricing.
When you choose a company with extensive experience, you get the advantages of the latest standards and best practices as applicable to your state.
To get fair pricing, services, or plans, you need to check whether the energy provider is registered with the state and that its contract and disclosure statements meet the Public Service Commission Standards.
What Is The Reputation Of The Supplier?
The reputation of the electricity supplier is also important when you decide to switch.
Look at the people who are running the organization. Check their core values and their mission to ensure that they demonstrate integrity and are responsible.
Verifying their background and history will answer a lot of your queries regarding the company. If the energy provider has been in this business for decades, they have an edge against relatively new entrants in terms of experience.
Do They Provide Environment-Friendly Energy?
With environment protection being a major cause of concern, you might decide to switch providers if they are providing green energy.
Some electricity providers supply energy from renewable sources such as solar or wind power. While the rates are higher than providers that supply energy from conventional sources, they are safer for the planet.
If caring for the planet is high on your list of priorities, then it might be helpful to check if the electricity supplier has expertise in sustainable energy solutions.
If you are in the Fort Worth area in Texas, then you could check Fort Worth Electricity Rates to find out the tariffs charged for green energy plans.
How Will I Make Payments After Switching Suppliers?
Your energy supplier takes care of the production of the energy that provides power. The utility company is responsible for connecting the power to your home.
Since these are two separate entities, you could end up paying two separate bills for your electricity. Some energy suppliers enter into agreements with utility companies so that you only need to pay one bill.
Before you switch, make sure that the electricity provider has an arrangement with the utility company.
Do I Have Any Options For Contract Lengths?
Yes, you have the option to choose from different contract lengths when it comes to switching energy suppliers in the market. Pricing will depend on the length you choose.
Bear in mind that the more flexible you are with your contract length, the better rates you will get.
Get The Best Deals And Switch
When it comes to energy providers, you’ve got a ton of options to choose from. But you need to ask the right questions before you switch.
These are some questions that will make it easy to identify the ideal electricity provider for you. Get all the facts about the different energy suppliers, and only switch if you see a substantial gain.