Save Money with a New PA Electricity Supplier
High prices from this past summer’s PJM capacity auction have sent PTC rates up. So that means customers are on the lookout for savings! We make it easy to find cheap electricity rates. However, switching your PA electricity supplier can seem like a hassle. But since we’ve been ranking and rating electricity suppliers for over a decade, we can show you how to switch and save.
What to Know Before You Switch
Before you switch plans, there are a few details to consider. First, check your utility’s PTC rate so you can compare plan offers. This way, you’ll know which plans are competitive when you compare electricity rates.
Second, check your current plan contract for early termination fees. High termination fees can eat up any savings you get by switching providers. That’s especially the case if you only have a month or two before your contract expires.
Finally, there’s the time of year to shop. Fall and Spring are the best times to look for a new plan. Lower heating use means natural gas prices drop, bringing electricity rates down with them. However, Price to Compare rates have been increasing recently. And unfortunately, they’re expected to continue. So locking in a low rate now could save you money in the future.
What to Look for When You Switch Electric Suppliers
Now, let’s consider a few things when shopping providers. First, while variable rate plans only last a month and have no contract, their rates can change every month. They’re great short-term, but over time they will cost you more. In contrast, fixed rate plans keep the same rate throughout their contract period; usually lasting 2 months to 36 months. This protects you from rising prices. However if prices fall, you may miss out because you’ll still be locked into your contract rate.
Before you sign up for a plan, always read its terms of service carefully. Companies can charge early termination fees, monthly service fees, or even increase rates for excess usage. If you plan on moving or shopping again during your contract term, then you really want to avoid those early termination fees. It’s also a great idea to look at customer reviews. It can help you avoid a bad billing experience!
Finally, check for what happens when your new contract expires. Some will renew automatically, many at a variable rate. Others will transfer you to your utility’s default PTC rate. Keeping tabs on when your contract expires can help you avoid any costly surprises.
Wait for the Switch
When you’ve signed with your new provider, they’ll send you a “plain language disclosure statement”. This contains prices and terms for your new electricity supply agreement. When you receive this, your right to rescission gives you three days to change your mind and cancel the contract.
The switch itself goes through when your new electricity provider notifies your old provider and local utility about the switch. Your local utility will mail you a letter showing the date when your new service will begin (usually on the date of the next meter read). This is to prevent slamming and other fraud. Your new plan usually takes effect on your next billing cycle.
Know Where to Find the Best PA Electricity Supplier
Hopefully now you feel ready to save this summer! But where do you go to shop? If you want to compare rates, read reviews, and get the best electricity rates there’s only one place to go. Visit https://www.paenergyratings.com today!