Watch Out for Costly Electric Terms
Electric companies provide a lengthy document called “terms of service” states specific details regarding your electricity plan. Let’s face it, this isn’t light reading and the thought of perusing this document is sure to leave you cold. However, it’s vital you take the time to read through it. Otherwise, you could pay a costly price of fees and charges. And since natural gas prices seem to be on the rise, you want to save money whenever possible. To help you know what to look for in the terms of service, let’s cover three sneaky electric plan terms to avoid in PA.
Convenience Charges Can Equal Added Costs
Some electricity providers add convenience charges to their services. Convenience charges can be late fees for paying your bill in certain ways. For example, it could be free to pay your bill online, but you may owe a convenience fee if you pay by phone. Another uncommon fee is a seemingly small daily subscription fee that’s sometimes charged for renewable energy or to access reward programs. But a 30 cent subscription fee can add $9.00 to your monthly bill. Keep an eye out for these unnecessary added costs in an electricity company’s terms of service.
Beware of Late Fees
Another sneaky fee that may pop up is a late fee. Most electric companies rely on your local utility to handle late payment policies and procedures. However, suppliers can charge you interest for any past due amounts at 1.5% per month, plus collection and attorney fees. So, always pay your bill on time. And if you do get behind and need help, contact your local PA utility right away.
Keep An Eye Out for Plan Expiration Notices
The terms of service document also states what happens when your current plan term expires. Your PA electricity company will send out two written notifications about how your plan continues once your current term is up. Some companies will automatically enroll you in a new plan, which could be fixed rate or variable rate. Also, the term length may differ. On the other hand, your current electricity company may let you renew your current plan with new terms. Always check your written renewal notices for the new terms and respond before your plan ends.
Save Money And Read Electric Plan Terms!
Don’t get burned by high-cost charges and fees attached to your electricity plan! Read your terms of service and take note of the fees and charges the company can add. Also, remember to look for those renewal notices near the end of your current electric plan term. When you’re aware of the terms and how to avoid fees and charges, you can save money on your utility bill.
In addition, save money and find the cheapest electricity plan with the best terms by doing your research. Visit https://www.paenergyratings.com and review current plans and electricity providers in your area.