contract length

Is a Short or Long-Term Electricity Contract the Better Deal?

It’s no secret that the cost of electricity can vary widely from month to month.

Most electricity customers discover this firsthand if they have signed up for a month-to-month electricity contract. There are natural price variations that happen each month depending on factors such as customer demand and electricity fuel generation costs. To avoid these price swings, most residential electric customers choose an electricity plan that locks in a favorable rate for a fixed length of time.

Contract term lengths with your electricity provider can be as short as 3 months or as long as 5 years, with the most common generally ranging from 6 months to 2 years. You may think the longer contracts are the better deals, but are they? What is the best length of an electricity plan for you?

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Stuck In A Contract With Your Electricity Provider? Know Your Options

What should you do if you are in a contract and electric rates go down? What if you find another electricity plan from another provider that’s better? What if you are moving? The answers depend on your specific situation. Each electric supplier has a unique policy for early termination fees and each state has their own rules about what your supplier can charge in different situations.

Customers generally love electricity deregulation because it gives them the power to choose their energy provider and the price they pay for electricity. With this freedom of energy choice comes many decisions. One of those decisions is whether or not to enter into a long-term contract with a provider. Retail electricity providers offer customers contract choices that can range from month-to-month (no obligation) to five years (a seriously long-term obligation) and everything in between. Signing a contract with an electricity provider means that you have certain obligations but what are they?

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How to Switch Electricity Providers

You’ve probably heard about the great electricity rates your friends or neighbors got by switching their electricity providers or by getting an electricity plan for the first time, but diving in headfirst can be pretty intimidating.

After all, you’re not shopping for a shirt you can take back to the store if you change your mind—this is the electricity that’ll keep your home or business running! Here’s the good news: It’s easier than you think to switch electricity providers, whether you already have an electricity plan or you’re looking to leave your utility’s default provider and move to an electricity provider that better meets your needs.

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The Basics: How to Shop for an Electricity Plan

For electricity customers living in states that have allowed electricity deregulation, shopping for an electricity plan can seem overwhelming.

After all, many states have a large number of electricity providers and each provider offers several different plans that often look very similar at first glance. If you’re not sure how to get started shopping for electricity plans, you’re not alone. This short guide will get you started.

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