Are you comfortable with what you’re currently paying for your electricity? If not, then it’s time you consider reviewing your energy plan. An energy plan typically comprises three components. These include the payment option, type of plan, as well as rate structure. Essentially, there are various types of energy plans to pick from:
What’s A Fixed Plan?
Fixed plans are perfect for high-stability residents. They charge the same energy rates every month. Opting for this type of energy plan will cushion you against potential fluctuations. Plus, it will protect you from skyrocketing summer temperatures.
What About A Variable Plan?
When it comes to fixed plans, your energy supply rates remain constant throughout your contract. But with a variable plan, you’ll be charged based on the prevailing market conditions. These changes might occur on a monthly or a daily basis. At times you may benefit from market lows and at times you could be hit by tremendous market highs.
Indexed Plans
Indexed plans often fluctuate over time. They’re usually calculated based on a commodity index for energy. As such, your rate will vary depending on the formula your energy supplier uses. Before signing up for a contract, be sure to read the terms carefully. Find out if an indexed plan is what you need or maybe you should opt for something else.
Rate Structure
This is another important segment of an energy plan. This refers to the amount of money you’ll be required to pay. A stable rate typically refers to a consistent payment; you pay the same amount for every unit you consume.
Flat rate pricing, on the other hand, is a type of payment where you’re charged the same amount no matter how many kilowatts you use. If your energy supplier designates certain usage buckets, then you’ll be charged a tiered rate.
Other payment options include wholesale pricing, bill credits, as well as, variable rates. Depending on your needs, you can always find an ideal rate.
Switching To New Supplier
You don’t have to put up with a rogue energy supplier. You don’t have to be overcharged. You are the boss. You deserve the best services. So, look for a new supplier. Choose a supplier with flexible terms. Ensure that the supplier you choose comes with plans that suit your home’s explicit needs. Conduct your research first. There are several energy providers out there. Use a comparison site to compare different suppliers. Utility Bidder can help you switch to another supplier without any issues.
Final Thoughts
Shop around for the best energy plan. Don’t just pick any supplier. Instead, go for the right option. Evaluate your needs and choose a reputable provider. Check their rates, total costs, as well as, other plan benefits. Don’t be too quick to select any plan. Ensure that you are selecting a flexible energy plan if you want to achieve better results. Also, hire the right energy provider if you want to save a lot in terms of energy bills.
