There are many choices of energy suppliers, but finding a good offer shouldn’t be too difficult if you follow the steps below.
Decide Between Fixed or Variable Rate Plans
Fixed prices stay the same no matter what happens in the market, for either 12 or 24 month terms. Variable rates fluctuate with the market, and some companies even offer guaranteed savings versus the utility company’s variable rates.
Do Your Research
Explore offers on the New York State Power to Choose Website. This website, hosted by the NYS Public Service Commission, provides a side-by-side comparison of supplier’s pricing offers.
Know What Offers to Avoid
As with any industry, make sure you educated and conscious of people who might want to take advantage of you. Be wary of offers such as:
Introductory Prices
Always make sure to ask what happens to your rate after the introductory period is over. Often times, the rate is significantly higher after the initial term – even more than the utility company.
Sign up or cash back incentives: When a company offers you an incentive to sign up, or cash back at the end of your term, they will likely overcharge you to compensate.
Fixed Price Loopholes
When choosing a Fixed Price option, be sure to ask if the price will remain the same no matter what happens. Some companies sell “Fixed Prices” with fine print that allows them to adjust the price if the market increases.
Conclusion
Choosing a supplier is a great way to save money and provide budget certainty to your energy bills, but it does require some due diligence to ensure you’re getting a good deal.
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