Switching electricity providers is a common practice. If you live in a state where energy is deregulated, you can save money on your electric bill by switching providers. Take the State of Texas as an example; the Texas electrical market allows residents to cut down on electricity bills by changing their energy providers. That being said, if you’re planning to switch, there are a few crucial things you must first consider to ensure you select the best providers. Listed below are some of them.
Many electricity providers offer a range of attractive deals and price plans. However, a good reputation is what counts. A strong brand reputation provides an excellent competitive advantage. No doubt, companies that don’t have good reviews will have a hard time attracting new customers. That’s because customers are afraid of a service disruption or security concerns. Similarly, a provider that has been hit by one scandal in the past will stain their reputation. It could be due to a breach of company data, employee behavior, or lousy customer service. So, it’s always best to look out for a provider with the best reputation.
An essential factor to consider when deciding between providers is the rate they charge for the service. Beyond a good reputation, it’s also a good idea to opt for the provider with the most competitive prices. This means that you’ll choose the rate that best serves your energy budget. Usually, electricity plans come in two types; a fixed-rate plan and a variable plan.
If you’re on a tight budget, you can opt for a fixed-rate plan. This way, you can pay the same electric rate throughout the year. More so, the only variable in this type of energy plan is used. Moreover, it protects you against any upswing in the electric market.
On the flip side, the variable-rate plan is tied to the market price at the moment. It means that your rate can change monthly. For instance, you get to pay a higher rate when the prices go up and vice versa.
Before settling for an electricity provider, try to find out the duration of the plan they offer. The length of the plan is dependent on your budget and appetite for risk. For instance, if you sign up for a fixed-rate plan, remember, you’ll have to commit to the entire plan duration. Trying to deviate or opt out of the plan before its expiry date may result in a termination fee. Remember, the duration of your electricity plan is also contained in the contract. So, always read the fine print to understand what you signed up for.
Excellent customer service can make all the difference for you. That said, you can’t place a premium on good customer service. Make sure you dedicate ample time to research your choice of energy provider to check if they prioritize customer service.
Not many energy companies place value on responding to customer queries. Try to visit their social media pages to measure their response time to messages.
More so, ensure you verify if it’s an automated response or a natural person on the receiving end. Another way to measure the efficiency of an energy company’s customer service is to visit their website and read customer reviews. Conducting extensive research on the company will save you a lot of hassles in the future.
Once you have completed all the conceptual steps of switching your electricity provider, it’s time to explore the deregulated energy market for a trusted company. When electric providers offer similar services, it can be overwhelming to choose the right one for you.
The best way to choose is to weigh all your options against specific metrics.
For starters, determine how much of their electricity comes from renewable sources and a termination fee for canceling or changing providers. Once you narrow down your choice to one provider, don’t hesitate to contact them for information on how to proceed.