As local energy providers encourage customers to look elsewhere, many questions come to mind. The main question that should be at everyone's center of attention is "How do I pick an energy retailer?" There are many different factors that must be considered in order to have the best experience moving forward.
1) Cost
2) Contracts- Look for a provider that has no contracts, no exit/cancellation fees, and make sure that you have a good idea of how your rates will rise and fall over an extended amount of time.
3) No cost to switch from current provider and no security deposit fee.
4) Investigate possible rewards
1) Cost
- Obviously when switching to a different energy retailer, COST is what gets everyone's attention.
- Most retailers will be able to offer the customer a rate which is lower than their current due to the transition of energy to a competitive market. This being said, don't jump at the first company to offer you a slightly reduced rate.
2) Contracts- Look for a provider that has no contracts, no exit/cancellation fees, and make sure that you have a good idea of how your rates will rise and fall over an extended amount of time.
- Many customers take a look at an initial electric rate that is sometimes 12-15% cheaper than their current going rate, their jaws drop, and they sign a contract right away.
- A few months later the rates on their bills spike up higher than what they were originally paying or what they were expecting to pay.
- The customer tries to leave the company to switch back to their original provider but under the terms of their contract there is a cancellation fee of $100-$200.
3) No cost to switch from current provider and no security deposit fee.
4) Investigate possible rewards
- This is mostly just an extra perk that some retail companies offer.
- Some companies offer travel or hotel rewards points so its not a bad idea to consider this when choosing between two very similar companies.
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