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
- 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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