Why You Need to Shop Cheap Electricity
If you don’t shop for a new electricity plan before your contract expires, you’re making a HUGE mistake. In short, you’re probably paying more than you should for your electricity. When did your University Park electricity plan Expire? Here’s how much it cost you and what you should do to save on your next electricity bill.
What Happens When Your Electricity Plan Ends?
Don’t make the mistake of sticking with your current electricity provider without shopping for cheaper rates. Instead of locking in low electric rates for the long term, you’ll end up on a default renewal product. These are variable rate plans that often wind up charging extremely high electricity rates.
First we’ll assume you use the average amount of electricity each month, about 1,000 kWh. Now, let’s say your contract expired 3 months ago on 31 August. Starting in September, your provider would have put you on a variable rate product. Historical electricity rates in Texas are the highest ever. So, it’s not looking good. On August 30, the average rate for electricity was 10.5 cents per kWh. It was 7.6 cents per kWh on September 27 and then it rose to 12.9 cents per kWh by October 25.
That leaves you with a September bill of roughly $105, an October bill of $76, and a November bill of $126. It’s also important to note that the average rate for electricity in December is currently 13 cents per kWh. That’s going to be a bill of about $130.
That’s much higher…
Is A Long-Term, Fixed Rate Electricity Plan Cheaper?
Currently, the cheapest 12-month, fixed electricity rate plan is Come & Take It 12 from Energy Texas. This plan has an energy charge of 5.53 cents per kWh. With the standard TDU charges included, the average rate for energy comes to 10.5 cents per kWh. That’s an estimated monthly electricity bill of $105.
For the three months that you had default renewal product, you paid $307 for electricity. On the other hand, you would have paid $315 over the same period had you picked a fixed-rate plan like Come & Take It 12.
While it seems cheaper, that’s only because September – November are the shoulder months. Prices tend to dip during this time which makes it the best time to lock in cheap rates.
Going into December, you’re looking at an energy bill of $130 on the variable-rate plan. That’s $25 more than you’d pay on the fixed-rate plan. And with electricity rates expected to continue increasing this winter, you can expect higher rates in the months to come.
In short, you need to lock in cheap rates for the long term soon!
Shop for Cheap Electricity in Dallas, TX
Don’t get stuck paying more than you should for electricity. You have the power to choose the cheapest electricity plans in Dallas, Texas. If you’re ready to shop for a new electricity provider, then you need to visit https://www.texaselectricityratings.com.
You’ll find all the tools and resources you need to compare electricity plans and make the switch today!