How to Get the Cheapest Electricity

Utility prices seem to go up all the time. If you want to stabilize your monthly bills you’ll want to find the cheapest electricity rates possible. Consumers in Texas are able to choose their electricity provider so they are able to get the best prices. To find the cheapest electricity you will need to start by reviewing your current bill. There are three main things to look at including the electricity rate, monthly usage, and additional fees. With this information in hand you can more easily compare your current company with others.

As you compare prices to find the cheapest electricity rates, begin by checking the Electricity Facts Label, EFL. Each electric company in Texas is required to provide this for consumers. The label makes it easier to compare electricity rates as well as other fees that may apply. Electricity is measured in kilowatts per hour and rates may range widely from as low as 8 cents to as high as 25 cents. Looking at the kilowatt per hour rate isn’t the only thing you’ll need to do. You also need to review any other fees and charges that could be added to your monthly bill. These may include such things as a meter fee, processing charge, and service fees.

Electricity providers may offer bundled services. When shopping for the cheapest electricity rates you will need to compare what is included in each specific bundle package. A bundle usually gives a good rate and includes all the monthly service fees so you can easily see what your total monthly bill will be. If you prefer to choose a plan with rate pricing you’ll need to take the time to look more closely at the fine print to find out what additional fees may be added to your monthly bill.

Another thing to look at when checking prices is the length of the contract. Signing a long contract may get you some lower prices, but keep in mind you’ll be locked into the provider for up to two years. If you want to change providers before the contract is up you may end up having to pay a hefty termination fee. Check with your current provider to find out when your contract ends and begin looking at prices at least a couple of months ahead of time. It’s also important to know whether the provider has a monthly minimum fee, which could mean that you’re going to pay a certain amount each month, even if your electricity usage is low.