Electricity is one of the most important utilities in any home. To some extent, your comfort, health, safety, convenience, and entertainment largely depend on it. This is not to forget that in today’s homes, we have a lot of devices, systems, tools, and equipment depending on electrical power to function. From kitchen appliances to home lighting, electronic gadgets, heating, and cooling systems, laundry machines, they all need that juice to keep making your life better. Well, this only means one thing: your monthly electric bill can wreak havoc on your finances if you are not careful.
Apart from minimizing usage and investing in energy-efficient options, one of the things you can do to keep your monthly power bills down is to select your power provider wisely. This is because different electricity providers have different rates, plans, and packages for their energy consumers. In this piece, we shall look at a few points on how to find a great energy provider for your home.
image © Francesco Casalino
1. Supply and Usage
When planning to settle for a particular energy provider, you must settle for a company that provides you with an electricity plan that suits your household's needs. To do this, the guys over at Electricity Monster recommend comparing various providers before choosing the most suitable one for your needs. Based on your current location, you will want to start by determining how many providers are nearby. From there, one of the aspects you will want to consider is your usage needs and the supply capacity of the company.
In the end, no one wants to struggle and feel a pinch when settling the utility bills. Usage charges vary according to how you use your appliances in the house. Take your time to compare the supply prices and the usage charges. Keep in mind that the larger the number of people in the house, the higher the bill will probably go.
2. Market vs. Standing Contracts
Let's get a clear difference here for a more comprehensive account. Standing contracts are regulated by the government whereby whatever you pay as your bill are charges that have been placed by the government. They are fixed, whereas market contracts are drawn by market retailers who swing their prices depending on the market competition in the energy sector. In some cases, market contracts can be cheaper because some providers offer discounts to attract more clients to their services.
3. Fixed vs. Variable Electricity Rates
A fixed plan has a constant amount of money that you pay for throughout the contract, while the variable plan can change in the contract course. Depending on your financial status, you are at liberty to go for what you feel is the ideal plan for you. Since you may not be sure of the highest or the lowest charges with the variable plan, you can stick to a fixed electricity plan where you are sure to pay a specific amount after a defined period. Whichever option you pick, it is best to ensure it gives your pockets a breather. Exercise your power to choose (NPI).
4. Single Rates vs. Time of Use Tariffs
Let us all agree that we tend to utilize off-peak seasons to enjoy the best deals in the market. The same can be used when finding an energy provider for your house. When it comes to single rates, there is no time when the rates vary. The electricity rates are flat. On the contrary, the time of use tariff classifies peaks, and the charges are placed according to the time and how you have used your electricity. Watching your usage patterns can guide your charges because it is enough to benefit from a time-of-use tariff. However, if you use too much electricity during off-peak hours, you are likely to pay more. Take your time and analyze your costs.
5. Green Rating
If you are keen on research, you will find out that most companies that go green and have a heart for the environment are affordable. Even as you look for cheaper retailers to load your electricity concerns, get an environmentally conscious company. Get the one that is environmentally responsible. They are more likely to give better deals than companies that are not environmentally conscious. A renewable energy plan can get you more competitive prices.
image © Karsten Würth
And there you have it. When looking for an energy provider for your home, it is crucial to compare and contrast several companies and what they offer before picking one. The few tips above will hopefully make it easy for you to choose the right energy provider for you.
