Do You Shop for the Best Electricity Rates?

Using the PA Power Switch tool supplied by the state, https://www.papowerswitch.com/.

I do caution people however to be very careful of introductory offers, variable rate plans and cancellation fees.

I too, am in PA, I used to shop a new company each year for the one with the best rates. You do have to due a lot of research, not only for a legit company but also what type of contract can you quit without penalty etc. Sometimes the company you're with won't tell you you're about to roll over to a monthly contract and that formally locked in rate will now be variable and almost always higher.

I finally got tired of it all and just stick with PECO, who would be my service company anyway.

I don't really understand how it all works since the big area company still bills and services you, you just buy the electricity that the big company delivers to you.

They are required by law to do so but, as you say, sometimes they don't. When questioned, "lost in the mail" is the usual excuse. It's only happened once in my experience.

I always mark my calendar just in case.

My last contract is with Constellation out of Texas. I believe I am getting a 4.59 cent KWH rate and I believe I have another 16 months to go on this contract. You do have to do your research before signing up, but you can save money in the long run. I am probably saving $5.00 a month over my last rate.

But I've heard some horror stories about folks getting hit with huge bills when there are power shortages.

https://www.cbsnews.com/news/texas-power-outage-griddy-lawsu...

That link will get you to a site that requests a zip code and then provides various plans. The bottom of the page states "We're owned by Eisenbach Consulting, LLC, one of the most well-known energy management and procurement companies in America."

IF YOU LIVE IN PENNSYLVANIA, I suggest you use https://www.papowerswitch.com/ to make your choice. AT least in instance, PA Power Switch, which is run by the state Public Utilities Commission, was less expensive.

In the state of Georgia we have the opposite with our natural gas company, Atlanta Gas Light Company. The company was originally the direct provider of natural gas, becoming a regulated monopoly under the Georgia Public Service Commission until 1998 when the natural gas company became a gas wholesaler in 1998 with about 16 gas retailers competing for the consumer's business.

At the time in 1998, Gov. Zell Miller and the Public Service Commission made the change with the expectation that there would be a reduction in natural gas prices through competition. Lower natural gas prices was a pipe dream that didn't happen.

Geogia Power Co. supplies electricity for most of Georgia as the Southern Company. In 2015, the Southern Company purchased AGL (Atlanta Gas Light) Resources, creating an energy supply monopoly in the state since that company also owns Georgia Power, the electricity company for most of the state.

Georgia Power sells electricity directly to the consumer whereas Atlanta Gas Light Resources functions as a gas wholesaler that sells natural gas to competing natural gas retailers that sell to consumers.

I get what I get.

In TX, I look for a good price as well. I usually signup for 2-3 years at a time. The prices still fluctuate (up) as there is a producer of the electric fee as well as maintenance of the infrastructure and these can change quarterly. Generally it's so much per KWh + a base fee for the producer. These fees have gone up substantially the last couple of years.

I am in Texas which allows choice, however, I have to belong to an Electric Co-Op and therefore I cannot choice. Previously, I lived in places in Texas where I could choice, and I like it.

I did it for many years. I remember rates as low as in the 4's for kwh (the electric portion not the infrastructure).

Could always save between 1-2 cents per kwh by switching.

Today PECO is almost 10 and the competition 17.

I did once forget and my rate went from like 5.5 to 13 and I didn't notice until month 3. Never hurts to ask, and sometimes shout.

They back-billed me at the 5.5 and I switched away.

Been doing this for many years. Currently locked in at 6.09¢/kwh until mid 2024. The going rate here was 11.xxx¢ and more recently 9.2¢/kwh.

Do the same with nat gas. Currently at 45.9¢/therm. Util rate just dropped to 69¢, was $1.24 some months back.

It all started downhill in early 2021... I don't know if we've reached rock bottom yet.

Competition has reduced prices, but the reduction has to be seen in the context of prices that are naturally rising. So the net effect is that prices are not as high in a competitive market as they would be in a market that is theoretically a regulated monopoly.

I live in NY and have the option to shop for lower cost providers. But I take a different approach - rather than focus on the price of the commodity, I pay very close attention to how much of that commodity we are consuming, and in particular, how our consumption compares with others in our area.

Energy consumption is controlled by many factors, with lifestyle and weather both having a significant impact. We compare our consumption with similarly sized homes in our area. This comparison helps eliminate both lifestyle and weather as factors. I also track our consumption over time, both seasonally and year after year, and use that information to make informed changes in the way that we consume energy. To me, this makes more sense that constantly shopping for a 'blue light special'.

In addition to usage, another thing to consider is the percentage of "clean" energy a potential supplier offers. Non fossil fuel providers generally charge more but have a much smaller carbon footprint.

Rather than go for the cheapest price per KWH, we usually pay a little more and choose companies that offer 50% or more clean energy.