One of the great things about living in Texas is the option of choosing energy plans. Since 2002, the state of Texas opened the electricity market, and this has allowed many Texans to select from a wide variety of energy providers.
To help you shop for electricity plans in Texas, read on below:
Read Your Current Contract
If you are not happy with your current energy provider, you cannot just switch immediately. First, you will want to check if you would be subjecting yourself to an early termination fee for your contract. If you still have a few months left with your current provider, postpone the switch. You can see the months left on your monthly energy bill. But if you are not sure, you can always call your provider to ask for this information. If you have less than 14 days before your contract expires, you can switch providers without paying an early termination fee, according to the Public Utility Commission of Texas.
Assess Your Usage Rate
If you have an online account dashboard, check your monthly average electricity usage. Once you have this detail, compare the cost with multiple energy providers. You will see that the cost varies depending on the average energy consumption. Note that your usage will significantly factor in the electricity type that you choose for your home. This way, it will also be easier for you to see whether you can switch to greener energy options.
Factor In Rewards
When choosing an energy provider, make sure to take note of any rewards that you may take advantage of like free electricity, which can help you cut down your utility costs.
Decide on the Plan Type and Length of Contract
You must understand that different contract lengths have different prices. Often, the cost is much cheaper if you sign up with the provider for a longer term. Your type of plan should also be factored in. You can choose from:
- Fixed-Rate: In this type of plan, you have to choose from a six, 12, or 24-month term length, and you get the benefit of paying a fixed amount for the duration of the contract. However, the downside with this type of plan is that you won’t be able to take advantage of lower costs in case of a downturn in energy costs.
- Variable-Rate: The rate of the plan depends on the current market price of energy, which can change depending on several factors. The great thing about this plan is that you are not locked into a contract.
Shop for Multiple Energy Providers
You can use always compare and choose from the electricity plans in Texas that suit your lifestyle. You can apply filters to make it easier for you to see the energy provider depending on your chosen plan type, average monthly electricity usage, and other factors. Once you have an energy provider in mind, you can sign up right from the website.
Read the Electricity Facts Label (EFL)
Make sure that you read the electricity facts label (EFL), so you can get a rough idea of how rates are computed based on your consumption. You should be familiar with all the details of your plan so you know how you can lower your utility bill, if possible.
If you are seriously thinking of trying out other energy providers and leaving your current one, make sure to factor in all the things we mentioned here. Don’t forget to compare and contrast so you can be sure that you are signing up with a better one. Ask for recommendations from friends and read reviews online so you can be sure that you’re making the right decision.