When was the last time you shopped for the best rate from your electric company?
Seriously, with so many things it’s like once you’ve got it set up you pay it and forget it. (Car insurance anyone?)
Last month, I got a letter from my electric company offering a lower rate. It caught my attention, sure, but what’s the catch. The catch is that you have to lock-in that rate for another twelve months.
Hmmm. . .Do I want that rate for twelve months? The only way to know is to see the future. Since we can’t do that, I guess we could shop around and find out if it’s the best rate. This is about spending smarter, remember?
For example, I found out that if you sign up online and agree to automatic bill pay and paperless billing, you save even more. I also found out that the advertised rate included 20% wind energy while the same rate was applied to 100% wind energy.
Also, consider signing up for average billing. It can make it much easier to plan for in your budget. They add up your energy cost for the last eleven months plus this month and divide by twelve. That’s what you pay. So your bill will be a little more than before in April and a little less than before in August, but overall more evenly paid throughout the year.
I decided to opt for the lower rate and skip the average for now because it would average in the past twelve months of the higher rate. Not exactly a good idea. Maybe next year when my rate goes up! 😉
We’ll discuss was of using less electricity another day.