With the move to deregulated energy across the US, many consumers and business owners now have more choices available for their energy needs. But finding the best options take time. However, for those who are interested, the payoff can result in significant savings per month.
Unfortunately, many customers don’t have a great understanding of their energy needs and how deregulated energy works. Deciding between the long-term effects of a fixed rate or variable rate contract alone could make the uninitiated scratch their head, but figuring out the best way to calculate the estimated cost of the contract is far too difficult.
At Albireo, we understand this, which is why we have a team of energy consultants here to help. They are always coaching business owners on the pros and cons of changing energy suppliers. Based on that experience we put together this list of tips to keep in mind if you are thinking about changing energy suppliers.
Tip 1: Do Some Background Research
If you are going to change suppliers, you first need to understand the basics of how deregulated energy contracts work. You’ll often run into confusing jargon and long text. Do your research and read over what all of the terms mean. Some of the most important components of a contract to remember include:
- The contract terms
- Supplier contact info
- Your Rights as a Consumer (YRAC)
- The Terms of Service (TOS)
- Electricity Facts Label (EFL)
One very important thing to review in your contract is the ability to opt-out and what you are liable for if you end a contract early. If you are unsure about how the terms of the contract work or you are thinking about ending your contract early, you should talk it over with an experienced professional first.
Tip 2: Talk with an Energy Consultant if You Are Unsure
The first thing we would recommend is don’t do it alone if you don’t understand the ins and outs of your contract. If that description fits you, set up a meeting with an energy consultant.
To prepare for that meeting, it would be wise to collect past invoices and your current deregulated contract. An energy consultant can review this information to gain an understanding of your current situation.
Tip 3: Request New Bids from Energy Suppliers
If you determine that you want to change suppliers, the next step is to collect new bids. Here again, it usually makes sense to work with an energy consultant who understands the industry, but if you want to do it by yourself, there are a few things to keep in mind.
First, ensure the new contract starts at the end of any existing deregulated contracts so that you’re not penalized for terminating the contract early. Next, research what offers suppliers currently have published, and make sure to read the fine print. Finally, do your due diligence and calculate the cost for the life of the contract based on some reasonable estimates and assumptions.
If this is too difficult, remember, energy brokers know how to do this, and often times have relationships with suppliers. That description certainly fits us at Albireo Energy, plus we also have our intelligent energy management platform to help you make sense of your energy data and secure a better rate through our reverse energy auction.
If you would like to talk about how Albireo can help you switch energy suppliers, contact us today!