Why CT Electricity Customers Shop Now
CT electricity is undeniably expensive. And it might get worse, with January’s rate hikes and a hot summer around the corner. That’s why many electricity customers are switching to energy supplier rates. But what’s the best strategy to save when the utilities forecast that CT electricity rates may fall?
High Rates Cause CT Customers Switching
Everyone knows that CT’s Price to Compare (PTC) rates have nearly doubled across the board. Eversource went up to 24.322 cents per kilowatt hour (kWh) in January. And UI raised its rate to customers 21.9429 cents per kWh. So, based on a monthly average use of 713 kWh, CT customers paid roughly $156-$173 per month for these supply charges.
Naturally, CT customers didn’t take this lying down. Since the start of the year, thousands of CT electricity customers began switching to third-party supplier electricity rates. Specifically, over 42,000 Eversource customers and nearly 6,000 UI customers have made the switch so they could avoid high rates.
Utilities Forecast Rates May Fall
Both utilities predict that rates may fall in time for the summer. This isn’t surprising though, since electricity demand tends to drop during the summer. Specifically, the EIA estimate that 43% of residential energy goes to space heating compared to 8% for air-conditioning.
But this news does beg the question: “How can we save the most money”? And there are two strategies that could work.
Switching Short Term Electricity Rates
There is a chance that PTC rates could be the best option in a few months. So some electricity customers might consider short term (less than 12 months) fixed-rate electricity rates to tide them over until rates fall.
For example, the NRG Home Flex Electric Choice Plan could power your home for 12.60 cents per kWh. This rate means an average monthly supply charge of about $89. And since the plan ends in three months, you can cancel or switch if better deals do show up this July.
Best of all, there’s no early termination fee. If you spot a better deal you can cancel without extra cost.
Compare Long Term Electricity Rates
On the other hand, you might consider long term rates (12, 24, or 36 months). Because there’s no guarantee that rates will improve enough to beat the deals you can find right now.
And the Constellation 36 Month Home Power Plan may be your best bet in this category. Constellation charges 14.78 cents per kWh for 36 months of service. This rate means an average monthly supply charge of about $105. Constellation adds value with energy usage emails to help you mange your energy savings. You could even earn prepaid Visa cards with their refer-a-friend program.
However, this plan does charge an early termination fee. So switching or canceling this plan before it ends may not always be worth it.
Switch Best Electricity Rates In CT
With utility PTC rates entirely too high, now is the perfect time to switch to better energy supplier rates. But choosing the best rates for you depends on your long term needs. So be sure to shop plans carefully and read all the fine print. Remember, you can always shop for great plans and rates plus find ways to save money at https://www.ctenergyratings.com.