When Should I Shop CT Electricity Rates?

This summer might not be the time to shop CT electricity rates. Learn when cheap energy prices could help you save on your monthly energy bills.

Consider CT Electricity Rates

If you shop CT electricity rates right now you might be frustrated by high prices. Find out when it might be the best time to get the best rates.
High energy costs are pushing up rates so this summer might not be the best time to shop CT electricity rates. Find out when the best rates could return to help you save.

It’s hard to deny that CT’s electricity rates are incredibly high. This year’s Standard Offer Service (SOS) rates is much higher than it was last year. So it’s easy to assume that now’s the time to hunker down and forego shopping for better rates. But this may not be the best way to save money. Let’s explore why and when you should still shop CT electricity rates.

Why Are Electricity Rates High?

To start, it’s a hot and rainy summer. Which means more people are using their ACs to stay comfortable this season. In addition, US natural gas constraints prevents providers from supplying enough natural gas for electricity generation demands. On top of this, the war in Ukraine has increased the global price for natural gas. So while US gas production has been increasing, electricity generation companies still have to pay more to run their natural gas power plants.

In other words, there are a ton of factors that keep prices higher this year than they have been in a long time.

Should You Shop CT Electricity Rates

Right now, the SOS is the best electricity rate. And traditionally, January rates are better than July’s.

However, there’s no guarantee that rates will improve in 2023. According to the CT Office of Consumer Counsel, the uncertain effects of the War in Ukraine as well as a potentially cold winter means we can’t predict what will happen. In other words, SOS rates may get even worse before they get better.

So the CT Office of Consumer Counsel recommends that you stay vigilant in tracking down the best prices.

Electricity Rates Potential

So when should you start shopping? Because right now the SOS rates are clearly the best deal, even if you consider rebates, shopper discounts, and other provider benefits.

As it turns out, the natural gas contract futures market shows potential price drops in October 2022 and May 2023. And these align with the more moderate shoulder months. Which means prices may be better around those times.

Best Way Shop Electricity Rates

So what’s the best energy shopping strategy? As of this writing, the futures market suggests that prices may dip slightly during the fall shoulder months (September and October). If that pans out, you may find somewhat better-priced rates to help lower your CT electricity bills. In the spring, when rates are usually lower, you may want to wait for the spring shoulder months (March-Early May). Because provider rates may be low enough to consider long-term electricity plans.

Best of all, CT no longer charges early termination fees, which means you can cancel or switch if summer 2023 turns out to have better pricing.

Best Time to Shop Electricity Rates

CT’s electricity prices are incredibly high right now. So sticking with the SOS is the cheapest option for now. But an uncertain future means you should keep watch for better electricity rates. Shopping for electricity during the shoulder months may land you the energy savings you need.

You can keep up with the news that affects your bills at https://www.ctenergyratings.com. You can also shop for great plans and find ways to save money on lower electricity rates.

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