Thanks to energy industry deregulation, an electric customer in the state of New York has the power to choose their own NY electric supplier. This is very exciting news since before deregulation occurred, the people of New York were required like other states, to use whatever utility supplier provided electricity to the specific area that they lived in. Now, New Yorkers have dozens of NY electric suppliers to choose from.
Having the power to choose sounds great, but what does it do for me?
Why should I switch?
Now that you know you can choose to switch to the electric supplier of your choice, let’s take a look at what benefits this power provides you with:
Lower electric rates
The existence of more electric suppliers in NY means that there will be a more competitive energy market in the state. This in turn means that all of the electric suppliers in NY have to work hard to compete for your business. As with any competitive market, one tactic that many companies will be using is price reductions.
As a result, you could get a lower electricity rate just by switching electric suppliers.
Consistency and reliability no matter who you go with
When some people hear lower electric rates, the idea of “getting what you pay for” often pops into their minds. This, however, is not the case for any electric suppliers in NY. The same infrastructure that has been used to deliver your power to you will continue to be used. As such, you can expect the reliability and consistency of your electricity to remain exactly the same no matter which NY electric supplier you decide to work with.
Easy switching process
Switching to another electric supplier in NY is extremely easy. Not only do you receive the exact same bill and experience no interruption in service, but signing up for a new electric supplier is a snap all you have to do is visit MakeTheSwitchUSA.com.
This site provides rate comparisons for energy suppliers in NJ, PA, CA and now NY. In addition to rates, Make the Switch USA lets you know the type of rate offered, the duration of an energy supplier’s contract, any current incentives to switch, fees and the type of energy supplied. Once you choose an energy supplier, they will connect you with that company and help you sign up via a quick, easy online customer registration form. They offer all of these services for free.
Is there anything that I should be aware of when switching?
Although there are very few pitfalls associated with switching electric suppliers, there are still a few things that you should be on the lookout for. The type of rate being offered, for example, can severely impact how much you actually end up paying.
Variable rates and fixed rates
The type of electric rate that most customers in New York want to avoid is known as a variable rate. As the name suggests, these rates vary, and the changes are often drastic. A variable electric rate is based on the current market value of energy, and times of high market demand (like the wintertime and summertime) can send variable rates skyrocketing. For example, after the winter of 2013-2014, some customers with variable rates saw their rates triple.
Most customers would be better off going with a fixed rate, which does not change as long as you have an electric supplier under contract. This isn’t to say that variable rates are always bad—if you have a solid understanding of the energy market and you plan on keeping a close eye on rates, then you may be able to lower your costs by getting a variable rate and switching when the market value of electricity is set to increase.
The duration of the contract
If you plan on going with a fixed rate (and you find a good one), then you should want to hold on to that rate for as long as possible. As such, it behooves you to go for a longer contract.
If you are switching when electric rates are already seasonally high, however, you might be better off finding an electric supplier in NY a shorter contract to hold you over until rates go back down.
When you are ready to switch energy suppliers, visit MakeTheSwitchUSA.com
As we mentioned earlier, Make the Switch USA is an excellent resource to quickly compare details about all of the electric suppliers in your area for quick and easy switching.