Unfortunately, many consumers are either unaware of the option to choose an electric supplier, or they are reluctant to do so because they know little about how the process works. It is a relatively simple process that only takes a few minutes of your time to utilize. Once you calculate electric bill totals, you will quickly learn why so many other consumers have taken advantage of a money saving feature such as the Energy Choice Program of Ohio.
Take a look at your electric bill. You will notice a kWh price located in the general area of your usage number. This is the price you want to compare against the other suppliers competing for your business. Utilize the Internet to get competing rates from other companies to use in calculating how much your bill will be if you change suppliers. Take your usage and multiply it by the rate to get the cost of your usage for the month. Subtract the two numbers to learn if you are going to save or lose money by making the change.
As you compare rates, also consider the length of the contract. Some suppliers will lock you in for a set period of time. You have to be aware of the contract fine print. Avoid companies that want to lock you in for a period of time but are not locking the price for the duration of the contract. These companies are typically the type to revert from a locked in rate to a variable rate, which can end up costing you far more than you could imagine at certain times of the year.
The four factors you want to be fully aware of are; the rate, the contract period, if the rate is locked or variable and if there is a fee for early termination of the contract. Being knowledgeable about how the system works, taking your time to calculate the savings and reading the fine print can all protect you from making a mistake that may end up costing you more than if you had not decided to change your provider.