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3 Things to Consider Before Switching Energy Plans

Read Time: 3 Minutes

Intro

Switching your energy plan is the best solution to lock in a lower rate. The average small business owner can save over 15% by switching energy suppliers. Before switching, here are a few things to consider to ensure you are making the best decision for your energy needs:

Your Monthly Usage

Your energy usage is measured in kilowatt-hours (kWh) and is usually calculated against your monthly rate. Understanding your monthly electricity usage can help you estimate your monthly bill. A lower rate can result in a lower electricity bill, even if you monthly usage stays the same. It’s important to note seasonal changes that can cause spikes in your usage.

Your Plan Rate

Your energy plan is either on a fixed-rate, meaning it will not change for the length of your plan or a variable rate, meaning it can fluctuate based on the energy market. Most energy plan contracts are a fixed-rate, which is usually the best choice as it protects you against energy market fluctuations by keeping you locked into a set rate. You always want to consider a lower rate than the one you currently have.

Your Contract Term Length

Most energy plans have term lengths that can vary from 12 months all the way up to 36 months. If you are in a contract, it’s important to know when it expires. Starting a new contract before the end of your previous contract could result in an early termination fee. Waiting too long after your contract ends however, could result in you rolling over to a month-to-month plan at a much higher rate. It is recommended to start shopping for an energy plan a few weeks before your contract expiration date.

Once you have determined that switching is the best option for you, the next step is to shop for a new energy plan! What used to be a complex and frustrating task is now simplified thanks to EnergyBot. Get started today to find the best rate for your small business.

Written by Team EnergyBot

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