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In our final post, our Head of Operations and “all things energy” guru Dan Schilens discusses energy price predictions and how consumers can take advantage of living in a deregulated energy market. If you missed parts 1and 2 of this series, you can catch up here (Part 1) and here (Part 2).
Everyone has their own opinion on what is going to happen with electricity rates, and the reality is we are dealing with an ever-changing market. The best advice for consumers is to educate yourself and be aware of the various factors that could impact your electricity bill. Factors such as your utility is investing in infrastructure, a market-based event, or extreme weather can result in change in costs. As a consumer, here is what you can do:
The primary benefit of living in a deregulated energy market is that you, as the consumer, have the option to shop. Instead of paying for rates that may fluctuate over time, you get the benefit of locking in a set rate based on today’s cost of generation. This does not mean that electricity rates will always be lower, but it does allow for consumers to pay the true cost of power today.
Consumers also have the benefit of buying power into the future. This means you don’t have to wait for your current contract to expire before looking to purchase power for your next plan. Keep an eye on the market and get regular quotes. Prices will fluctuate up and down, but you will have enough time to make an informed decision.
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