5 Things to Know When Shopping for an Energy Plan for Your Business

Read Time: 2 Minutes

If you live in a deregulated energy market, you have the ability to choose your energy supplier and rate. The purpose of energy competition is to give consumers more control and better rates. However, finding the best energy plan and rate for your business has become more complicated than ever. Here are some tips to keep in mind when shopping for an energy plan that doesn’t involve visiting various energy rate aggregators or creating complex spreadsheets to find the best rate:

Know Your Contract Expiration Date

Knowing when your electricity contract expires is key. It is recommended to begin shopping for a new plan a few weeks before. Most people make the mistake of staying with the same company who when your contract expires will typically roll you over to a much higher rate.

Review Your Energy Usage

Reviewing your energy usage for the past year can help you figure out your monthly and seasonal usage. Some suppliers have usage targets and charge steep penalties if you go over or under a certain kWh usage threshold. Understanding your usage can help you avoid this penalty.

Know What Suppliers are Available in Your Area

Old or faulty insulation can result in higher energy costs, especially during the winter months. Check for indoor air leaks such as gaps along the flooring, baseboards, walls, and ceiling. Caulk any holes or openings, especially in pipes or electrical outlets. Lastly, checks for cracks or holes in the foundation, windows, or doors and seal with the proper material.

Avoid Gimmicks and Fees

Some electricity companies provide hidden fees and teaser rates. Also, when working with an energy broker, they may “bake in” fees and commissions into your overall energy rate- which means you are paying more than you should.

Leverage an Energy Marketplace

Online marketplaces like EnergyBot allow you to shop plans from different suppliers and compare rates. EnergyBot rates are simple, transparent, and published on our site every day for you to compare. Leveraging an online platform like EnergyBot to shop for energy plans also cuts out the middleman (energy brokers) and their commissions and fees, ensuring that you get the lowest rate you can find online.

At EnergyBot we understand that finding the best energy plan is complicated at best, which is why we work hard to make it easy. Shopping for an energy plan should be a simple and transparent process, leaving you feeling confident with the choice you made.

Written by Team EnergyBot

October 2018

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