The Energy industry has not been friendly to New Englanders in recent
years. Thanks to a steep rise in fuel costs, energy prices in New
England have spiked over 11 percent since last year. This meteoric
increase in energy cost has been especially difficult for Connecticut
residents, many of whom are customers of Connecticut Light and Power
(CLP). Beginning July 1, 2014, CLP customers are expected to see rates
averaging at 9.99 cents per kilowatt hour. That is a five percent jump
in price since the beginning of the year. It is for this reason that you
should explore all of your power company options-CLP is not the only
energy suppliers in CT, and taking the time to compare electric rates in
CT could save you a lot of money. Here are a few factors that you
should think about when considering alternatives to CLP:
Monthly rate
This is the primary reason that you are considering switching from CLP
in the first place. Don’t rule anyone out beforehand. Take the time to
compare the rates of all energy suppliers in CT to find the best place
to go regarding this. There are plenty of power companies that offer
lower rates than CLP’s upcoming 9.99 cent per kWh price point.
Fixed vs. variable rates
As we just discussed, you need to compare electric rates in CT before
you decide which energy companies will be better options than CLP. Do
not, however, allow a low face value rate deceive you.
There are
two types of rates: fixed rates and variable rates. A variable rate
means that you will see changes in your energy rates every month,
depending on market conditions. The rate listed up front is usually the
lowest possible rate which will likely go up from there following the
initial month’s supply. Fixed energy rates, on the other hand, mean that
the price you see is the price that you get; this is set in stone for a
predetermined amount of time (usually a specific date or six months
after you initially sign up). CLP’s variable rates, for example, can
cause your energy prices to be as high as 11.864 cents per kWh.
Don’t immediately rule out any energy suppliers in CT that only offer
variable energy rates as some try to keep their rates very consistent
but just be aware that they can most certainly fluctuate.
Any special bonuses
The energy industry in New England is a competitive market. As such,
many of the energy suppliers in CT will be willing to go the extra mile
to earn your business. For example, some energy companies may be
offering a special signing bonus where you get a cash back return. These
special bonuses can vary, so keep your eyes out for anything beyond the
rate itself that could make switching to a particular company even more
worthwhile.
Cancellation fees
Regardless of how great
an energy supplier’s offerings may appear to be upfront, you may simply
end up not being happy with them. If this unlikely event happens, you
will probably want to switch companies. Unfortunately for that purpose,
some of the energy suppliers in CT will tie you down with legally
binding contracts that include a cancellation fee should you choose to
leave. If you are unsure about whether or not you will stay with a power
company, ask about this.
Renewable vs. non renewable energy sources
Thanks to increases in awareness about how our energy use is impacting
both the environment and our ability to maintain our energy use, there
has been a historically strong push to use more renewable sources in
energy (solar, wind, thermal, ect.). As such, many energy suppliers in
CT are working harder to provide their customers with more energy from
renewable sources beyond the current legal requirement. You can take
advantage of this benefit without sacrificing your ability to save
money. There are even many energy suppliers in the area supplying 100
percent renewable energy that offer rates much lower than the 9.99 per
kWh CLP energy rate.