Alberta’s economy is looking up, but in order for the oil and gas industry to recover well, it’s going to mean increasing energy prices, and that means a rough ride for residences and businesses who are trying to pull through the recession’s fallout. However, there are ways to lower your monthly energy costs, even as electricity rates continue to climb. Here’s what you should be looking for in a low-cost energy supplier.
1) Varied plans
The first thing to remember when it comes to finding a low-cost energy supplier is that energy plans don’t come one-size-fits-all. There are a number of different kinds of rate plans out there specifically because some types are more cost-effective and functional for some types of residences, businesses, etc. For instance, if you are looking to budget out a consistent rate that isn’t going to fluctuate and risk spiking based on the market prices, then you can lock yourself into a single fixed rate for the length of your energy contract. If you want to take advantage of lower rates when the market has them to offer, you may want to choose a floating, variable, or regulated rate option. Think a combination of types would work best for your needs? Block pricing might work best for you. Are you a large energy consumer? A load following plan could be your best bet.
However, whichever plan type you choose to go with, the most important thing to remember is that there are different types to choose from, each with specific features and benefits that may help you save more each month. The important thing is to know your needs so you can choose a low-cost energy supplier based on their ability to offer you the right type of rate plan.
2) Target markets
The next step to finding a low-cost energy supplier is to know your own demographic. Many energy suppliers are structuring plans based around the specific needs of farmers, large corporations, small and start-up businesses, and residential consumers. Finding the supplier who specifically caters to your demographic and the specific consumer needs that connect you to that demographic will play an important role in getting you the rate and rate plan that work best for you.
3) Green energy options
Don’t disregard innovation, especially now. It could work to your advantage to choose an energy supplier that has green energy options. Finding a cost-effective way to incorporate green energy into your rate plan could work to your advantage by helping to reduce your future energy rates. However, that isn’t the only reason green options mean more in terms of finding a low-cost energy supplier. The government has a lot of incentives out right now for individuals who are looking to go green. You could be eligible for government incentivized cost savings now that will guarantee even more cost savings in the future.
4) Read the fine print
The final thing to remember when looking for a low-cost energy supplier is to read the fine print of your agreement. Are there cancellation fees? Do your rates increase after you consume a certain amount of energy? Are the term lengths reasonable? These types of details can turn what looks like the best energy rate into a financial burden, so make sure you know all the details and how your consumption needs will correspond.
For more information about your needs, options, and low-cost energy supplier options, visit energyrates.ca.