Current Residential Electricity Plans
As of late 2016, RiteRate’s electricity plans include the following:
Fixed Adder: A 5 year variable rate plan that charges the HOEP rate, plus 1 cent per kWh of electricity used.
Current Natural Gas Plans
As of 2016, RiteRate’s natural gas plans include the following:
Fixed: A natural gas plan available with 1, 3, and 5 year terms. Customers are charged a fixed rate for each cubic metre of natural gas used, with the rate depending upon the term length.
Blended: A 3 year semi-variable rate plan that combines the benefits of fixed and variable rate plans. Half of the total cost is a fixed fee of 8.7 cents per cubic metre. The other half is one-half of the current market cost (this amount is recalculated every 3 months). These two figures are added together to give you the total rate: 8.7 cents + 50% x Market Cost = Rate/Cubic Metre
Monthly Fixed Dollar: A 3 year fixed rate plan that charges a single fixed fee (currently starting at $39.99/month), for homeowners who use up to 3,500 cubic metres of gas per month. Every quarter, the monthly fee is recalculated based on your previous consumption.
History of RiteRate
RiteRate is a subsidiary of Cricket Energy, a small consumer services company founded in 2013. Cricket’s subsidiaries products ranging from energy to solar installations and HVAC systems.
RiteRate is one of many Cricket Energy subsidiaries. RiteRate’s sister companies include:
- Cricket Comfort: A provider of rental home comfort appliances, including HVAC systems, air conditioners, water heaters, and more.
- Cricket Solar: A retailer and installer of solar roof systems.
- Provident: A Toronto-based company that provides energy management systems and monitoring services to high-rise multi-residential buildings.
Purchases and Investments
As noted above, while Cricket Energy is a young company, it has invested a great deal in its rapid expansion. RiteRate was acquired after being in operation for more than 10 years, and its sister company Provident was originally founded in 1985.