Shopping for electricity can be like shopping for any other product. By understanding your options and how to compare them, you can find the best possible plan for your needs.
First, take a look at your most recent electric bill. You might be shocked by how much you’re forking over to the utility company for electricity.
Save Money on Your Monthly Bill
Most people stick with their energy provider for years and must shop for a better rate. This is a big mistake.
In most deregulated states, you can purchase electricity from an electric utility or a competitive energy supplier. You can also pay a flat monthly fee or a per-kilowatt-hour (kWh) rate, which allows you to control your electricity costs. Besides the monthly bills we pay to power our homes and businesses, most of us need to give our electricity providers more thought. It has become commonplace for many Americans to believe that they are bound to a single power provider that charges a single rate and provides a single plan. However, millions of Americans can shop around for electricity and choose their own power companies. You likely have options for your electricity if you reside in a state with a deregulated energy market. When shopping for electricity, regardless of the deregulated market you’re in, you should compare the rate, the various plans, and the standing of the electric companies you’re considering.
However, you can save even more by shopping around with Apples to Apples Ohio, for a better rate. Many customers can save as much as half a penny on each kWh.
Consider switching your electricity plan to a variable or prepaid one to maximize your savings. These plans follow the market and can help lower your costs during low energy demand periods.
You can also look for green-friendly power plans, which provide a certain percentage of their electricity from renewable sources. These include solar and wind-powered options.
Another way to reduce your bills is by lowering your home’s temperature. This can help you save money on heating costs during the year’s colder months.
Another smart move is to take advantage of Community Choice Aggregation (CCA) programs in many states. These programs allow local governments to pool their energy needs and obtain discounts on wholesale electricity prices. This can save you up to 30 percent off your bill.
Make Your Home More Energy-Efficient
Making your home more energy-efficient can be an easy way to save money and help the environment. You can make many small changes that will significantly impact your energy bills and greenhouse gas emissions.
One of the simplest ways to save energy is by switching to more efficient lighting. Consider installing LED lights or replacing incandescent bulbs with a longer-lasting option. You can also install timers and dimmers to control your lights.
Another way to cut energy costs is by unplugging your appliances when you aren’t using them. This includes printers, desktop computers and microwave ovens equipped with LED clocks.
You can also save by lowering the thermostat during cooler months. This can reduce your heating and cooling costs, especially if you have a programmable thermostat that automatically adjusts the temperature.
Aside from the small changes you can make in your home, it would be best if you considered doing a thorough energy audit. These evaluations examine your current energy use and past bills to determine where you can save.
You can also save by insulating your home. Protecting your windows, doors, roof, and walls is often a wise investment. This will keep your house warmer in the winter and cooler in the summer and reduce your energy expenses over the long term.
Set Aside Some Cash for a Rainy Day
Making a monthly contribution to savings is among the most crucial things you can do for your budget. This doesn’t have to be a considerable amount of money, but it can help you avoid spending too much or racking up high-interest debt.
Your grandparents may have included the adage, “a penny saved is a penny earned,” but this adage can be challenging to follow when you’re in a rush. However, it can be a lifesaver if you take the time to plan out your finances and set aside a little bit of extra cash for rainy-day expenses.
If you are still determining what to save for, consider making a list of the expenses, you expect to have in the next few years. These can include unexpected bills like kids’ braces, veterinary costs or repairs to your car.
You should have enough money to cover those expenses and leave some for your emergency fund. Experts recommend saving three to six months of your fixed costs, but this varies by lifestyle and income.
It would be best if you also made it a point to shop around for electricity when your contract is up for renewal. This can be an excellent way to find an affordable and efficient provider. Switching to a different supplier can result in up to 30% savings.