Should You Get Long Term Electric Plans?
Knowing you found a great deal feels really good. It puts a little pep in your step. And knowing that deal will last for years to come is even better. That’s why many Texans consider long term electric plans. However, sorting through these plans requires attention to details that could save you money. Texans can choose from so many cheap electricity plans. So understanding their key factors can help you avoid overpaying or locking into a bad deal.
Key Features to Evaluate
Comparing power plans is easier than you think. Once you understand a few key aspects, you’ll be able to sift through which plans are best for you. Identify these key facets of each plan you evaluate:
- Rate Type: Electric rates can be fixed or variable. Fixed rates stay the same for the term of the contract, giving you consistent bills. Variable rates can change each month based on market prices. Most shoppers looking for long term electric plans prefer fixed rates because they offer stable pricing.
- Kilowatt-Hour Price: The advertised price per kilowatt-hour (kWh) might not reflect your actual cost. Check the fine print for details on how prices vary with usage. For example, some plans for bill credits and tiered rates offer lower rates if you use more electricity. Read the EFL first to ensure that your normal power usage can take advantage of these features.
- Early Termination Fees: Power contracts often come with early termination fees. Many have a flat fee you incur no matter when you break the agreement. But some base the fee on how many months remain on your contract. Make sure you’re confident in your choice before signing up.
- Additional Fees: Base charges, minimum usage fees, and other costs can inflate your bill. Always review the EFL carefully to understand all possible charges.
- Provider Reputation: Not all providers offer the same level of service. Research company reviews and ratings here on http://www.texaselectricityratings.com.
Today’s Long Term Electric Plans
Even though the five cheapest long term electric plans available now are bill credit plans, they show how the key features matter when picking a plan. Here’s the rundown on some of their key features:
| Plan | Rate | Avg. Bill | Bill Credit | ETF |
| Frontier Saver Plus 24 Plan | 10.9 cents | $109 | $100 @ 1,000 kWh | $295 |
| Gexa Eco Saver Plus 24 Plan | 10.9 cents | $109 | $100 @ 1,000 kWh | $295 |
| Chariot GridEdge 36 | 10.9 cents | $109 | $90 @ 1,000 kWh | $15 x Months Remaining |
| 4Change Maxx Saver Select 24 | 10.9 cents | $109 | $100 @ 1,000 kWh | $20 x Months Remaining |
| Chariot GridEdge 24 | 11.0 cents | $110 | $90 @ 1,000 kWh | $15 x Months Remaining |
You can see their rates and average bills are equal or within spitting distance of one another. But, the meaningful differences lie in other facets. The two Chariot Energy plans have a $90 bill credit at 1,000 kWh of usage. Those other plans have $100 bill credits at the same usage mark.
The Frontier Utilities and Gexa Energy plans have flat $295 early termination fees. On the other hand, Chariot Energy and 4Change Energy based theirs on the number of months remaining on the contract ($15 and $20 per month, respectively).
So, you can see where digging into the details matters. How much is the bill credit? How much will you pay if you want to break your contract? By understanding a few key features, you can choose the right plan for your home.
Save On Your Next Plan
Now that you know what to look for, shop with confidence! When you compare electricity plans at Texas Electricity Ratings, we supply all the information you need right at your fingertips. You can choose a plan and sign up for it with just a few clicks. And you’ll be on your way to saving money month after month!