Electricity Contracts

A recent article in The Dallas Morning News discusses how many Texans have signed contracts for their residential electric service; however, many of those individuals don’t know when their contract expires, and that could end up costing those consumers more money in the long run.  Currently, retail electric providers do not have to let customers know when their contract is expiring.  This leaves the customer open to having their rate increased as soon as the contract expires.  The Public Utility Commission is working on some new rules, one of which would require retail electric providers to remind customers before their contract is up.  The PUC is also working on some rules which would speed up the switching process.  Currently, switching electric providers can take up to 45 days.

According to this same article, here are some suggestions to avoid any surprises on your electricity bills:

1)  Know what price you pay per kilowatt- hour, and know what date your contract expires.  Understand any cancellation fees that your supplier will charge you if you cancel your contract early.

2)  Understand the type of contract you signed, e.g. fixed-rate contract or variable-rate contract.

3)  Watch for notifications your electricity provider may send to you by mail or e-mail.

4)  Pay attention to news that your retail electricity provider might be going out of business, so you can start shopping around for a new provider.

For more information about electricity rates in Texas, please visit our website www.ReduceYourPowerCost.com.

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