How to Compare Electricity Accounts

Compare your electricity account with others in your area regularly, even if you are happy with the service you receive.

Many of us now have options when it comes to choosing a retail electricity provider, thanks to deregulation. Even if you think you are getting a good deal on your electricity account, it is wise to regularly research competitors' pricing. You may be able to make significant savings on your bills. Using a price comparison website is the simplest and quickest way to compare electricity accounts.

Things You'll Need

• Computer with Internet access
• Copy of your current electricity bill

Instructions

1. Find out whether you have a choice of providers. According to website Electricity Bid.com, the authorities in 24 U.S. states have deregulated the provision of electricity, meaning customers in those states now have a choice of providers. The website provides a list of all states and whether or not they are deregulated. Or, contact your city office to inquire about providers in your area. If you live in a state with no choice in provider, your only option is to phone that provider and request an assessment. A representative from the company should inform you which tariff or plan your account is on, and whether there is any way you can save money on your account. It's a good idea to do this at least twice a year, as companies constantly change their deals and offers.

2. Visit a power comparison website. Powerswitch is a comprehensive, free service that allows people anywhere in the United States or United Kingdom to compare electricity accounts, as well as prices of gas and telecommunications services. The site provides you with options for accounts offered by providers in your area. You must enter your zip or post code and some basic information, such as who your current provider is and how much you spend on electricity per year. The site will then come up with various options, allowing you to compare accounts. Visit powerswitch.com and follow the instructions.

3. Compare accounts manually. Make a list of all providers servicing your area. Phone them individually to find out if they can offer you a better deal than your current provider. Remember to also phone your current provider. They will be able to assess your bills, provide electricity-saving advice, and, in some cases, recommend a better account or tariff to help you save money.

Tips & Warnings

• Ensure you call your current provider to find out about any cancellation fees. If the charge is significant it may be best to wait until your current contract expires before switching companies.

• A new company may charge a deposit. This generally depends on your history of paying utility bills on time. If you have a good credit history, the deposit may be waived. Make sure to find out about this before switching.

References

• Electricity Bid: Index
• Power to Choose: Questions to Ask Yourself

Resources

• Power Switch