(Newswire.net — August 25, 2020) — As the new financial year approaches, you may be taking stock of your finances in a way you haven’t done in previous years. This is understandable, due to the fact that the coronavirus has upended a wide swath of the economy, forcing people to take a good, hard look at their personal finances as they work to create a path forward. As such, many people may be looking for ways to save money on a monthly basis, whether by finding a side hustle or cutting back in other spending areas.
One line item on everyone’s budget that should be looked at with a fine-tooth comb is utility costs. After all, even if you own your home and are completely debt-free, each month you’ll be spending money on electricity, gas, water, and other bills from suppliers. When re-evaluating your electric supplier, here are a few things to consider before making the switch to an alternate supplier.
Compare pricing
While pricing shouldn’t be the only factor in your decisionmaking process, it’s obviously going to be an important contributing factor to any electric plan or natural gas supplier you consider when you’re looking to make cuts to your spending. After all, some residential customers don’t need much when it comes to their electric service, and if there are ways you can decrease your electric bill just by switching providers it makes a lot of sense to go for it. Especially if an alternate supplier can offer you the same quality of service you’ve been getting, it’s a no-brainer to make a switch to the lowest price out there.
Think about other service needs
Sometimes, value is more important than the price itself. For example, if you’re looking for electric providers capable of handling renewable energy or even offering other environmentally friendly services, it may be worth it to pay a little bit more if an alternate supplier aligns better with your values. In some instances, residential customers may pay a little bit more for this kind of service, but if you only have a few options in your zip code able to handle these sorts of demands, it’s better to find a provider that meets your needs than save money paying a company you don’t really agree with, especially if the environment matters to you.
Take a good look at the contract before locking things in
When it comes time to sign with a provider, make sure that you give the contract a quick once-over before agreeing to anything. For example, a standing contract may have the price set and regulated by the government whereas market contracts are set up by the providers themselves to offer competitive rates. Some contracts may also charge you more for operating your energy utilities at peak times compared to single-rate tariffs which offer the same rate per kWh no matter what time you’re using your electricity or natural gas.
When it comes to comparing the different options available to you in your zip code, you need to be a bit more intentional about your research process than heading to Google and searching for “electricity compare tools” Instead of spending time searching for a comparison tool that works for you and your zip code, just use a reliable website like iSelect. Comparing energy providers with iSelect is as simple as inputting your zip code and answering a few simple questions about your needs and what you’re looking for from a new energy provider. Doing this will allow you to compare a wide range of energy suppliers in your area, helping you narrow down your options to find the best provider for your needs and budget.