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Electricity and Natural Gas Price Volatility
What you should know about changing energy rates or electricity prices and how it affects your electricity or natural gas energy bill. There is an energy plan option available to fit any electricity or natural gas need you may have. As all our energy customers needs are unique we have teamed up with the best energy suppliers that can cater to all our customers needs and wants. They allow us to offer many unique plans from these different energy providers. Once our customer decide which energy plan is best for them then the hard part is already done. We offer fix energy rate plans and also variable energy rate plans for our customers to chose from along with different contract lengths from 1 month all the way up to 60 months. We are here to help you find the cheapest energy rates and plans because our rates are based off of usage and not just price.
Why Prices Change?
As a customer in a deregulated energy market, you are often told how competition helps drive down prices. And it’s true. That’s because energy suppliers, like Get Energy Rate, buy units of energy in a competitive open market from energy companies that either generate electricity or process natural gas. We’re pretty good at it too. You pay less because we pay less.
The prices you see on our energy rates or contracts today reflect our projections on what a fair and reasonable price would be for the term of the contract based on present market conditions. However, energy prices and energy rates go up and down over time with changes in the market.
How Fixed Energy Rate Plans Work?
At Get Energy Rate, our customers are able to “lock-in” a set price on each kilowatt-hour or therm for the duration of a contract. Energy contract terms range from 1 month to 60 months. A fixed energy rate plan will give you the best low, locked-in rates option. With this fixed energy rate option, you are guaranteed stability, predictability, and security for the duration of the contract length. As the year goes by, temperatures rise or drop, and as the energy market prices fluctuates up and down, your electricity rates will remain the same. Signing up for the fixed energy rate plan you can count on your energy rate not changing at all during the contract term. There is always a positive and negative benefit to each energy plan based on the customer. The positive side to the fixed energy rate plan is that you will benefit from a low, locked-in rate for as long as the contract term is. The negative side of the fixed energy rate plan is you will be bound to a energy plan until your contract ends. If you leave your energy plan early, you will have to pay a early termination/cancellation fee. There are several contract length options to choose from, averagely ranging from three months to three years. This is a great value if you are looking for stability, predictability and security in your electricity and natural gas options.
Why Energy Rates are Different for Different Contract Lengths?
The energy rates we quote on any given day are ultimately determined by how much we anticipate paying for gas or electricity over the length of the energy contract. The longer the energy contract, the more we may need to anticipate a higher swing in price over that time. That’s why those energy prices may reflect a marginally higher rate.
While today’s shorter term energy contracts may have a lower unit price than today’s longer term contract, this may not be the case when it’s time to renew.
Shorter energy term versus longer energy term contracts: lock in a energy rate for a longer time due to the influx in electricity and natural gas prices.
How Should I Choose?
When considering what length of a energy contract to select consider the following:
If you prefer the peace of mind that comes from knowing that your energy price won’t change for a long time, then a longer energy contract might be for you.
If you feel like it's a hassle to sign a energy contract and shop around for the best energy price, the longer contract may be the answer.
If you move often or don't want to worry about early termination fees, shorter energy contracts may be your best bet.
If you always like to find the lowest price, then shorter energy contracts might be what you're looking for.
But remember, it's very difficult to anticipate the future movement of the energy market and it's not necessarily cyclical. It's also driven by many factors. Be careful when trying to anticipate the energy market movement when deciding on the term of your energy contract.