Home Energy Series Update- Electricity Rate Savings Research

Reading this story From CBS Boston reminded me to get going on our Home Energy series for winter of 2015-16 and to tell you what steps I took.  Many of you have been asking because your contracts are up (and there’s no cost to switch) in fact you can get a $50 bill credit to switch to Direct Energy which is currently offering the cheapest 12 month lock in rate.  Read on-

National Grid Wants To Raise Electricity Rates

BOSTON (AP) — National Grid is asking state regulators for an electricity rate hike of more 20 percent for most Massachusetts residential customers that would drive up bills this winter, but keep them lower than last winter.

The utility, with nearly 1.3 million customers in Massachusetts, says if approved by the state Department of Public Utilities, the typical residential customer would see their bill jump to about $110 a month this winter, up from the current $90.

Last winter’s typical monthly bill was more than $121.

National Grid said “Due to continued gas pipeline constraints, the electric supply prices remain volatile and relatively high, though not as high as last winter.”

If approved, the new rates would take effect in November and run through April.

So last winter after checking different electricity providers I shared what I signed my mom up with for locked in 6 months rates.

Now that her contract is up a different company has the cheapest electricity rates.  If you don’t lock in you are at the mercy of National Grid and their winter price spikes.

GMG FOB also did some research and he locked in at 10.4 cents per kWh (but a better price is being offered right now by Direct Energy

Here’s what Marc wrote-

Hey Joey – thought this might interest you…
I just recently re-upped with ThinkEnergy for 12 months @ 10.4 cents/kWh. 

Attached is a pdf showing supply rates for Nat Grid – past and present.
Looks like ThinkEnergy is still a steal through April, 2016.  Below are the 4 recently rate histories.  Following that trend, it seems that at worst 10.4 will probably break even after April 2016, but can still cancel at any time.  Thanks again for tips via GMG.

Recent Rate History:

11/1/15 to 4/30/16: 13.038 cents/kWh

5/1/15 to 10/31/15: 9.257 cents/kWh

11/14 to 4/30/15: 16.274 cents/kWh

5/1/14 to 10/31/14: 8.277 cent/kWh

-Marc

So if you don’t lock in at the 10.15 cents per kWh with Direct Energy and then you can look forward to the variable pricing highlighted in the chart above.

There is no penalty for signing up and all you have to do is click on the link and sign up with the cheapest option out there currently- Direct Energy at 10.15 cents per kWh

and here’s the kicker- Direct energy not only has the cheapest price I could find out there for locked in 12 months, but they also will give you a $50 bill credit for signing up and give one to the person that refers you.

An absolute no-brainer.  If you locked in last year- you  saved a ton and as you talk to anyone else that took advantage it was completely painless to do so.

Here are the current rates from different energy suppliers-

 

If you sign up with Direct Energy using this link you’ll get the cheapest rate currently available and a $50 bill credit to boot.

The referral ID is – RAF-11332844

Copy this link and email it to your friends – www.directenergy.com/refer-a-friend/raf/RAF-11332844

It’s so easy!

1. Copy the Refer A Friend link below.
2. Paste the link into an e-mail, Facebook post, Twitter, etc., and send it to your friends.
3. Instruct your friends to include your Referral ID in the Referral ID box when signing up for Direct Energy online or provide your Referral ID to the call center agent when ordering over the phone.
4. You get a $50 bill credit for each friend who becomes a Direct Energy customer.
5. Your friends will also receive a $50 bill credit because you referred them.