How should you shop for cheap electricity in Texas in 2022? Very carefully | DaveLieber
Did you see the story by my colleague, business columnist Mitchell Schnurman about rising electricity rates? Headline: “It came to life in a letter to me from Laura K. She says, “I’m one of those unfortunate folks with an expiring electricity contract this summer. Would you suggest a 12-month fixed rate or a 24-month fixed rate at this time?”
Mitch reports that the average state kWh rate is now 18.48 cents. A year ago, it was 10.5 cents. He says it’s the highest average rate since deregulation hit us more than 20 years ago. You can do it by shopping around. Here’s my world-famous guide to shop for electricity in Texas, updated this week:Shopping for a retail electricity company in deregulated Texas is serious business. You need to read this power guide and know that if you commit to the wrong contract, you might be overpaying. The system is designed to lure you in with a low kWh rate, but learning how much the actual bill is can be more complicated. Why is that? The add-on fees that you have to work hard to find.
Those are shockingly high. About double what he could have paid if he'd shopped around, if he'd switched companies several times a year to obtain new customer discounts, and if he'd actually paid attention to his bill. In a symbolic gesture, The Watchdog "confiscated" the P from the PUC of Texas. "Care about the public, and you can have it back," Dave Lieber taunts.Who’s the best company? No real answer. There have been as many as 55 companies serving our region, and some are owned by the larger companies. They just use different names.
The Watchdog recommends hopscotching from one company to the next, looking for the best deals. A few days before a contract expires, start shopping again. Why shouldn’t you stick with a company? Because if you aren’t paying attention and your contract expires, you lose the low new-customer teaser rate. Your rate will go up. Companies offer introductory teaser rates for new customers. That’s why you should shop around for new-customer rates.
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