Savings Chart Update Week 39: Select an Alternative Electricity Provider with Lower $/kWh Rate = $246.72 in Savings
A few years ago competition was allowed to enter into our local electricity market. This means everyone now has the opportunity to select an alternative electricity provider instead of being forced to go with the same one utility company. By providing us more options we have the opportunity to actively search for the company that offers the best contract based on our electricity use so we can save money on our monthly electricity bill.
After visiting my area’s public utility commission’s website to see all of the available utility options, I selected the provider that offered the lowest rate with the longest term because I wanted to lock in my rate for as long as possible. Sure, rates may go down in the future and I may miss out on additional savings, but I am pleased with the rate I selected, so I locked it in. If you are able to choose your electricity provider, I encourage you to conduct your due diligence because it can result in significant savings.
This new $/kWh will save my family on average $246.72 this year which brings my annual savings chart total to $4,433.50. Head over here to check out my Week 1-38 savings chart entries. I encourage you to join me in recording your weekly savings with this free printable savings chart. It is fun to track how much money you can save by making simple, smart money decisions.