Electricity, also referred to as power or energy, is essential to life as it is today and the economy of any society. It is used for heating, lighting, cooling, refrigeration, operating all sorts of devices both household and commercial/industrial, and in some societies for their public transport system. Every state or region has its rules and regulations about power supply but generally, there are companies that are given the license to supply power to people. So whether you are a business owner or a householder, it is imperative that you engage the services of a power supplier to hook you up to electricity.
This article is not about the ‘how’ of this process; our focus here is helping you get the cheapest option possible. So stay with us as we discuss how you can get the cheapest option available.
How to Find the Cheapest Power Supplier
As we mentioned earlier, electricity is an essential commodity in today’s world. No household in modern society can run without electricity. This therefore means that it is highly necessary that every consumer gets the cheapest power supplier possible. It doesn’t however mean that one should neglect looking out for reliability and good quality of service.
The following are some tips and hacks that will help you get the cheapest power supplier and save cost on electricity:-
Comparison Shopping
This is one of the easiest ways of finding a cheap power supply; you can either search online or visit the brick-and-mortar offices of electricity companies. Find out the range of services that the company offers and the cost of those services. Additionally, you should look out for discounts, promo deals, and special offers that are available.
Also, bear in mind that ‘cheaper’ or ‘cheapest’ in this regard may not be only about cash. The cost-benefit ratio of the money each service costs is something you should think about. You need to take into consideration, the cost-to-benefit ratio of the amount that each service costs. You have to consider the reliability of the company, their customer care, and whether they have additional fees and charges. You can visit http://bestestrøm.no for more information on comparison shopping.
Consider Switching to a Time-of-Use Plan
A time-of-use plan is one in which different tariffs are charged for electricity based on the time of the day. Some power companies have this plan while others do not. So if you are not on this plan, you can consider switching to it. This is especially for those who have been able to structure the time they use electricity most to off-peak periods.
An example is if you use your washing machine or dishwasher only at night which is the most common off-peak period. Note that energy rates for off-peak periods are usually lower than other times. However, do not just assume that the time–of–use plan is automatically cheaper than the standard plan that you use; do a comparison to be sure that it is indeed cheaper than your current plan.
Negotiate Rates with the Supplier
This is a possibility for consumers who have been with one supplier for a long time. You can contact the electricity company and ask them for better rates or discounts. Do not be combative or rude when negotiating and also ensure that you really know what you want.
Find out what other energy suppliers are offering their subscribers so that you can have strong points for your negotiation. Also, arm yourself with quotes from competitors so that your supplier knows that you have options.
Switch to Prepaid Metering
This is the system where the consumer buys electricity units and then uses them as required or desired. This plan is becoming quite popular with electricity companies. This is a good option for people who are on a budget and also for those who want to be in control of their bills; with a prepaid plan, you can avoid surprise bills.
When switching to this plan, however, ensure that you understand all that it entails. Read the fine print so that you are not caught unawares by any additional fees or charges.
Constantly Check Other Suppliers
You do not have to remain with one supplier all your life. It is considered good practice for you to check out other electricity companies from time to time. Find out what is new in the industry and how companies are implementing government rebates and incentives.
Sometimes when you remain with one company, you may not know that cheaper rates are being offered elsewhere. However, ensure that you do your due diligence before switching. One point to note is that you should sign up with a company that gives you at least 12 12-month warranty. This means that they cannot change the terms and conditions of your contract until after 12 months.
So whether electricity tariffs rise or fall, you will keep paying what you agreed on for the next 12 months at the minimum. This is actually an advantage seeing the rate of inflation that we have these days.
How to Reduce Your Electricity Bills
Look out for Government Rebates
Most governments globally have rebates for households that opt for renewable energy. These rebates save costs for the consumer as they help to preserve the environment. You can find out your eligibility for any type of rebate by asking the power supplier or at your local government office or website.
Use Only/Mostly Energy –Saving Devices/Appliances
This tip is for reducing your energy bill no matter the supplier you use. Energy-saving devices are designed to use minimal electricity to function, unlike traditional appliances. There may also be rebates that serve as incentives for people to use more of these energy–efficient devices; either way, you will get to save some good money in the long run.
Use Power Strips
A power strip is an electrical device that is used to power multiple devices at the same time. This device makes it possible for you to turn on and off all the devices connected to it at once thereby saving power and reducing your energy bill. This is particularly useful for devices that use standby power such as computers and TVs.
Install Solar Panels
This might seem like a counterintuitive move because solar panels are capital-intensive devices. But the truth is that they are a long-term investment through which you save money and also with these devices, you generate your own power. This frees you from reliance on any energy company and you can even sell excess energy if you generate more than you need. This therefore means that there is a possibility of you recovering your investment to an extent.
However, before installing solar panels, make sure that you check in with your local authorities to know the regulations concerning it. There might even be some rebates and incentives from the government for using solar energy.
Conclusion
To find the cheapest power supplier, you have to put in some effort to research and do some comparison. This however pays off at the end of the day because you get to save money.
We have put together this piece to help with the basic information that you need and what to look out for in further research. So bear these tips in mind as they will come in handy.
