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Electricity: Factors Affecting Prices Today

Your energy bill at home or in the workplace can become gargantuan if you don’t monitor your energy usage. The prices that the companies charge are only half of the problem. Review the factors, many of which you can change, that affect today’s electricity prices.

Tips on saving energy at home

  • Monitor the day-to-day activities that affect your consumption of energy. Practice steps as simple as turning off the lights when you leave the room or not running the air conditioner all day long.
  • If you haven’t already, replace your incandescent light bulbs with fluorescent versions. Find the most energy-efficient sources like LED lights that use the least amount of energy and last the longest.
  • Install energy-efficient appliances that are designed to conserve but not waste large amounts of electricity in the home. Look for products and services that specifically promote energy efficiency.
  • Install a smart thermostat that turns the HVAC system on and off automatically. Control the exact dates and times when the system works, and choose the right temperatures. An additional feature includes zoning that allows you to choose the rooms to heat or cool.

Using alternative forms of energy

Another option is to use alternative forms of energy. You can cut your energy bills in half or more. However, the problem with this is the upfront costs and installation requirements. You’ll have to install brand-new devices and appliances in renovation projects that take a lot of money, time, and effort. But the costs that you pay upfront are eventually paid off as returns on the initial investment.

One popular option is to install solar roof panels that absorb sunlight, which is expended as energy for the home. Some energy companies generate only wind power or solar energy. Consider all of your renewable energy options as you invest in alternative energy and save a fortune on bills.

Ways to save energy during hot or cold times of the year

Installing solar panels that generate electricity using sunlight is one way to save on electric bills. In addition, solar water heaters are available. Solar options do not work on all homes or in all geographic locations. They are recommended in places where the sunlight is consistent. Solar energy is not useful during the winter when the sun stays hidden. Make sure to repair and maintain your heater before winter starts. Check that the right amount of heat is being released from the vents and at the right temperatures.

Seal any leaks around the doors and windows to prevent heat from being released accidentally. Apply insulation materials around the home to prevent the escape of warm air. Use the fireplace instead of the heater. If the heater must be used, turn it on and off only when necessary.

Finding energy providers

Finding an energy provider means knowing what to look for. Price is not the only factor to consider. Check the company’s license and the number of years of experience. Also, check their reputation to see if customers actually enjoy their products and services. Once you know what to look for in a company, compare the rates and features among different companies. There are comparison websites that make this option easier. Remember that you are not obligated to one company alone – you can always switch to another later.

Electric rates

Electric rates fluctuate regularly. First, know the average price per kilowatt-hour (kWh) and which prices to look for in a good plan. Then, consider fixed plans or variable rate plans that are based on the amount of energy you use each month. Last, go on one of many websites that compare electric rates from different companies. There are several ways to save money on your electric rates. Consider all sales offers that the electric companies provide, including the time of use plans like free nights and weekend plans. Check for hidden fees that come with many plans. Most importantly, know that a lot of savings comes from your own actions. Compare the savings that you made before and after installing energy-efficient systems.

Competitive electric companies provide a wide range of choices to you as the homeowner. Choosing an energy provider is not difficult when you consider ATCO regulated electric rates.

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