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Saving Money On Electricity and Natural Gas

Updated on February 2, 2018
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I enjoy writing about ways to make money, save money, and use money wisely.

Saving Money On Electricity and Natural Gas

Saving money on electricity and natural gas has never been easier, thanks to the deregulation of the electricity and natural gas markets and the power of the Internet. Strapped home owners and business owners can now save money on electricity and natural gas by changing to a third-party supplier. Many states have deregulated their electricity and natural gas retail markets, which allows consumers to save money on electricity and natural gas, if they take the iniative and sign up for a third-party energy supply. Deregulation has brought an end to utility monopolies and has allowed third-party electricity and natural gas suppliers to compete for customers, lowering costs for end users. However, long established utilities have not become irrelevant, as they also compete to provide electricity and natural gas to consumers and continue to deliver electricity and natural gas to end users.

Saving Money On Electricity and Natural Gas

Saving Money On Electricity and Natural Gas
Saving Money On Electricity and Natural Gas | Source

How to Start Saving Money On Electricity and Natural Gas

The process of switching to a third-party electricity and natural gas supplier, to start saving on electricity and natural gas costs, varies from state to state. The best place to begin the search for a third-party electricity or natural gas supplier is on a website set up by your state that is dedicated to connecting consumers with third-party energy suppliers licensed to business in your state. These state websites provide information on what type of energy is being provided (i.e. renewable or non-renewable) and often link to the websites of third-party electricity and natural gas suppliers that serve the state. Signing up is often as easy as filling out an online form and clicking “Accept”. Some states may require third-party verification to ensure your utilities are not being switched without your consent.

There is usually no cost involved in switching electricity or natural gas suppliers. Often, third-party electricity and natural gas suppliers will provide incentives to switch to their service, such as gift cards to national retail stores.

Savings from third-party electricity and natural gas suppliers vary from state to state, and are based on the plan chosen, including the length of the contract. Typically, the best savings are achieved by choosing a long term plan that locks in the rates you pay for electricity and/or natural gas for a year or two. You will still have to pay any rate increases imposed by your utility for delivering the electricity and/or natural gas to your home or business over the period of the contract, but the supply cost will be fixed.

There will be no noticeable change in your electrical or natural gas service, and in many states you will continue to receive one bill from your current utility that breaks out the cost of the third-party electricity and/or natural gas that you signed up for and the cost of delivering the electricity and/or natural gas to you, which will still be done by your local utility. Your local utility will still be your point of contact if you have a service disruption. They will remain your service provider, despite the fact that you are purchasing your electricity and/or natural gas from a third-party supplier.

There is little risk involved in changing to a third-party electricity and natural gas supplier. The annual savings can be significant, especially if you are a heavy energy user. If the supplier goes bankrupt or fails to deliver, then you will, by default, be served by your local utility. Just make sure that you contact your third-party supplier when your contract is due to expire to ensure that you are not automatically switched back to your utility at the utility’s standard rates.

Saving money on electricity and natural gas is not difficult at all. The sign up process to begin saving money on electricity and natural gas can often be done online or over the phone. A thrifty home or business owner just needs to do some homework and take the time to sign up for cheaper electricity and natural gas suppliers to start saving money on electricity and natural gas.

The nice thing about switching to a lower cost electricity or natural gas supplier is that once you start saving money on your utility bills, the savings will continue indefinitely and you can use the savings for other things in your life.

How to save money on your Gas & Electric Bill

Electricity and Natural Gas Saving Quiz

How Much Would You Like To Save On Electricity and Natural Gas Each Month?

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© 2011 John Coviello

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