Energy providers in New York, such as Direct Energy, Consolidated Energy, and Public Power have been the leading competitive energy suppliers for years. Each energy supplier purchases energy from the local wholesale market (generators) and re-sold it to customers (homeowners, tenants, and small businesses). The prices they charge are based on the amount of energy needed at a certain time and how many customers use that energy. They also offer flexible plans that include options for monthly bill payments.
In Energy deregulation in New York the state passed a law in May 2021 which allows energy providers like Consolidated Energy, or EPC NY, to compete on energy prices with other providers by granting them the choice to select a wholesale rate for their customers. With Energy providers able to compete and pass on wholesale energy rates they will be forced to either reduce their prices or increase their prices. As a result of this law there are now more energy providers than ever competing for your business. This will lead to more competitive pricing in both monthly and yearly electricity rates. The new laws will also stimulate the economy by increasing consumer demand for energy, resulting in increased employment and consumer purchasing power.
To find an energy supplier in New York, you will first need to determine your energy usage and how much power you use. Enter this number into an online energy dashboard provided by each energy provider to get an estimate of how much you can save with their energy plan. Some energy providers will ask you to enter how much power you use on an annual basis. Entering the amount of power you use over a year and how often you use it will give an indication of the average number of kwh used. Using this number, the energy supplier can calculate your monthly payment and the amount to which you can offset that cost.
When looking for an energy supplier in New York, it is always important to check up on them and their history. A good energy company should have a history that spans at least five years. They should also have been in business for at least a decade. If the energy providers have been in business for more than two years they are likely regulated and offer some level of customer service. If they are unable to answer your questions over the phone or through email then they will need to show proof of their status. Checking up on these companies will ensure you choose a reliable and reputable Cheapest Electric Company that has been in business for some time.
Another way to get an idea of how much an energy supplier will charge you is to pay attention to the price per kilowatt-hour. Most energy providers base their prices on the average amount of electricity used in a month, but if you pay more per kilowatt-hour then you can expect to pay more. You may also want to consider comparing your New York power bill to see if the energy provider’s rates are any higher than your estimated monthly costs.
It is recommended that if you decide to change the energy providers that you do it as soon as possible. It is not only easier to switch now, but you may save money on your next bill. Before you switch ask the energy providers you are interested in if they have any special deals for new customers. If you switch when it is not yet seasonally appropriate for your area it may cost you more during the switch. Also ask about incentives and rewards programs. Many energy providers offer to switch customers for free, so if you have been a customer for several years and are getting a better rate, it may be worth your while to sign up for that incentive.