Benefits of Maryland Electricity Market
The Maryland electricity market benefits smart energy shoppers with low electricity rates to help reduce their bills. In addition, some shoppers can enjoy renewable energy in their homes or take advantage of supplier offers such as shopping discounts and rebate programs. But many Maryland residents don’t understand how Maryland energy choice works. As a result, these residents miss out on the benefits we mentioned. So this guide will help make Maryland Energy Choice simple, so you don’t miss out.
What is Maryland Electric Choice
The first thing to understand is the difference between a regulated or deregulated market like Maryland Electric Choice.
In regulated markets, the local utility owns and operates all aspects of electricity; from generation to delivering the energy to customer meters. The state regulates the prices for these utilities. In deregulated markets, like Maryland, retail suppliers shop for the cheapest electricity from generating companies on the PJM wholesale market which spans 12 states. The suppliers then compete to sell the electricity at the lowest rate to retail customers. Customers pay for this power as the supply portion of their electricity bill.
A resident’s choice of energy supplier empowers you to hunt for low rates, big benefits and incentives, or support green electricity companies. Some energy shoppers even manage to do all of the above.
But what is the best way to shop the Maryland electricity market?
How to Shop the Electricity Market
Local utility websites and the Maryland PSC website provide lists of Maryland electricity suppliers. Exploring these pages isn’t a bad way to start, but they lack crucial details including plans, pricing, and benefits. That’s why MD Energy Ratings provides thorough and frequently updated information and electricity company reviews.
But what information should you focus on while you search? Here’s a handy list of what the best energy shoppers look for.
- Electricity Rates The biggest concern for many residents is whether they’ll save money by making the switch. Comparing per kWh electricity rates is the best way to do it.
- Early Termination Fees or Monthly Charges Avoiding plans with monthly charges can keep your electricity bill low. Plans with low or no early termination fee can make switching to better deals in later months pain free.
- Plan Term Length 3 or 6 month plans are ideal when you want to try a company out or if you plan on moving soon. 12+ month plans avoid unexpected price hikes and are ideal if you plan on staying in your home for a while.
- Type of Energy provided Many residents want to protect the environment by lowering their carbon footprint. These customers are more concerned with enjoying 100% renewable energy rather than cost.
- Benefits and Rewards Programs Deregulated electricity markets create competition. Many companies make up for early termination fees or slightly higher pricing with rewards programs that offer rebates, discounts, or gift cards.
All this information leads to one important question.
Is Switching Electricity Suppliers Worth it?
Without shopping around, there’s no one correct answer to this question. But the Maryland electricity market gives you the power to shop the best electric plans for your needs. Whether you shop for lower rates, renewable energy, shopping benefits, or stable fixed rates, shopping smart is the way to answer this question for yourself.
You can learn more about saving money and energy by comparing rates and plans at www.mdenergyratings.com.