Should I Shop Long Term Electricity Now?

Posted on Posted in best electricity plan, Compare rates, electricity in Maryland, electricity suppliers, fixed rate plans, Potomac Edison
Should you shop long term electricity now? Rates are rising fast. Find out how to save this winter.
Maryland electricity rates are rising. Should you shop long term electricity now to lock in a low rate before prices climb higher? Find out what your alternatives are!

Long-Term Energy Plans

Halloween shopping, Thanksgiving dinner plans, and holiday gifts can drain our wallets fast. And don’t forget that keeping our homes warm and toasty leads to high energy bills. Consequently, that’s why energy shoppers in Hagerstown are hunting for the best deals now. But you have to ask: “Should I Shop Long Term Electricity Now?”

Consider Potomac Edison SOS Rates

You should always start by comparing average usage with your local utility’s standard offer service (SOS). Right now, Potomac Edision’s SOS rate is 7.312 cents per kilowatt-hour (kWh). This rate lasts through to May 31, 2022. And according to the most recent average monthly bill report, Maryland uses about 957 kWh of power per month.  For Hagerstown customers, that adds up to monthly supply charges of around $70 all the way through May.

Why Shop Long-Term Electricity Rates?

Consumers are always looking for the best deals for electricity. But changing SOS prices always make budgeting hard. Long term plans set a price we can rely on for 13 months or more. Furthermore, many of these plans have additional benefits including cleaner power, shopping discounts, or excellent customer service.

Best Long-Term Electricity Rate

Price stability is one of the biggest reasons to shop for long-term electricity. Because many people don’t have the time to price hunt every few months.

Currently, Energy Harbor has the best long-term electricity rates in Hagerstown. Their Safe Harbor 36 plan charges 7.89 cents per kWh. True, that’s higher than the SOS rate, but the main draw is that Energy Harbor uses carbon-free power, which is perfect if you demand cleaner energy. As a result, Energy Harbor’s customers could expect monthly supply charges of about $75.

In addition, Energy Harbor is rated in the top three of Maryland’s energy companies because of their excellent customer service.

Cheapest Alternative to Potomac Edison

If price is most important to you, then you might consider shopping short-term rates.

For example, NRG Home’s Electric Choice Plan 3 Month plan charges an introductory rate of only 6.20 cents per kWh. This means Hagerstown customers could expect monthly supply charges around $59. In addition, NRG Home offers a $50 cash back after 2 months of service.

However, after those first three months the plan renews into a variable month-to-month rate. On the other hand, there is no early termination fee. So you can cancel or switch in time for potential deals in the new year.

Best-Time for Electricity Plans

Potomac Edison customers in Hagerstown can look forward to incredibly low pricing. So right now isn’t the best time to shop for long term rates. But if you want to save even more money, then we can recommend NRG Home’s short-term deals. Just make sure you cancel or switch when the plan expires for the best deals in 2022.

You can learn more about saving money and energy by comparing rates, plans, and provider reviews at www.mdenergyratings.com.

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