Should I Shop Long Term Electricity Now?

Posted on Posted in best electricity plan, BGE, Compare rates, electricity in Maryland, fixed rate plans
Save money when you shop electricity rates for long terms plans. Lock in a low rate to shield you from BGE's rate increases.
Watch out, Marylanders! BGE is raising your SOS rate next month! See how you can save money this winter money when you shop electricity rates for long terms plans.

Shop for Best Electric Rates

BGE’s MD customers have been enjoying low pricing for their electricity. But starting next month, default service electricity rates will rise. This means energy shoppers are once again left with an important question. Should I shop long term electricity now?

About BGE’s SOS Rate

Start your shopping by checking out BGE’s standard offer service (SOS) rate. Currently, BGE charges 7.663 cents per kilowatt-hour (kWh) until the end of September. Then the rate will rise to 8.410 cents per kWh from October 2021 to May 31, 2022. These rates mean a monthly charge between $0.67 and $0.73 per month to power an energy-efficient clothes washer (about 8.75 kWh per month).

While these are great rates, there’s no guarantee that June’s rates will be a substantial decrease. Last year’s winter heating demands and slackening production have led to lower amounts of natural gas in storage. This means prices could spike this winter and remain high going into next year.

However, if you shop these electricity plans now, their long terms could help you avoid high electricity bills well into next year and even beyond.

Cheapest Electricity per kWH Rate

Tomorrow Energy’s 12 Month Fixed plan offers a 12 month plan of just 7.77 cents per kWh. That’s the lowest 12 month plan in MD and equals a monthly cost of $0.67 to power an energy-efficient clothes washer. Tomorrow Energy uses Renewable Energy Credits to supply eco-conscious Maryland consumers with electricity from 100% wind energy sources. In addition, Tomorrow Energy has partnered with the Arbor Day Foundation to plant a tree for every 3 months.

Customers looking for a long term plan might opt for Tomorrow Energy’s 24 Month Fixed plan. At 9.15 cents per kWh, customers could power a clothes washer for about $0.80 a month. Unlike their 12 month plan, this one is eligible for participation in their Earth Incentive Program. After paying your first invoice, customers can earn a $150 gift card.

Compare Long-Term Electric Rates

Energy Harbor offers two long term plans. Both their Safe Harbor 24 and Safe Harbor 36 plans charge an 8.49 cents per kWh rate. This rate could power an energy-efficient for about $0.74 per month. In addition to a predictable rate over a long term, customer service is big draw to these plans. Energy Harbor is rated in the top two of MD’s best energy companies. Best of all, neither plan charges an early termination fee. This leaves customers free to cancel or switch for better deals.

Shop Long Term Electricity Now!

BGE customers know that SOS rates will rise in October. Smart energy shoppers are already hunting for the best deals to save money on electricity. Tomorrow Energy’s 12 Month Fixed plan is undeniably the cheapest plan, especially if you are interested in renewable energy. But if you want a longer commitment with a predictable fixed rate and value customer service, consider Energy Harbor’s two plans.

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

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