Electric rates, what's the catch?

Merrymeeting · 12-13-2022, 03:26 PM

I just got my latest Eversource bill, a new personal record, by a long shot. Which has me looking into alternative suppliers at a lower rate. Can someone here who knows more about all this than I explain how this all works.

A few years ago, I did switch to Direct Energy. They gave me a lower rate than Eversource, until the contract time expired. Then the rate jumped dramatically, so with no change fee, I moved back to Eversource.

Now looking at the rates offered again, found the info in these links
https://www.energy.nh.gov/engyapps/c...ice=Eversource

https://www.directenergy.com/nh/elec...um=NHStateSite

Feels like I'm missing something. The 3-year, 0.01699 rate with no cancellation fee seems like a no-brainer. But I have to believe there is a catch somewhere that's not described in the small print. Is it really as simple as you are just betting that the rate will not go lower over that time period? With no cancellation fee, what's the risk? Do they just count on people not remembering to check and switch if the rates fluctuate?

12-13-2022, 03:26 PM	#1
Merrymeeting Senior Member Join Date: Mar 2003 Location: Merrymeeting Lake, New Durham Posts: 2,219 Thanks: 299 Thanked 796 Times in 366 Posts	Electric rates, what's the catch? I just got my latest Eversource bill, a new personal record, by a long shot. Which has me looking into alternative suppliers at a lower rate. Can someone here who knows more about all this than I explain how this all works. A few years ago, I did switch to Direct Energy. They gave me a lower rate than Eversource, until the contract time expired. Then the rate jumped dramatically, so with no change fee, I moved back to Eversource. Now looking at the rates offered again, found the info in these links https://www.energy.nh.gov/engyapps/c...ice=Eversource https://www.directenergy.com/nh/elec...um=NHStateSite Feels like I'm missing something. The 3-year, 0.01699 rate with no cancellation fee seems like a no-brainer. But I have to believe there is a catch somewhere that's not described in the small print. Is it really as simple as you are just betting that the rate will not go lower over that time period? With no cancellation fee, what's the risk? Do they just count on people not remembering to check and switch if the rates fluctuate?