Resident Power

[Happy Gourmand]

Has anybody in the area looked into Resident Power? The rates from NHEC seem pretty high to me and an alternative provider could make sense.
http://www.residentpower.com/

[upthesaukee]

All their FAQ info refers to PSNH...not sure you can do the swap with NHEC...NHEC is a cooperative group in itself, and not sure that you can utilize their equipment in the same way as PSNH.

[Winnisquamguy]

Originally Posted by upthesaukee

All their FAQ info refers to PSNH...not sure you can do the swap with NHEC...NHEC is a cooperative group in itself, and not sure that you can utilize their equipment in the same way as PSNH.

From reading the FAQ there is no equipment changes and then I found this regarding NHEC

In New Hampshire only large commercial and industrial businesses. Residential consumers and small businesses, which is 40% of the supply market are forced to purchase from their local Utility (PSNH, Unitil, National Grid and NHEC). That's where we come in. We are the first to bring competition to New Hampshire. and be part of the movement for lower rates.

I would also like to hear from anyone that has switched, it seems like "its to good to be true" why wouldn't everyone switch to save 5-10% monthly? You do need to sign a 1-2 year contract.

[Belmont Resident]

Originally Posted by Winnisquamguy

From reading the FAQ there is no equipment changes and then I found this regarding NHEC

In New Hampshire only large commercial and industrial businesses. Residential consumers and small businesses, which is 40% of the supply market are forced to purchase from their local Utility (PSNH, Unitil, National Grid and NHEC). That's where we come in. We are the first to bring competition to New Hampshire. and be part of the movement for lower rates.

I would also like to hear from anyone that has switched, it seems like "its to good to be true" why wouldn't everyone switch to save 5-10% monthly? You do need to sign a 1-2 year contract.

That in itself makes us leery so we are going to wait and see what experiences others have before trying it out.
They only guarantee you will save 5% at the time you enroll, but there are no guarantees that you will save anything at all the rest of the time which also means you could pay more. Hence the year long contract?
If you follow the advertisements on TV it does seem that it is geared towards saving big business money more then the average homeowner who uses far less during the course of a year.
My wife looked up our usage and we could have at 5% saved $70.00 last year. But if there are no guarantee’s that you could pay more then PSNH is charging then who knows what the end result could be.
I’m curious to hear from homeowners who do try this, and what their experience is in the long run.

[Whimsey]

Buried on their website, it says "We are currently serving PSNH. We will have agreements in place to serve all utilities in NH shortly. Once you are enrolled you will be notified via a supplier notice with rate and terms. "

If you read their contract, you have to sign up for an initial one year period. It then auto renews for 3 month increments until someone gives a 30 day notice. In the contract, they guarantee: "Price Guarantee: Resident Power guarantees that your new electricity rate will be lower than the posted residential rate offered by your local utility company at the time of enrollment with your new competitive electricity provider (“CEP”). The 5% savings guarantee applies to PSNH customers only. All other utility customers are guaranteed a savings against the posted residential rate offer by their utility; however it may be a savings of less than 5%. If Resident Power is unable to secure a rate that is lower than that of the posted residential rate offered by your local utility company, Resident Power will not enroll you with a new CEP and you will remain with the utility company, at no additional charge, until such time as a new rate is found or you terminate your membership in the Resident Power program.

Note the "at the time of enrollment" wording in the price guarantee.

If anyone with NHEC does enroll, I'd be grateful to hear how well it works.

[TheProfessor]

Be sure to check all fees associated with any transfer of company. Fees to join if any and fees to leave if you ever do.