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DALLAS, TX
July 13, 2006
If the 100 degree temperature is making you sweat, wait until you get your electric bill. Experts say ‘don't stress’ -- despite rising power prices, and little difference in rates, there are ways to keep your cash.
Neddy Especulta’s fears the day her electric bill comes in the mail. She has $8 to her name and according to her she, “can't have the lights on in the daytime, maybe a ceiling fan.”
But there's good news on the way. It appears electric companies are waging a low-profile "cold" war against each other, for your business. According to TXU, the states largest electric provider, “it's a very competitive market.”
TXU, historically the most expensive provider, now offers 10 different savings plans and one of the lowest rates in north Texas. According to a spokesperson, “Customers statewide are asking for choices… something that will best meet their needs.”
According to the states ’Power to Choose’ website, your current electric company may offer more than one electric rate. So you can call, sign up and save even more.
At least one company, Star Tex Power, doesn't charge its customers the typical $5 to $10 monthly service fee. Reliant energy guarantees 5% off of TXU's "price to beat" rate till 2007. A handful of companies are also offering price protection plans that will lock you in at a low rate for up to three years.
Even one of the Commissioners of the state regulatory agency, Barry Smitherman, is telling consumers to think about switching to save money. “A customer in Dallas that switched and shopped once a year can over $800.”
But great savings come at a price. For example, when you sign up with an electric company charging 14 cents per kilowatt hour, they may also charge you a $10 monthly/consumer service fee. If you do the math, on a typical bill, the real rate is closer to 15 cents (14.7) per kilowatt hour. Those extra pennies cost you an extra $120 a year.
Also, some companies charge cancellation fees if you terminate your contract before your agreed date. Fees range from $150, to the total of your three highest bills. Ask for and read their terms of service agreement before you switch.
Keep in mind that you don't always need to switch to save. When we met Neddy, TXU sent her a disconnection notice. So we called TXU and they immediately lowered her rate to one of their many savings plans.
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