Providers, Plans, and Rates
What is a Variable Rate Plan?
A variable-rate energy plan means the rate your pay for your electricity or natural gas supply may fluctuate from month to month. This monthly rate will be based on the current market prices that your energy supplier pays to obtain the natural gas and electricity it sells to you.
What is a Fixed Rate Plan?
A fixed-rate electricity plan allows you to pay the same electric rate per kilowatt-hour (kWh) for the length of the plan, even if market prices fluctuate. This plan normally involves a contract for the length of your choice, ranging from three to 36 months.
What is a Tiered Rate Plan?
Tiered utility rates are a structure in which the more electricity you use, the higher your rate gets. You are allowed a certain amount of power (kilowatt hours) in each tier. Once you’ve exceeded the amount in the tier, you move into the next highest tier.
What is an Indexed Rate Plan?
An indexed rate plan (also called market rate plan) is similar to a variable plan in that the price per kWh can go up or down each month. The difference is that the rates for these plans are directly tied to a pricing formula connected to a publicly available index.
What is a BillCredit Rate Plan?
Bill credit plans are plans that give you credits at certain levels of usage. You will generally pay a higher rate per kWh that will be offset when you hit an arbitrary threshold. These generally make the rates look nice when right at 1,000 kWh.
What is a Prepaid Rate Plan?
Prepaid Electricity is an electric plan that allows customers to control electricity use by paying before using electricity. Prepaid electricity plans are available in states like Texas and Maryland due to their deregulation laws. That’s because they’re only paying for the electricity that they actually use.
How do I read my electricity bill?
Your bill is broken down into at least two sections: supply (including transmission) and delivery. Find your Electricity bill and look for the rates about supply and transmission. These are not actual rates, but the rates may look like this:
Electricity Supply Charge: 0.05836
Electricity Transmission Charge: 0.00669
$0.06505 x 100 =6.51¢
6.51¢ is the price per kWh. This rate of 6.51¢, is the number you would compare with the other suppliers’ rates.
If rates change and I find a less expensive plan, do I have to pay an early termination fee?
It depends on the current plan you have. Most plans do have an early termination fee. There are a few plans that do not. Like cell phone plans, if you cancel early, you will be responsible for the early termination fee associated with your contract.
Who are the Texas Electricity Providers?
ElectricityShark.com partners only with Electricity Providers who are registered with the P.U.C., Ercot, and state of Texas. Electricity Providers are required to comply with rules and regulations created by the State of Texas to protect you as the customer.
How do I know which is the best Electricity Plan and Rate?
Electricity Shark presents the available plan and rate options for your area based on your zip code. You are able to compare pricing and rate details. You can search using different filters according to your wants and needs.
How do I find the cheapest electricity plans?
Enter your zip code on our website and view the cheapest electricity plans and rates for providers in your area.
How can I find the cheapest electric rates?
Electricity Rates for providers listed on our website are up to date as click search. If a rates have changed, you will see the most up to date rate. You will have the all information in front of you to make the best decision as to which electricity rate and plan is best for you.
How many electricity plans are available to me?
A BUNCH! Electricity Shark searches through the available electricity providers in your area to give you as many options as possible. You can narrow your search with our filter to find exactly the right plan for you.
Do I have the power to choose my electricity provider?
Yes. Electricity Deregulation, better known as Electricity Choice, has given you the power to choose your own electricity provider. The power to choose your provider can save you a lot of money over of the course of a year. Electricityshark.com will help you make the best choice possible.
If I change electric companies, will anything actually change with the wires and meter at my house?
No, the power poles, electric meter, and wires are owned by another company that only manages the physical poles and wires. If you have a power outage, this company will take care of the outage. The reliability of your power will be consistent no matter who you pay your bill to.
Do you have commercial electricity plans and rates?
Yes. Share a little information about your electricity history and a little about your electricity usage and patterns, and we can save you money for your business.
Contact A Shark
If you did not see your question listed above, Contact Us.
How does Electricity Shark make money? Are there any fees?
We do not charge any fees. The Electricity providers do not charge you a fee for enrolling through Electricity Shark. Electricity providers pay Electricity Shark a small referral fee which they have planned for in their marketing budgets. This does not get passed on to you. The rates we show you are the best rates they have to offer, usually lower than the rates on their sites. Electric providers love that we bring them thousands of customers each year. It is cheaper for them to pay us a very small fee than for them to pay for billboards, door to door salesmen, and other expensive marketing strategies.
Do I pay Electricity Shark for helping me switch to a new electric supplier?
NO. There are absolutely no fees to use Electricity Shark.
When will my new electricity rate start?
As soon as enrollment is complete, you will receive your next bill within the next thirty days. The new bill will show the new rate you signed up for.
How do I switch electricity companies? Does somebody have to come out to my house?
Electricity Shark handles everything for you online. There is no need for anyone to come out to your house.
Enter your zip code.
Select the plan you want.
Follow the prompts, and minutes later you are finished.
There will be no interruption in electricity service.
Your next bill will be from your new provider at your new lower rate.
Do I need my landlord’s permission to switch electricity providers?
No, If you currently pay your electricity bill yourself.
Yes, If your landlord pays the bill.
Power outage, who should I call?
Call your local utility company. Switching electricity providers does not change the fact that you still use the same utility company to deliver your electricity.
Deregulation and Choice
Why is Electricity deregulated?
Utilities including electricity have been a monopoly for a long time. The government wanted to break up these monopolies with electricity to ensure competition and better prices for the customers. Deregulation or Choice, allows electricity provider companies to compete for your business thus ensuring the best possible service at the lowest possible price for you the customer.
Billing and Payments
When will I get my first new bill?
You will receive a final bill from your current electricity provider within 30 days of switching to your new plan and provider. You will receive your first electricity bill from your new provider within 30 days of switching.
Why do I have to sign a contract with my new electricity provider?
You need to sign a contract to confirm that you accept the terms of the agreement. Some contracts have minimum requirements and early termination fees, while others do not.
I am moving, Do I have to pay an early termination fee?
Check with your Electricity Provider. If you are moving to a area serviced by your current electricity provider, they will expect you to keep them as your provider. If you are moving to a area outside their service area, you may be able to avoid the fee.