Since 1999, the state of Maryland started to offer its residents or locals the capability to select their own electricity supplier. With this, many homeowners have already changed their energy suppliers, thanks to the freedom of choice and tons of options offering the most competitive rates.
Not only the residents of the state of Maryland can save on monthly energy costs by seeking lower rates, but they can leverage green energy options. In this post, we’ll walk you through the important things to know when choosing your energy supplier in Maryland.
Energy Providers in Maryland
Maryland is one of the fifteen states wherein electricity consumers have the power to choose their energy suppliers. This freedom to choose is called energy choice or deregulation. Consumers can choose their energy provider from a long list of options, which compete on the percentage of green energy, term length, price, and more.
Even so, electricity will still be delivered or conveyed by a utility. When assessing plans, what do you need to consider? Well, above all, you need to think more about the price, which is denoted in cents per kilowatt-hour.
Plan types include variable rates and fixed rates. Variable rates change every month and are excellent when prices decline, yet not beneficial when they don’t. On the other hand, fixed rates provide stability and cohesion through the term of the plan.
Moreover, if your prime concern is about carbon footprint, then a plan sourced by wind or solar energy is right for you. Compare Maryland Electricity Rates, Prices and Plans now to determine the best deal for you!
Another thing, because of the record-high energy rates of the state, Maryland established “energy choice” to cut down energy prices by presenting competition throughout energy suppliers. At present, Maryland’s electric prices are among the highest in the US. When consumers choose to participate in “energy choice,” they can look for lower rates and competitive prices.
How Would You Know You’ll Save Money If You Switch?
Energy companies or utilities in Maryland offer information to their customers so that they can be aware of how much they’re spending on their energy bills every month. Take the Baltimore Gas & Electric Co., for instance.
This energy company offers a tool called the Standard Offer Service, showing consumers how much is their expected bill every month. As we’ve mentioned, the government expects an increase in price when electricity use picks up, like during summer or winter.
That said, consumers can compare prices and rate plans to discover one that suits their budget. Moreover, since prices from utilities in Maryland fall and rise relying upon the wholesale energy price, homeowners might want a more consistent rate for long-term.
And fixed-rate energy plans offer you just that, with a stable rate for the term of your contract at current energy prices, notwithstanding the fluctuations in the market. The good news is that it could mean savings for energy utility consumers and protection from rate increases.
Do Businesses Have the Power To Choose Their Energy Supplier?
Surely! The power to select your energy rates is both available in homes and commercial consumers. As a matter of fact, at least 90% of businesses in Maryland have signed up with alternative suppliers.
And the competition between providers to offer lower prices for commercial businesses could be the reason why commercial energy prices in the state are lower compared to the national average. But prices may also decline if the same competition between energy providers occur for residential consumers.
Is It Hard to Enroll With Alternative Suppliers?
The enrollment process for both businesses and residents is extremely simple. For homeowners, the enrollment process includes handing out your Electric Choice ID, address, and contact information. Your Electric Choice ID can be found on the details-section of your electric bill and is ten digits long.
On the other hand, for businesses, the enrollment process also includes these steps and a couple of nuances particular to businesses such as monthly energy use and business type. These pieces of information help energy providers identify if they can be of service to your business.
Switching Energy Supplier
Once you switch to a new energy plan, the local utility will be advised or informed of the change and start your service from the new supplier at the next billing cycle.
On starting your service from the alternative supplier, the utility company will add this fee on your electric bill and will keep on charging you for the delivery service. Why? Well, the utility company is still responsible for the facility that supplies energy to your business or home, like energy meters and power lines.
Takeaway
There are a lot of things to know about where your energy comes from, particularly in Maryland, which has rebuilt or transformed its energy market. Spend time comparing energy providers so that you can find the best plan for your needs and make an informed choice.
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Interesting related article: “What is a Utility?“