Residential Electric Rates
If you are looking for the lowest residential electric rates in your state you have come to the right place. Electricrate.com finds the lowest residential electric rates from a pool of licensed electric companies in each state.
|Texas||$0.070 /Kwh||Select Rate|
|Pennsylvania||$0.0871 /Kwh||Select Rate|
|Connecticut||$0.0899 /Kwh||Select Rate|
|New Jersey||$0.1025 /Kwh||Select Rate|
Fixed Electric Rate versus Variable Electric Rate
When choosing an electric rate plan you will have to decide whether you prefer a fixed rate for a set period of time, or jump on a floating rate that can fluctuate with movements in energy markets.
The fixed electric rate will lock in the rate so that you know how much you will be paying during the term stated in the contract. In order to get a fixed rate, electric companies will require you to sign a contract for a set period of time (6 months, 12 months, 18 months). The reason for this is that the electric company is buying your electricity in advance for the term of the contract at wholesale and then selling it back to you at retail. Due to this fact, there will be a cancellation fee in the contract if you decide to leave before the contract expires. Fixed electric rates can be very beneficial to residential customers as it can guarantee you savings versus your utility’s default rate which will be fixed as well.
It contrast, electric companies offering floating electric rates usually do not require you to sign a contract that commits you to them for a set period of time and therefore has no cancellation fee. The floating rate will usually be below the utility default rate initially, but there is no guarantee that it will stay low.
Electric companies will have a cancellation fee for their fixed rate offers. However, if the fixed rate that you sign is lower than the utility default rate, you should not have a reason to cancel the contract. Still, it is good to know what the cancellation fee is. We provide the cancellation fee for every electricity company. Usually they are in the range of $100 – $300.
Does the electric company have a meter charge on top of the rate that they offer? This is an important question to know the answer to. Electricrate.com seeks out the answer for every offer to make sure you are getting an apples to apples electricity comparison. Just a $5 monthly fee will increase the rate for a household that consumes 1,000 kilowatt hours a month by half a penny (example: 9.5 cents opposed to 9.0 cents).