Electric rate caps at the remaining Pennsylvania utilities which have kept prices low for the past decade are going to expire on December 31, 2010 in several areas of the state, including for customers of PECO in the Philadelphia area. With the expiration of these rate caps, Pennsylvania electric rates for businesses are projected to increase 30%.
With the introduction of electric competition, Pennsylvania business customers can avoid these rate hikes by shopping for a lower electric rate on SaveOnEnergy.com, which is the only source for Pennsylvania business customers to get competing rate quotes from up to eight different energy suppliers, maximizing customers' savings. Customers can save up to 20%, or more, on their electric rate by leveraging the power of competition through SaveOnEnergy.com.
Now is a particularly good time to shop for a low electric rate in Pennsylvania, as summer usage has tapered off, driving electric demand and prices downward. A glut of power supplies, caused by reduced usage associated with the recession, also means that it's a buyer's market for business customers looking to purchase electricity.
However, Pennsylvania customers, many of whom are new to the concept of shopping for an alternative energy provider, may be hesitant to shop for a lower electric rate right now, since the rate caps will last for three more months, and the customer doesn't want to switch energy suppliers until the rate caps expire.
Fortunately, with a process known as "forward contracting" available through SaveOnEnergy.com, this problem is eliminated, and customers can lock-in a low rate for their future electric supplies while remaining on the capped rate through the end of the year.
As the name suggests, forward contracting essentially establishes a contract to buy electricity at a reduced rate at some point in the future, such when rate caps expire January 1, 2011. Even though customers entering into a forward contract with a competing energy supplier won't physically switch their electric company until the future contract start date, the new supplier can be confident, due to the contractual commitment, to go out and purchase supplies for that forward period now, at today's low prices. Think of it as buying up something in bulk at a discount that you don't have an immediate need for, and then warehousing it for a few months or year until you need it. Even though electricity cannot be physically stored, forward contracting gives electric customers the same benefit as warehousing -- the ability to lock-in a favorable rate when electric prices are low, for a future period of time when the customer will need the power supplies.
SaveOnEnergy.com is the fastest and easiest source for Pennsylvania commercial and industrial customers to find a low electric rate and enter into a forward contract to save money on their electric bill. Shopping for a lower electric rate online at SaveOnEnergy.com takes just a few minutes, meaning business owners don't lose valuable time chasing down electric rate quotes -- SaveOnEnergy.com does all the hard work, and has the lowest electric offers delivered directly to the customer to make saving money on your energy bill quick and painless.