5 Top Tips to Keep in Mind When Choosing Your Electrical Provider

As a landlord, you may actually be paying for your tenants' utility costs, including electricity, which can be a significant cost burden on you.

In order to ensure you’re getting the best deal on your energy price, make you have the energy provider that delivers the best performance and value.

Here are 5 tips to make sure you have an electrical provider that works for you.

1. Choosing your electrical pricing and securing a guarantee
You may be able to choose between a variable rate contract and a fixed contract.

With a variable rate contract, the price of your electrical energy will swing from month to month based on market conditions.

As a result, you may end up paying less or you may also end up paying more, which ultimately means there is more risk involved.

With a fixed rate contract, you often agree to a fixed price per kilowatt-hour, which may be guaranteed for anywhere between 3 and 12 months.

This type of agreement will let you set your costs and know what you’re getting.

2. Switch on a regular basis
If you live in a deregulated energy market, such as in Texas, New York, or Illinois, that means you have choice between energy suppliers.

If you don’t like your service, you shouldn’t be afraid to switch.

When your contract is up, you should always be shopping around, comparing prices, and seeing which service will get you the best bang for your buck.

If you can find a better deal, it can add up to thousands of dollars in savings per year.

If you decide to switch, give yourself a month or so before your contract expires to perform the proper research.

If you live in a regulated market for electricity, such as Wisconsin, Florida, or Washington, then you likely have very few options in terms of landing a better price.

3. Ask them about response times and availability
Ask about what happens if you have an electrical problem or a damaged electrical component the energy provider is responsible for.

How fast they can respond?

What days or times are their maintenance services available?

Ask how they schedule maintenance visits.

For example, do they simply provide you with a time frame, such as 12pm to 3pm where a technician may show up?

If you have to spend hours waiting around without a specific appointment time, it may be a big headache that you, as a landlord, want to avoid.

4. Use the Web to “power” your search
There are plenty of web resources out there that can help you find the best electricity provider depending on your state.

For example, the Texas website www.powertochoose.org or the New York website www.newyorkpowertochoose.com allows you to easily find rates and other important information regarding a wide selection of electricity providers.

The website www.saveonenergy.com also allows you to explore many different states and the energy rates available.

While the information on these websites shouldn’t be the only factor when deciding on an electrical provider, it can give you a general idea of what your costs will be and which suppliers tend to be the cheapest.

5. Ask about additional services they may offer
Some electrical providers may offer a number of services that may interest you as a landlord.

They may provide unique maintenance services or even offer tips on how to reduce your energy usage.

They may also offer certain tools or products that help you manage your property, such as software that can help you monitor your energy use.

Don’t be afraid to ask an electrical provider why they should receive your business.

Ultimately, finding the right energy provider isn’t always easy, but with the proper research and precautions, you should be able to get the best deal possible for your properties.

Posted on Jul 24, 2015


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More

Landlord Inspection Checklist: Rights, Letters, and Reports

Landlords across the state have the prime responsibility to make sure they inspect and up keep their property once they have rented it to the tenants. Inspections can occur monthly or yearly depending... More

Landlord Maintenance Costs and Responsibilities

Everyone knows that a landlord’s job is not easy. These folks have specific duties and responsibilities that they must perform in order to be fair. Being a landlord is not a position but it is, in... More

When to Withhold Tenant Security Deposit

Asking for a security deposit is quite common in property dealings. The reason to ask for a security deposit is to have something that would help a property owner recover some of their financial... More

How to Report Bad Tenants

Bad tenants are the worst-case scenario for any landlord; no one wants them, and if someone has them, they want them out in any way possible. There are times when landlords try as much as they can to... More