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Know the End Date of Your Electricity Plan

By Adam Newton

The Importance of Keeping Up with the Details

Everyone has a list of critical personal information that we’ve committed to memory. Important items like phone numbers, social security number, and the kid’s birthdays. We remember them because they are so important to your daily life, but what about your electricity plan end date?

Yes, you heard us correctly. Your electricity plan end date.

The reason is very simple. Electricity suppliers are in love with something called holdover rates. These rates are those that the supplier hits you with if you fail to remember to pick another plan when your current plan ends. These rates are typically variable in nature (i.e. not fixed) and are often set at a much higher level than your previous rate, which means your monthly bills are likely going to increase significantly.

If you are not paying close attention, you can get a very unpleasant surprise when you open your first holdover rate bill. It can cost you hundreds of dollars in the first month alone. And if you are like most and on autopay and not watching your electric bill closely, it can cost you thousands if you let the holdover rate ride for a year.

And guess what – that happens all the time!

Let Power Wizard Manage Your Electricity Contract

So our advice is to know your end date, or hand it over to Power Wizard.

Power Wizard uses its proprietary data science and technology to review hundreds of plans in the market, stacked up against your unique energy usage profile. Whether you’re in a contract, or your contract is close to ending, Power Wizard will find you that plan, manage the transition from your old energy provider to your new, and continue to monitor the market to ensure you never overpay for electricity. Curious to see what you can save?

And of course! Power Wizard keeps track of your contract end date, and switches you over, with your permission, if we find you a better plan.

Oh – I forgot to mention. Add your anniversary date to that list of critical personal information. That one will pay big dividends also!

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