Residents who have lived in the same home since 2002, when the Texas Electric market was deregulated, and have never switched providers, could be paying as much as double the cost for electricity that they would pay by switching providers. Those who have already switched providers in the past, can often reduce their costs even further by switching again, a year later.
GeekYourRate encourages users to select an electric plan with a 12-month contract. This will lock in your low rate for 12 months and allow you to shop again at the same time each year. When electric prices are falling, as the trend in Texas has been for several years, the next contract will yield even more savings.
Shopping every 3 months or 6 months can save even more money, but will require diligence and timely switching. Once your contract expires, the provider will be free to raise your rates significantly.
Variable-rate plans have no contract term and may actually be the lowest cost plans initially, but often only for the first month. They are also known as month-to-month plans. Without a contract, the provider is usually free to raise your rates at will, after the first month.