Shopping for electricity plans in New York?

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Deregulated Energy Market and Utility Companies in New York

New Yorkers have the freedom to choose their energy provider thanks to energy deregulation.

The default provider for electric service for all New York commercial and residential customers is the utility that serves that area. Whether it’s Consolidated Edison or Con Edison (ConEd), National Grid, New York State Electric and Gas (NYSEG), Rochester Gas & Electric or any other electric utility, energy customers will have a line item on their electricity bill for their supply charge (in $/kWh). These electric rates fluctuate with seasonal tariff changes. That doesn’t mean you’re stuck with this rate! Consumers across New York City (NYC), Buffalo, Rochester, and other New York cities can shop for electricity plans.

A deregulated energy market means that customers have the ability to choose which energy provider they want to use. This allows customers to shop around for the best electricity rates and plans that can include clean energy solutions from different electric companies.

In a market with energy choices, retail electric providers (REPs) are companies that purchase electricity and resell it to customers. They are the ones that offer plans and rates to customers, while transmission and distribution of energy remain regulated by the state and are the responsibility of the local utility.

New York Energy Providers

There are numerous energy service companies in New York and each has different types of energy plans, such as fixed-rate plans, prepaid or variable rate plans, renewable energy options and incentives like bill credits, “free electricity” or “free nights” and rebates. The options for energy plans and rates are endless and can be overwhelming.

5 Digital Energy’s experts have implemented a thorough vetting process to carefully evaluate and pre-select the best energy companies with the most competitive rates and plans, making it easier to choose the best electricity plan for your needs.

Take a Few Minutes to compare rates and save on Your Electricity Bill

How Electricity Plans Work in New York?

What goes into turning on the lights for your home or business? Something that may seem simple actually has many components and options. And, the way electricity prices are determined in New York is distinct, contrasting with other states.

Our pick for the best Energy Provider in New York

Spoiler: we don’t have one.

Better stated, we don’t have just one. The best electricity plan for you is going to be different than the best electricity plan for your neighbor. There are so many considerations that go into a retail electric supply agreement. Our mission is to arm you with the knowledge and confidence to make an informed decision about your energy. Yes, you can do this by yourself – but is it worth it?

There is no additional cost to you to have an award-winning energy advisor sit on your side of the table and advocate for you. We get paid a commission from the chosen service provider to evaluate all supplier offers that would otherwise be paid to an internal salesperson at the individual energy provider. Our 850 years of combined energy experience has already helped thousands of clients just like you.

New York electricity plans

The best way to stay on top of electricity rates and work with the best electricity provider for your needs is to partner with an advisor like 5 Digital Energy. Navigating electricity and natural gas markets is a full-time job that many business owners do not have time to do.

It is important to note that switching suppliers will not affect the reliability or safety of your electricity service, as the transmission and distribution of electricity are still regulated by the New York Public Service Commission.

Here’s what 5 Digital Energy helps you consider when it’s time to switch energy providers:

Take advantage of market opportunities

The electricity and natural gas markets experience more volatility than any other commodity. Energy rates change every day, sometimes more than once per day. The market fluctuates based on supply and demand and is influenced heavily by weather and government regulations.

5 Digital Energy has a team of experts with over 850 years of combined energy experience. We help our clients navigate these power markets and empower people like you to make informed energy decisions.

Understand different types of energy plans

New York electricity rates that you see online are measured in cents per kilowatt-hour (kWh). You can find your current kWh by looking at the supply portion of your energy bill. Knowing your electric usage can help narrow down the appropriate rates for your home or business. There are several types of electricity plans that customers can choose from, including:

  1. Fixed-rate plans: These plans offer a fixed price per unit of electricity for the entire duration of the contract. The customer’s rate is not affected by changes in the market price of electricity.
  2. Variable-rate plans: These plans offer a fluctuating price per unit of electricity that is based on the current market price. The customer’s rate can change from month to month, and is affected by changes in the market price of electricity.
  3. Time-of-use plans: These plans offer different prices for electricity at different times of the day, based on the time of use like “free nights”. The customer’s rate is higher during peak demand periods and lower during off-peak periods.
  4. Green energy plans: These plans provide electricity that is generated from renewable sources such as solar or wind power.
  5. Flat-rate plans: These plans have a fixed rate per month regardless of the amount of energy consumed.

When searching online for electricity rates, different websites can show a mix of these different plans without clearly defining the differences between contract terms.

Lowest electric rate does not always equal lowest electric bill.

There are many components of electric rate. The reason you see so many different rates online is because the retail electric providers can choose how to differently represent those rates. For example, if you see an offer that is much lower than it’s competitors, that may mean that the supplier has elected to pass a certain component through to the final invoice instead of lumping it into the rate.

Review early termination fees

An early termination fee (ETF) is a fee that is charged to customers who terminate their retail electricity agreement before the end of the contract term.

For most commercial contracts, the early termination fee is based on the amount of months remaining in the term of the agreement. When you sign an agreement with a new energy company, they estimate your monthly energy usage to determine how much electricity to purchase from the wholesale market. If you cancel your agreement early, the energy provider will be able to calculate the amount of damages they incurred due to the lost revenue and assess the customer that fee.

Alternatively, some energy providers may charge a fixed dollar amount for each month remaining in the contract. For example, if the ETF is $50 per month and the contract has 12 months remaining, the ETF would be $600.

It is important for small business owners to review the ETF calculation in the retail electricity agreement before signing the contract, to ensure that they understand the terms and the potential financial impact of early termination.

How to Choose New York Electricity Rates

Opting for an electric provider with 5 Digital Energy is easy. In three simple steps, you can lock in the best electricity rate in New York.

Step 1: Compare New York Energy Companies

Detail your energy consumption patterns and zip code. Based on your input, we’ll align you with the most compatible and verified energy providers.

Step 2: Make your choice

5 Digital Energy has assessed the most trustworthy energy providers in New York to shield you from concealed charges or erratic rates. Your experience will be transparent and straightforward.

Step 3: We handle the rest

Upon picking your desired energy rate, we’ll handle all administrative tasks and set up your new electricity plan. We’ll keep you updated throughout and notify you once your service is completely activated.

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