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Groceries, gas, everything seems to be increasing in cost including the the price of electricity. Be sure to sign up for a fixed rate soon, summer is here.
We have all been hearing about the runaway inflation affecting our economy over the past few months. It is easy to see the unpleasant impacts of inflation all around us in the goods that we all buy.
Are you spending more at the grocery store and gas pump compared to last year? Chances are you can probably think of some other goods or services that are hitting the pocket book a little bit harder than in years past.
This report from the U.S. Bureau of Labor Statistics suggests that the cost of food is up nearly 10% over the past 12 months. That is a remarkable increase over such a short period of time.
What can be even more shocking is the increasing cost of energy, which is up over 30% over the past 12 months. There are many products that get rolled into the energy category such as gasoline for your car, natural gas to heat your home, and electricity to power your air conditioner, refrigerator, and the device you are using to view this article.
While the energy transition has brought record levels of renewable energy sources, such as wind and solar generation, to your electric grid over the past few years, about 56% of the grid’s electric generation capacity is still made up of natural gas and coal generators. As you might expect, the cost of these fuels has increased dramatically over the past year, pushing the cost to produce controllable sources of electricity higher and higher.
You may not be able to do anything about your grocery bill increasing, but there might be something you can do to save yourself some of your hard-earned money this summer. Fixed rate electricity contracts for 12 months or more can help smooth out the volatility of seasonal energy prices, all while giving you some budget certainty for a defined number of months.
If you are currently on a month-to-month electricity product, we strongly suggest you look into a fixed term, fixed price contract now.
Please, right now, before life gets in the way, go check your electricity contract term.
If your current contract term ends sometime after this summer, consider yourself lucky that you were able to lock in your contract price and avoid paying current market prices.
If your current contract is ending during the upcoming summer or has already ended at some point in the past, you should consider seeking out a new fixed rate contract to provide you price certainty for the upcoming summer and beyond.
Failing to act and allowing your contract term to expire, could expose you to the highest electricity rates we have seen in well over a decade.
How are prices for the upcoming summer?
Expect rates for the upcoming summer look like they will be 2 or 3 times higher than what your expiring contract rates might have been. Multiply that by what tends to be the highest months of kWh usage for the majority of customers, and you can start to see how important taking action is right now.
Click here to find fixed price, 100% green, term contracts from APG&E. We offer all our customer 100% green products.
Sources:
https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category.htm
https://www.pjm.com/-/media/markets-ops/ops-analysis/capacity-by-fuel-type-2021.ashx
https://www.ercot.com/files/docs/2022/02/08/ERCOT_Fact_Sheet.pdf