The power to choose electric companies was given to consumers in 2002 when Bill 7 (SB7) was passed. This was expected to reduce electricity rates significantly and provide cheaper electricity to consumers. While the jury is still out on whether this has been good for energy consumers, the fact remains that electric choice is here and growing.
There are quite a number of electrical testing services that offer different electric rates and plans to private and corporate customers. The electricity choice can actually be a bit daunting for the casual consumer, who might have difficulty to compare electricity prices between the various electricity companies.
It's important to be aware that there are several different types of electricity rate plans: fixed, variable or indexed. As the names imply, fixed rates will generally not change throughout the contract, whereas variable rates will normally fluctuate from month to month based on electricity prices.
An indexed rate is one which varies according to a formula as determined by the electric provider. Every individual will have to decide which rate type is best for him or her.
Some electricity providers also have hidden costs, such as termination fees. Make sure to ask the representative from the electric company you're considering how much of a "fine" you'll have to pay if you break the contract if you're not pleased with the service or if you move.