Electricity deregulation gives New York consumers many options for their energy supply – which can be overwhelming. If you’re new to the system, take a look at some of our best guides to energy choice, or keep reading for an overview of the most common electric plans you’ll see in the Choose Energy marketplace.
When you look for an electricity plan, the Electricity Facts Label (EFL) will tell you key information about what you are selecting, including the type of rate, how much of your energy comes from green sources, and the like. Below is some common terminology to look out for:
- Fixed rate. These types of plans set certain rates for the cost of energy and keep them the same for your entire contract. You could have one rate or different tiers depending on how much energy you use and when you use it, but the prices for each of these will not change.
- Variable rate. Variable plans follow the energy market, which means their prices change often. When you choose a variable plan you are able to pay less when energy demand is low, but you also might get hit with a price spike when demand increases.
- Prepaid. Prepaid electricity plans are popular because they don’t require credit checks or deposits. You only pay for as much energy as you need and can top up your account as you need more.
- Renewable energy. Many New York ESCOs offer renewable energy options, but not all green plans are the same. When an ESCO offers green energy, this could mean they only get power from solar and wind farms, they purchase renewable energy credits (RECs), or the offset the energy that you use.
While New Yorkers have the option to buy energy from an ESCO, you can still stay with your area’s utility company if their rate or plan works better for you. If you do not choose an ESCO, your utility will automatically supply you with Standard Offer Service (SOS). The SOS rate is also your area’s rate to compare. When you shop offers from energy companies you can use the rate to compare to decide if you can find cheaper service elsewhere. Enter your ZIP code above to shop ESCOs in your area.