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Lock in rates to hedge against future utility rate hikes


Summer may be finished, but higher utility bills aren’t going anywhere soon.


Hundreds of thousands non-shopping (default service) customers were hit with sharp increases in energy costs earlier this summer when utilities adjusted their electric generation prices. On June 1, prices spiked between 8% and 46%, depending on the utility. Then, on Sept. 1, after another adjustment, costs rose again as much as 19%.


The next rate adjustment is Dec. 1.


If you thought your summer utility bill was high, brace yourself for winter's electricity costs. The price of natural gas — the major fuel source for Americans' electricity supply -— has risen over 200% in recent years and is expected to keep going up.


So, even while consumers are trying to figure out how to pay off lingering summer utility bills exacerbated by extreme heat, they are preparing to pay even more this winter.


The National Energy Assistance Directors Association has forecast the highest winter heating season in a decade — a 35% jump to an average of $1,202 from two seasons ago — and a likely shock to consumers.


With markets so incredibly volatile right now, it makes sense to lock in a long-term contract with a competitive electric supplier through PAPowerSwitch, administered by the Pennsylvania Public Utility Commission.


Pennsylvania consumers have been able to choose their electric service provider for the last 25 years, but it makes even more sense today. Locking in long-term rates now could generate big savings down the road, especially when compared against long-term trends in utility costs.


Since 2020, the rates that non-shopping (default service) customers pay utilities for electricity have skyrocketed, with prices rising between 32% and 107%.


There’s an alternative to being stuck with your local utility and their up and down rates, which are mostly just up and up these days. In Pennsylvania, you've got options, but it’s up to you to choose. See what suppliers can offer you: https://electricitydeals.com/

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