When you move into a new home or rent an apartment, one of the first things you will need to do is to find a power company to provide all of your electric needs. Opening an account with these companies is easy and many of them will go over all of the details when you call. Since deregulation, there are also many competitors from which to choose. You should look for the best option for your budget and needs. Check with a number of them prior to opening your account in order to get what you want.
Questions You Should Ask Prior To Opening an Account
In order to find out who will give you the best pricing, ask the company you are calling what their rates are. This will vary from one company to the other. You may also want to know if there are any surcharges that will show up on your bill each month and what they are for. Many of the smaller companies will get their power from a larger company and they will charge a fee for this. You want to know this prior to opening an account since the fee may increase your monthly payments. You could also ask if they offer payment plans if your bill goes up one or two months and what their late payment fees are in case you are late one month.
Important Information You Will Need
The one thing that most companies will charge is a deposit. These deposits can be very high, and the company will charge this to protect themselves in case you do not pay your bill. This is probably the most important thing you will want to ask when contacting the company. When you are doing your research, you should look for light companies with no deposit. These companies will open an account for you without requiring any money up front. This is the best way for you to open an account. However, they may ask you to put a credit card number on file in the event you do not pay on time. Most companies will also ask you to sign up for automatic payments each month in order to make sure the bill is paid. You should have all of this information handy when you call to open an account in order to save time.
Opening a new account with a power company will also help you to increase your credit score. If you do pay your bill on time each month, this information is reported to the credit reporting agencies and your score will increase over time. This is something you will want to keep in mind when you contact the company to open an account. In reverse, they will also report any lateness on your account which will adversely affect your credit score. Keep up with your monthly payments and you should not have this problem. You could also go on a budget plan with many of the power companies.