In 1996, New Hampshire took the government out of the energy market, which gave people more energy choices like getting the cheapest electric supplier.
Deregulation makes the market more competitive and usually lowers energy prices. It also gives people in New Hampshire the right to choose their electric provider.
Like the stock market, the energy market prices change daily. The rates can change from one day to the next because of changes in the economy, weather, and supply and demand.
As a consumer, these changes can work in your favor because you can check the prices of your supplies and look for the best deal on the market.
You can lock in a future start date and take advantage of the current market, whether your commercial agreement ends next month or in two years.
In New Hampshire, the average cost per kWh is about 22.97 cents, but your exact rate will depend on your electric utility and energy supplier.
In this blog post, we will see the cheapest electric supplier in NH as well as the different energy plans.
Energy Plans In New Hampshire
Part of the reason it’s hard to find the best energy plan is that the plans often use terms from the industry that can be difficult to understand at first. We’ll tell you about the different plans you’ll find in New Hampshire.
1. Green Energy Plan
Green energy plans are for those who only use energy that comes from sources that can be renewable. These plans can also have fixed or changing rates, contract lengths, and terms.
Green energy reduces carbon footprint and helps the environment. It can sometimes even save you money on your utility bills.
The Renewable Portfolio Standard (RPS) for New Hampshire says the state should get 25.2% of its electricity from clean energy sources by 2025.
It means that there is a chance that New Hampshire will offer incentives for green energy plans in the future, making them cheaper and more widely available.
Businesses and people can use renewable energy sources like solar, electric, thermal, and wind. For example, between 2016 and 2017, most of New Hampshire’s electricity came from wind power.
2. Fixed Rate Plan
As the name suggests, fixed-rate plans have a fixed rate for your energy. So no matter how many kWh you use, you’ll always be charged the same amount throughout your contract.
Some homeowners think that this means their monthly bills will always be the same, which is not the case. Your bill will go up if you use more electricity, but the rate per kWh will stay the same.
3. Variable Rate Plan
Consumers with a variable-rate plan will see their electric rates change when market conditions change.
A variable-rate plan gives you some flexibility, but it could cause your monthly bill to go up if the prices go up.
People who don’t want to be locked into a certain monthly rate, like with fixed-rate plans, choose these plans. Other benefits of variable-rate plans are that you don’t have to sign a contract, and there are no fees attached if you cancel early.
4. No Deposit And Prepaid Plan
Many energy plans require upfront payment, which could be a fee to sign up or a fee to turn on the service.
A customer who wants to avoid these fees can choose an energy plan that doesn’t require a deposit. In addition, you don’t have to pay anything upfront if you have good credit because the deposit is a security against not paying.
You can also choose a prepaid energy plan if you can’t or won’t pass a credit check but still want to pay as little as possible upfront. You can add money to your account as needed to pay for electricity.
They occasionally have somewhat higher rates, but there are no commitments or early termination penalties, and you’ll always know the maximum amount you might spend for power. But if you forget to add money to your account, you could end up without power.
5. Business Energy Plan
Business energy plans are made for people who own businesses. The rates for these plans are based on the idea that commercial customers use more energy than residential customers.
These are not available to homeowners. Instead, they are used by businesses, the government, schools, churches, and factories.
Business energy plans are not as common as residential plans, so if you need one, you will have to look around a bit to find companies that offer them.
How to Get the Cheapest Electricity Rates in New Hampshire
Many people in New Hampshire wrongly think that the plan with the lowest price per kWh is the best for them. Even though the price per kilowatt-hour is important, you need to consider other things when looking for the cheapest rate for your needs. We’ll talk about two of these below.
a. How You Use Energy
First, how much energy you use is often a big part of figuring out which energy plan suits you the most. For example, numerous electric providers in New Hampshire use a tiered pricing system to determine the cost of electricity.
With tiered rates, homeowners who use much less or more electricity than a monthly average of 630 kWh will usually pay more for their electricity. However, a tiered rate might not make sense if you don’t use it close to the average amount.
A time-of-use (TOU) rate structure is something else that some companies offer. With this option, everyone pays the same rate, but the rate can change depending on when you use energy.
If you use most of your electricity during off-peak hours, you might be better off with a TOU plan. Mid-peak hours begin at 7 am to 2 pm and 7 pm to 11 pm during the week. Peak hours are from 2 pm to 7 pm. Off-peak hours are everything else, even holidays.
b. Length of Contract
Before you sign up for many energy plans, usually fixed-rate plans, you must sign a contract. This means that you agree to use a certain provider for several months.
In New Hampshire, the length of a contract can be anywhere from one month to several years. Longer contracts often have lower rates per kWh, but they also lock you into one rate for a while and limit your ability to choose your energy source.
It is important to look at the duration of the contract and the small print. For example, some contracts have fees you don’t see when you sign up or decide to end the contract early.
Some others might have introductory rates that go up after a certain time. So you should always pay close attention to your contract.
Also read: Best Electric Cars for a Greener Climate
Electricity Companies and Providers in New Hampshire
Energy deregulation means that people in New Hampshire can choose energy providers and choose the best plan that fits their needs and budgets. Even though there is no cheapest utility company in New Hampshire for everyone, the companies listed below are some of the best in the state.
North American Power
- Offers fixed-rate contracts
- Relatively affordable
- Offers Green Energy Plans
- 100%-renewable energy plans available
- Fixed-rate options provided
- Relatively affordable
- Positive online reviews
- Below-average energy prices for the state
- Offers fixed rates
- Good customer review
- Offers Green energy plans
What to consider when picking a New Hampshire electricity provider
As we’ve already said, there’s more to choosing an energy provider than choosing the one with the lowest price per kWh.
There are many things to think about, which can affect how you work with your energy provider and how much you pay for energy. Below, we’ll go over certain things you should consider when choosing an electricity supplier.
i. Energy source
Many electric companies in New Hampshire still get most of their energy from coal and natural gas, which are fossil fuels. Choosing a plan that uses only renewable energy to save the environment and reduce your carbon footprint would be best.
ii. Energy price
The price per kWh is an important factor and is often the most important factor in how much you’ll pay for energy each month. Of course, lower prices are usually better, but you should consider the other things discussed here.
iii. Plan options
First, look at the different plan options to see if the provider meets your needs. For peace of mind and a consistent price, we recommend fixed-rate plans, but you can also choose variable-rate plans, prepaid plans, and more.
iv. Contract details
You will need to look at the contract term to determine how long your rate is locked in. You should also read through the contract to see if introductory rates, early termination fees could go up, or other details that could affect you or your payments.
v. Customer reviews
It’s a good idea to look at both positive and negative reviews of a firm to get an idea of what to expect. For example, some electric companies may have good rates and terms, but their customer service might be bad, making them a worse choice overall.
vi. Company History
Lastly, you should check how long the company you’re thinking about has been in business. Companies that’ve been in business longer than others are more likely to offer consistent customer service.
Having read through this blog post, you will see that to determine the cheapest electric supplier in New Hampshire. However, there are certain factors to consider.
Direct Energy, North American Power and Smart Energy are electric suppliers in New Hampshire. Their rates are affordable, depending on your budget.
Ensure to find out a plan that best suits your budget. Hope you found this piece helpful.