Energy deregulation is happening across the State of Maine. Customers now have the right to choose who they are going to buy their energy from. People are finding themselves increasing the amount of electricity they need to power the new gadgets they are buying. There are more televisions, computers, and cell phones being charged than ever before in Maine.
As the need for electricity increases, the states of Maine started looking for incentives to give to the private sector to stimulate more power generation facilities. What came out of these discussions was to break up the monopolies and allow investors to profit from energy.
As many of us know, the private sector does things more efficiently than does government. With the private sector generating energy, innovation and better technology will be developed. Because of the profitability, they have a strong incentive to operate more efficiently and offer outstanding programs. Many private companies are providing “green energy” to attract environmentally conscious consumers. These offerings are not generally available in deregulated markets.
Be careful of the company you choose. Some companies will offer you an attractive introductory offer to acquire you as a customer. They may give you that deal for one month, two months or even six months, but then they’ll gradually increase that rate to cover their losses of those introductory rates.
Make sure to read the fine print before you get into a deal that sounds too good to be true. Some problems in the deregulated state of Maine are caused when suppliers offer a desirable introductory rate to consumers, and then gradually increase the rates to offset those losses. In time, some consumers end up paying more than if they had just stayed with their incumbent. There are a few companies that have stayed away from this model.
Before switching providers, it is best to educate yourselves on each company, then weigh the pros and cons of each and make an educated choice. The responsibility now lies with the consumer to pick the supplier to best match their needs.Read More