As an Ohio resident, you likely know that the state has a deregulated energy market.This means residents and businesses can shop for electricity from retail suppliers and make an electric rate comparison. But what are the most common types of electric plans available in Ohio? In this article, we’ll break down the key categories of rate plans energy suppliers offer across the Buckeye State.
Fixed Rate Electricity Plans
One popular option is a fixed-rate electricity plan, which locks in a set rate per kWh for the duration of your contract term. The rate stays exactly the same from month to month, acting as a protection against fluctuating energy prices.
Fixed-rate plans offer price certainty and make it easy to budget your utility bills. Just know that if market prices fall below your fixed rate, you’ll end up paying slightly more than the current variable rate.
Residential & Commercial Electric Plans In Ohio
Households in Ohio can choose between residential and commercial electricity rates. Commercial customers have access to business electricity rates from competitors as well. Ohio businesses can even request custom quotes tailored to their unique energy demand.
Having separate residential and commercial rate options gives both homeowners and companies the ability to shop for the electric plan that fits their needs best.
Prepaid Electricity Plans
As the name suggests, prepaid electricity options let you pay for energy in advance instead of receiving a bill each month. You simply add money to your account online or at authorized pay stations. Your usage then deducts from your balance in real-time. Prepaid electricity plans provide greater usage awareness and control. The downside is that running out of balance will cut off your power until you reload your account.
100% Green Energy Plans
For eco-conscious Ohio residents, many retail electric suppliers now offer green energy plans. These plans source your power from 100% renewable sources like wind, solar, hydropower, or biomass. Green plans cost a bit more than conventional Ohio electric rates, but let you reduce your carbon footprint. Some green providers even offset remaining emissions through renewable energy credits (RECs).
No Deposit Plans
Most electric companies require a deposit from new customers to guard against nonpayment. But some Ohio suppliers now offer no deposit plans with guaranteed approval. These plans waive the usual deposit if you have a sufficient credit history or a clean utility payment track record. No deposit plans make it easier to switch providers without paying an upfront fee. You might have to fork out more cash though as the supplier will want to try and offset their added risk.
Finding the Best Ohio Electric Rates for You
As we can see, Ohio’s deregulated market provides many different types of rate plans to suit your preferences. Be sure to compare suppliers through such platforms as Energy Pricing to find the perfect electric option for your home or business. Pay close attention to the rate, deposit requirements, and other fine print details. With the right amount of digging, you’re sure to locate great Ohio electric rates.
