What should you watch out for when changing electricity providers?

Trustworthiness

For most customers, the most important criterion seems to be only the electricity price stated. They don't know that the end result is an expensive contract because they haven't read the fine print carefully or haven't discovered any clauses. It is therefore worthwhile to look at the rating of the electricity provider. Reviews can be found in various comparison portals. At best, you can get professional advice in order to find the perfect provider.



Running time

Nowadays flexibility is very important because electricity prices can change at any time. In most contracts, you are bound to a longer term, and thus price fluctuations are defenseless. Contracts should only be considered if the minimum term is one year. Depending on the use, a contract that can be terminated monthly is worthwhile, but it costs a little more.

Notice periods

Customers often overlook the notice period, so the contract is extended by another year. In order not to miss the deadline, you should cancel one year in advance. The cancellation will always be sent in writing and by registered mail.
Notice periods are usually between a few weeks and three months, so keep an eye out for providers with the shortest possible notice period in order to remain as flexible as possible.

Price guarantee

Electricity providers sometimes lure with unbelievably low prices that get higher over time. With this trick, mainly unknown and smaller electricity providers try to get their money out of the customer. A price guarantee is worthwhile in any case, so as not to ultimately pay more than was previously agreed.

Advance payment

Under no circumstances should you pay your energy suppliers in advance. Small and unknown electricity providers in particular often go bankrupt and file for bankruptcy. With an advance payment, the customer remains on the damage and has to take care of a new electricity provider, so in the end he can pay twice. The best way to avoid this danger is to use well-rated companies with many customers, since the risk of insolvency is low. Irrespective of this, monthly discounts are the most sensible method of payment, as there is no additional cost for the customer in the event of impending bankruptcy.