I had a few guys come to my door lately going on and on about locking in to hydro/gas for a rate thats usually 25% higher than my current rate, for hydro it was about 40% higher.
For gas, even if gas rates increased at double their current rate for the next 5 years I would only be seeing savings in the last year, and even then it would be by a few cents.
For hydro i'm sure its going to be the same, just haven't looked into it yet....
Whats the take on this, anybody here lockin and regret it or lockin and realize they did the right thing?
I haven't and wouldn't ever lock in. They are fear mongering. Not to mention you are only a locking a portion of the total bill just the "energy used" portion not the transmission and other aspects.
I did it at my previous house.. saved us a bundle when the rates jumped, but considering the volatility of the market today, I wouldn't lock in again
they wouldn't be marketing that option aggressively unless they saw a good spread for themselves... if it was a good deal for you do you really think someone would be knocking on your door telling you about it...
yeah I have to agree locking in now would be crazy, unless they can really prove it to you that they are going to rate hike everyone else up the wazzoo in that frame.
Direct Energy came knocking one day and convinced my wife to sign up for over $7.00 per kJ for natural gas. We were paying $5 something at the time. I told her to cancel immediately but of course we never got around to it now its over $10 and we are laughing. But think about it they are in the business of making money so keep that in mind.
Also know that it is somewhat common that if the price gets too high, and you are locked in too low and they are losing their asses... they just cancel the contract, or go out of business.
This really happens.
The governments (this isn't just Ontario) don't seem to do anything to hold them to their contract. They just let it happen.
Yeah, P-51's right. I wouldn't do it, Kevin.
I've heard of gas resellers going bankrupt more than once.
I've signed up for a 12-month equal billing plan, adjusted bi-annually and pre-authorized payments through Union Gas. I've yet to see what I'm using in reality (obviously, we just moved in at the end of August), but given what I've heard of people paying... it's not bad at all.
Have you checked with your gas co about an equal billing offer?