Earlier this year I switched my ESCO from Green Mountain Energy to take advantage of a Mileage Promotion being offered in New York, I signed up for the EnergyPlus for 25,000 United Airlines. The terms and conditions for the mileage bonus were that I would have to keep the account open for at least 2 months, and I would earn 20,000 for the switch and a further 5,000 for paying with my United Mileage Plus Card from Chase. Here is the post – Switching Energy Providers with a 25,000 Signup Bonus from United!
As it happened, I decided to not pay with the Credit Card because the agent on the phone told me that they could not accept recurring payments via card, only via my bank account, and I just couldn’t be bothered to remember to make manual payments for the sake of the extra 5K miles. Nevertheless, I just checked my Mileage Pluss account with United and they credited me the full 25,000 Miles despite being on autopay from my checking account – nice bonus!
I actually had a few concerns about Energy Plus as there were rumors that they were not honoring the signup bonus and a class action suit was in progress, however my experience with them was just fine. The concern though is that they are on a variable rate, so can rapidly increase my cost per Kilowatt on a monthly basis. Frankly, this hasn’t really happened yet either, but rather than wait around for it to occur I am making the switch today to a local provider in Brooklyn that is offering a 6 month rate of 8.6 Cents per KW/H. The actual savings of this at current usage can be seen below, and will increase when summer comes and I resort more and more to using the Air Conditioning Unit at home.
The charting will clearly show the increased costs associated with summer use.
My experience was a lot better than expected, so if you want to try it out I would say go for it, but remember to keep an eye on the variable rates and be ready to swap out of them again in 2-3 months into the plan – basically once your miles have posted, if they don’t post then you might be paying a bit more than usual, but for me 25,000 United Miles is worth the risk.
The carrying cost you would pay for EnergyPlus instead of North Energy would be approximately $20 more over two months (based on usage) but in my case since I switched from the higher Green Mountain Energy I actually saved money for switching over!
Now I am happily with North Energy and will stay with them for 6 months, until the end of the Fixed Rate term, after which I might well see if Energy Plus is making any other offers that I might be able to take advantage off… for more information on ESCOs please see this post Time to save on your ESCO, Summer is coming, so is Air Conditioning and a whopping electric bill
Update 7/13 – My 3rd month posted with EnergyPlus, although I had switched to North Energy I guess they will switch over at the end of that month – the rate with EnergyPlus raised to 14.75c per KwHr – so my bill in July was $100 for ESCO Usage – next month, for the same amount of energy but at the new rate of 8.6c will be $58.72 – effectively meaning I purchased 25,000 UA miles for $41.28 a bargain IF I cancel and switch immediately..