What should we know about third-party energy suppliers?

Photo: pixabay.com

Q. What should we know about these offers from private energy companies that offer discounts on your energy bill if you sign up?
— Homeowner

A. There’s a lot to know.

These third-party companies make a lot of promises, but consumers often learn they entered into a contract that wasn’t nearly as beneficial as they thought.

Also, there are plenty of times when consumers end up spending more money for energy than before.

We haven’t actually ever seen anyone who was happy that they switched, but we’ve had plenty of complaints.

What can you do?

Research, research, research.

Carefully consider the contract they offer, and check out the Board of Public Utilities’ resources to help you understand your bill and what could happen if you switch to a third-party supplier.

Email your questions to .

This story was originally published on July 17, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.

Tags: