How Can I Tell When My Electric Contact Expires?
Understanding the expiration date of your electricity supply contract can seem confusing. Do not fret! We are here to help! The expiration date of your contract can differ depending on the type of customer you are. If you are a residential customer, then many utilities allow you to switch or end your contract in a given month. Commercial customer contracts, on the other hand, follow meter reading cycles. Let’s look into this more…
When you sign up for an electric contract as a residential customer, your contract typically starts on your next billing cycle. So, if your meter is read on the 10th of each month, then your contract will typically begin on the 10th of the following month. Most utilities have an enrollment period of a few business days, so if you sign up on the 9th, you might not enroll until the following month.
When your contract begins, it typically has a term length. Most residential electric contracts are 6, 12, 18, 24, or 36 months long. Determining your contract end date is quite simple. Follow the steps below:
- Decide what month your contract begins (e.g. March 2022)
- Count the number of months in your contract term (e.g. 24 months)
- Add 24 months to March 2022, and you can determine your contract expiration date
- Remember: March 2022 to April 2022 is month one, so the last month of your 24-month contract is February 2024 to March 2024, and your contract expires in March 2024.
Residential contracts typically expire in a given month and are not strictly based on meter read dates, so if your contract started in March, it should end in March. Most utilities even allow residential customers to sign up at any time in the month and switch to a supplier before their meter reading.
Commercial customers are a little different. Commercial contracts adhere to strict meter read dates. Commercial customers can also sign contracts that do not begin for many months into the future. In fact, some larger commercial contracts can even start up to 48 months into the future.
If you are a commercial customer, it is important to note the meter read date for each of your commercial accounts. If you sign a contract that begins in January 2023, then the service will switch to the supplier on the January 2023 meter read date.
And when you are trying to determine the expiration date of your commercial energy contract, it is also important to note the meter read periods. Your January 2023 to February 2023 meter reading period is month one, and February 2023 to March 2023 is month two, and so forth.
When signing a renewal contract after your contract's expiration date, it is important to match up the expiration date of the old contract with the start date of the new contract.
Need Help Determining Your Contract’s End Date?
Our team of energy experts has been helping customers in deregulated states for over a decade. Simply contact us today and we can answer any questions you may have about your energy supply agreement, future pricing, and ways to switch to a new supplier.