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Mar 19, 2008 10:00 pm US/Central
Per Kilowatt Hour Rates For Electricity Vary
(CBS 11 / TXA 21)
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Residential electric service meter
AP
It's amazing that we all pay attention to the price of a gallon of gasoline, but when it comes to electricity, people draw a blank. And yet the price you pay per kilowatt hour is just as important.
Ask yourself: how much do you pay per kilowatt hour for electricity? Most people don't know.
Why is it important? Because electric rates are considerably lower than a year ago. If you got locked up in a long term contract and you are expecting a high-pitched salesperson to beat down your door with the same gusto they used to sign you up--don't.
Dan Howard is a marketing professor at SMU's Cox School of Business. When I asked him how much money companies stand to gain by not saying hey, 'our rate is lower,' he told us "several percentage points of profit, the gain for them is massive."
When Deborah Crosby's contract ended, she didn't pay close attention to her bill. In the interim, her electric rate went up. So she called the company which she said told her, "no, we weren't going to make an adjustment, too bad so sad. You should be glad you got what you got as long as you got it."
Ultimately, it's your responsibility to call up and ask for a lower rate. But before you call, you need to know what you pay.
Click here to see where to find the current electric rate on your bill. You can learn about electric competition at the Public Utility Commission's Website
Power To Choose.
When looking over your bill, search for the letters KWH, which stands for kilowatt hours. The lower the number, the less you pay. Even Professor Howard admits,"You can't trust people to look out for you. You must do that on your own."
Crosby switched providers and got a lower rate.
A recent survey by the U.S. Department of Energy found Texas electric rates were up nearly 25-percent from 2003 to 2006 and that Texas rates are much higher than the national average.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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