According to experts, there are three things to look out for, especially as providers offer benefits and favorable rates.
Jesson Bradshaw, CEO of Energy Ogre, suggests not choosing a provider based on incentives. Some will offer free smart thermostats, gift cards and even travel points. Experts say you wind paying for these added bonuses threefold.
WATCH: Is "free" really "free" when power providers offer bonuses?
ENERGY TIP: Don't be fooled by providers' incentives
In addition, "balanced billing," which offers benefits like free nights and weekends, often end up being spread out, according to experts. You always end up paying a lot more up front and it never truly balances out in the end.
WATCH: See how much you're truly paying on your power bill
ENERGY TIP: See how much you're truly paying
And the third thing to look for, which experts stress the most, is favorable rates. Powertochoose.org reveals the hidden costs and higher rates that lurk beneath these seemingly great prices.
WATCH: Loyalty to one provider not necessarily means lower rates for you
ENERGY TIP: Loyalty to provider not necessarily money-saving
RELATED:
Electricity draining your wallet? Save with these energy tips for appliances
Save on your electricity bill
3 windows to buy for your home to save money long-term
3 windows to buy for your home to save money long-term
How to cut your monthly electric bill with smart technology
How to stop energy vampires
Follow Pooja Lodhia on Facebook and Twitter.