The Experts Speak Video - Energy Contracts

Video Vignette Transcript

-> Pat Foran, Consumer Reporter, CFTO Newsoffers tips on energy contracts

“The most important thing to realise when signing an energy contract is that if you don’t understand energy contracts, then don’t sign up for one. You don’t have to. About 40% of people do sign energy contracts; you can save money, but you might not save money.

Currently in this environment, anyone who has signed an energy contract is going to be losing money over the next year or two because natural gas prices have really dropped. For example, for every penny difference between what you pay on the open market and the energy contract, it cost you about $30 on your heating bill. So if you’re paying a difference of $.10, that’s $300 more you’ll be paying on your heating bill. If it’s a difference of $.20, you’ll be paying $600 more.

So just be very careful when signing energy contracts. If there’s any problem you have, you can complain to the Ontario Energy Board and they’ll check it out for you. And again, if you don’t understand energy contracts, you don’t have to sign one. And never show your energy bill, your natural gas bill to a marketer at the door, they don’t need to see it. So just make sure you understand it before you sign one.”

The Ministry of Consumer Services thanks Pat Foran for sharing his advice on this important subject matter.

For more information visit the Ministry’s website at: Ontario.ca/Consumerservices.