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Summit energy, is it a good deal?

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  • Jun 18th, 2012 4:49 pm
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Deal Fanatic
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Feb 23, 2008
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Brampton

Summit energy, is it a good deal?

A summit energy rep came to my door today. He says he is going to give me a reduced rate, up to 20% less then hydro-one. Contract is for 5 yrs or until you move. Is this a good deal? I am already with summit energy but my contract is renewal is coming due. Is summit energy any good?
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Deal Expert
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Jun 14, 2003
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cheapmeister wrote:
Jun 6th, 2012 7:58 pm
A summit energy rep came to my door today. He says he is going to give me a reduced rate, up to 20% less then hydro-one. Contract is for 5 yrs or until you move. Is this a good deal? I am already with summit energy but my contract is renewal is coming due. Is summit energy any good?

What is the deal?
Why do you think it is a good deal?
Since you are using summit energy now, is it a good deal?

No, without further detail, my instant reaction is: it is not a good deal.
Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. -- Will Smith
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Stay hungry, stay foolish.
[OP]
Deal Fanatic
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Feb 23, 2008
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Brampton
gman wrote:
Jun 6th, 2012 8:08 pm
What is the deal?
Why do you think it is a good deal?
Since you are using summit energy now, is it a good deal?

No, without further detail, my instant reaction is: it is not a good deal.

deal is paying 20% less than hydro one, well that is what the rep claims. No I don't think summit energy is a good deal, I mean how can they sell the same electricity for less than hydro 1? Guy was very pushy too, and has a whole book with rates and info about how they are cheaper.
Deal Addict
Jan 19, 2011
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Their rates are probably 20% cheaper than your local municipal utility or Hydro One, EXCEPT for the fact they are comparing rates without including the "Global Adjustment"! This is an adjustment that you DO NOT pay to your local municipal hydro company, but you DO pay to electricity re-sellers.

No, very likely not a good deal, the global adjustment can be anywhere from 1 to 5 cents per kwh.

But wait for Macgyver's input, as when it comes to hydro in Ontario, he has the best answers. Also has a very interesting blog too.
"The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is."
Just a guy who dabbles in lots of stuff learning along the way. I do have opinions, and readily share them!
Newbie
Oct 15, 2007
22 posts
1 upvote
Mississauga
Hi I am in the same situation, also with Summit energy and contract going to expire Dec 2012 and price on the contract was high 9 cents . There's the rep came by to reduce to rate to 7.5 cents (~20%) for another 5 years. He called it an early upgrade.

How good is the deal?

So did an search on energyshop.com found it still hight compare to myrateenergy 4.81 cent @ 5 years. Is this the right compare? Are there any other costs to compare with? eg. delivery charge, global adjustment ?

Need advice. Thanks
Deal Addict
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Dec 18, 2006
1826 posts
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Before locking into Summit or National Home Services - find out the following:

- duration of contract
- early termination fees or transfer policy in case of moving/selling
- discharge/buyout fees

Due to Summit & National Home Services being notorious for their sly tactics in locking people up in lengthy contracts with very high penalties/discharge fees - many buyers & buyer agents often ask for the rental items & contracts to be discharged during the purchase of a property, so that the new buyers are not automatically locked in for the remainder of the contract.

People never always plan to move and sometimes due to emergency have to sell or move before the end of the contract - if a buyer asks for a discharge, you'll be on the hook for a significant amount.

The savings may seem great upfront, but you can get screwed after the fact. Caveat emptor.

Good luck!
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