When setting up a first home, most attention is usually paid to renovations, furniture, or household appliances, so various service contracts often remain secondary. The electricity supply plan is often chosen based on recommendations or the lowest price offered at the time, but without considering your consumption habits and real needs, you may end up overpaying in the long run,” says Eglė Afanasjeva, Product Manager at Elektrum Lietuva.
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The first step – a contract in your own name
If electricity is already supplied to the purchased home, one of the first steps for the new owner should be to conclude an electricity supply contract in their own name. When the owner of the home changes, the electricity supply contract does not automatically transfer, so it may remain concluded in the name of the previous resident.
The new owner should contact the chosen independent electricity supplier, confirm the change of ownership, and provide other data requested by the supplier. Then you can immediately choose an electricity supply plan that suits your needs.
“For residents choosing an electricity supply plan for the first time, it is important to consider not only the offered price but also their daily consumption habits. It is worth thinking about how much time a person will spend at home, whether they will work remotely, how often they will use appliances that consume more electricity, such as a dryer, dishwasher, or air conditioner. It is also useful to consider future needs, for example, a planned electric car. If electricity consumption is fairly evenly distributed throughout the day, a single time zone tariff may be more convenient, while residents who use more electricity at night or on weekends may prefer a two time zone tariff,” notes E. Afanasjeva.
Fixed or market-linked price?
Another important choice is between a fixed price plan or a market-linked electricity price plan. Fixed price plans are usually more suitable for those who value stable monthly expenses and a clear electricity price throughout the contract period. In this case, a person knows what electricity price to expect, making it easier to plan their budget. Meanwhile, choosing a variable price plan can save money during periods when electricity prices on the market decrease, but you also need to be prepared for greater price fluctuations.
“A market-linked price plan is especially relevant for residents with a smart meter, as it allows for more accurate accounting of electricity consumption during different times of the day and more flexible adjustment of consumption to market prices,” says E. Afanasjeva.
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It is important to consider the contract terms as well
When choosing an electricity supply plan, it is important to pay attention not only to the price but also to the contract duration and how the electricity price may change during the chosen period. This is especially relevant for people who have purchased their first home, whose life circumstances and electricity consumption habits may change significantly over a few years.
“Today a person may live alone, start working from home in a year, acquire more electricity-consuming appliances or an electric car. There is no need to try to predict all possible changes in advance – it is more important to periodically review your consumption, plan terms, and market situation. If needs change, the ESO tariff or electricity supply plan can be easily changed,” advises E. Afanasjeva.
Insurance can protect against unexpected expenses
When setting up their first own home, residents often invest large sums in new household appliances, computers, televisions, or other electronic devices, but less often think about additional protection against possible electricity network disruptions.
“Modern electronic devices can be sensitive to short-term voltage fluctuations, so even brief power surges can cause various malfunctions. Before moving in, it is worth assessing the condition of the home’s electrical installation and possible risks. In such cases, additional protection can be provided by insurance covering damage to the home or electronic devices caused by voltage fluctuations,” notes E. Afanasjeva.
Eglė Afanasjeva, Product Manager at Elektrum Lietuva, adds that there is no one universal solution, so it is best to choose an electricity supply plan considering your lifestyle, consumption habits, and financial priorities. Residents can always compare offers from independent electricity suppliers using the State Energy Regulatory Council (VERT) calculator.
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