For many students, moving to a new or first home of their own is a big deal during the summer and fall. One of the most important things to remember before moving, is to get yourself an electricity contract.
As there aren’t that many student discounts on electricity contracts, it is most important to consider your own situation and energy usage.
Sign your electricity contract in good time
Do you need a totally new contract? Or do you already have one that you just need to get transferred to your new place?
Notify the electricity seller at least two weeks before the move, both when signing a new contract or when transferring an old one.
You moved and forgot the electricity?
Contact an electricity company straight away, if you forgot the electricity. Although electricity can be switched on easily during office hours, there is usually an additional fee for a quick reconnection. Even the smallest payment can make a big dent in a student’s budget and equal many months of electricity fees.
What kind of electricity contracts are there?
Electricity contracts can be divided into two main categories. Below is a comparison of the two most common types of contracts.
In a fixed-term and fixed-price contract, the electricity price stays unchanged throughout the contract period. Note that the contract can’t be terminated or replaced during the contract period. Such a plan equals e.g. to a fixed interest rate on a mortgage.
When you have a somewhat consistent usage, you’ll know exactly how big your electricity bill is. A fixed-price doesn’t require you to monitor the power market. If you get a good deal on a fixed-price, it can be a very good option, especially with prices rising during the cold and dry seasons.
Market priced or variable rates
Electricity plans at market prices are often on-going contracts, where the price of electricity varies hourly, or monthly, according to the prices on the power exchange Nord Pool. If you have a market priced contract, you pay little when electricity is cheap and more when electricity is expensive. This type of contract can be ended at any time.
Variable rate contracts are popular with students because their consumption is often small. If you actively follow the prices on the power market, you can steer your usage to those hours that are cheaper.
But beware! When the prices go up, so does your electricity bill.
Statistically seen over time the variable rate is a rather favorable option, since the highs and lows level each other out.
Let's stop the climate change together!
A lot of hydropower is produced throughout the Nordic region, so investing in renewable energy doesn't set back your student budget all that much. Choose a zero-emission energy source to help stop, or at least not increase, the climate change!
Wind power certified by the Finnish Association for Nature Conservation is the best choice for the environmentally conscious. Choosing EKOenergy will increase the electricity bill of a small apartment by about 1–2 euros a month.
Produced by hydropower, wind, solar and nuclear power. This option is a good investment in zero-emission energy and can be at the same level of cost as mixed electricity.