With choice comes risk: How to pick the electricity plan that's right for you

Utility workers repair a power line in New Orleans, Louisiana.

You can cut your power bill by conserving energy, but unlike your phone or cable bill, you typically can't save by choosing a different plan. Now that's changing as power companies steal from the mobile phone playbook. Some companies are offering free power on nights and weekends or pre-paid plans. This can save you money, or it can blow you away with higher bills.

Marketplace's Senior Producer of Personal Finance, Paddy Hirsch, joins Morning Report host Mark Garrison to explain how to make the right choice. Click on the audio player above to hear more.

About the author

Paddy Hirsch is a Senior Editor at Marketplace and the creator and host of the Marketplace Whiteboard. Follow Paddy on Twitter @paddyhirsch and on facebook at www.facebook.com/paddyhirsch101
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Unfortunately, Americans are not educated consumers. Hype and good marketing strategies will often capture the gullible American consumer. Power production in the US is a huge business, and it is controlled primarily by big oil, big coal and nuclear.

Read the fine print before agreeing to any "deal" that is offered. Demand transparency and fairness. The consumer is never going to be given a good deal by the mega-corporations that control energy in this country until we the people finally stand up and demand it.

Support alternative efforts to produce energy with renewable sources, which in the long run will stabilize the energy sector while providing non-polluting power.

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