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Switching electricity providers is not hard. But, you need to think about a few things to avoid costly mistakes.
An early termination fee (ETF) is a charge that is levied by an electricity provider if you cancel your contract before the end of the agreed-upon term. ETFs are common in the electricity industry and are typically designed to compensate the provider for the costs associated with setting up your service, such as installing a meter or running new power lines to your home.
There are a few ways you can avoid an ETF when canceling your electricity plan:
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