Viridian Energy is a new company, founded in 2009, who offers a variable electric rate to customers in Pennsylvania, Maryland, Connecticut, and New Jersey.
Viridian Energy only offers a variable rate which can be dangerous if you are a customer. There is really no limit to how high a variable electric rate can go up in any given month, and history shows that eventually the rates will increase drastically. The main reason for this is the huge dependency that Viridian places on the wholesale market. When the market behaves, Viridian can offer a rate that is slightly lower that the utility default rates, however when the market spikes they will be forced to pass on the extra costs to their customers. I recommend finding a fixed electric rate that will lock in a rate for a set period of time.
Viridian Energy markets through “Direct Selling” or multi-level marketing. They attract independent associates, who are often not well informed on energy prices and markets, to sell Viridian electric rates to their friends and family in hopes that it will cause these customers to stay loyal to them long term.
Viridian’s rates are not attractive. Lower electric rates, both variable and fixed, can be found by comparing other electric companies’ offers to Viridian’s offers.
Besides the lower rates offered by these other companies, the important thing to note is that these offers are fixed. Viridian’s offers are variable and can go even higher at any time. Viridian advertises that they have “no contracts”, but when it comes to buying electricity, it is good to have a contract as it will state the exact rate you will pay assuming that the contract is for a fixed rate. Without a contract you are truly at the mercy of the electric company.