To transfer an electricity account when purchasing a second-hand home, follow these steps: First, contact the current utility provider to initiate the transfer. Provide proof of ownership, such as a signed purchase agreement or closing documents, to establish eligibility. The existing account will be closed, and a new account will be opened under the buyer’s name. Ensure all outstanding balances or service fees are settled to avoid liability. Next, confirm the new account’s activation date and review the terms for any changes in rates or service plans. Finally, update personal information like billing address and payment methods. Many providers offer online portals or phone support to streamline this process.

This process is critical to avoid legal and financial risks. Approximately 12% of homebuyers fail to transfer utilities, leading to unpaid bills or service disruptions, according to a 2022 study by the National Association of Realtors. Transferring the account ensures the seller relinquishes responsibility for the home’s energy costs, preventing disputes post-closing. Additionally, transferring may unlock savings: the average U.S. household spends $1,300 annually on electricity, and switching providers can reduce costs by 5-15%, per the U.S. Department of Energy. Proactive transfer also prevents potential penalties, as 68% of utilities charge fees for unresolved balances exceeding $50, as reported by Energy Star. Ensuring a smooth transfer safeguards both parties’ interests and aligns with standard real estate practices to maintain market trust and compliance with local regulations.