(NC)-Natural gas prices have steadily increased over the past several months. With the coldest winter days still ahead, many homeowners are paying close attention to their monthly heating costs and weighing their options. Getting the best natural gas price and contract terms can be a challenging task.

"Not understanding your options can result in a shocking surprise when your home heating bill arrives," says Brian Wikant, Chief Operating Officer of Canadian RiteRate Energy Corporation. "Knowing more about natural gas contracts can save people money and a lot of heartache."

Here are some important things to consider before venturing into the world of natural gas contracts:

Keep an eye on the mail - Your current supplier is required to mail a contract renewal package between 60 and 120 days before the end of your contract term. This package will include new contract options and details on what to do if you choose not to renew.

Inaction can cost you - Should you decide to end a relationship with a natural gas supplier, always notify them in writing. Failure to do so can result in an automatic one-year contract renewal. Quite often, these renewals are at a very high rate.

Shop around - Know where to look and always compare prices. All supplier rates are compared on www.energyshop.com, an independent source of natural gas information. Consider your budget, compare prices, and then decide on which company is best for you.

Beware of gimmicks - Some suppliers offer various sign-up or renewal incentives such as rebate cheques. Always understand exactly what you're agreeing to before cashing a cheque or taking advantage of incentives.

Confirming or canceling a contract -Consumer protection laws allow for a 10-day "cooling off" period after a new contract is signed. Should you change your mind during those 10 days, you may cancel the contract without penalty. If you signed a contract at your front door, the supplier must call to verify your commitment between 11 and 60 days after signing.

For more important information on the rules of the industry, please visit the "Natural Gas University" at www.riterate.ca.

Source: News Canada