Its common knowledge that if you want to lower your electricity bill you have to lower your energy usage. You can either cut back on your energy usage or invest in a more energy efficient solution. But, what is there was another was to save on your electricity bill without having to change your energy habits or invest a penny?
The majority of electricity and gas customers living in deregulated energy states have not shopped around for lower electricity and gas rates. This is mostly because they are either unaware they can switch to a lower energy supply rate, or they aren’t sure how to switch. In fact, switching electricity or gas supply rates is very easy and can be done in just minutes! First we will cover who can switch by explaining regulated and deregulated energy markets.
Regulated vs Deregulated Energy States
In a regulated electricity market, vertically integrated monopoly utilities cover the entire value chain with oversight from a public regulator. The utility makes sure that power is generated, sent to the grid, and reaches customers. Customers in regulated markets cannot choose who generates their power and are bound to the utility in that area. Regulated markets dominate most of the Southeast, Northwest and much of the West (excluding California).
In a deregulated electricity market, market participants other than utility companies own power plants and transmission lines. In such instances, generators (companies that generate electricity) sell electricity into a wholesale market, and retail energy suppliers purchase this electricity to sell it to customers. Transmission companies or utilities own and operate the transmission grid. This market universe is managed by an independent system operator (ISO) or regional transmission organization (RTO). Your utility company is still around – It makes sure the power is distributed and everything is working correctly to keep your lights on.
Deregulated markets have opened up generation for competition from independent power producers in 24 states, such as New York, Texas and most states in the Northeast. 18 of these states and Washington D.C. have also introduced retail choice, which allows residential and/or industrial consumers to choose their own electricity provider. Customers benefit from more competitive rates and generation options, including renewable energy.
Some states like Texas and California are only partially deregulated. This is due to a number of factors including geographical boundaries and utility territories. Here is a map of the states that have deregulated electricity and gas markets.
How to Switch Electricity Rates
If you live in a regulated state, you don’t have an option to switch electricity or gas supplycrates. However, if you live in a deregulated state, you can shop around to find a lower supply rate from a reputable retail energy supplier.
Switching energy rates to a retail energy provider is fast, free, and easy. At ElectricityRates.com, all you need to do is type in your ZIP Code, compare rates, select the rate you want to switch to, fill in a little information, and we take care of the rest!
You can save on your energy bill that fast without have to cut back on energy usage or purchase a new energy efficient appliance. Why pay more when you don’t have to? Type in your ZIP Code and start comparing rates in your area today!