Texas businesses have been able to find dramatic savings through electricity deregulation, but the key to saving on electricity bills is to always keep searching for deals.

Genscape, a company that builds software platforms to analyze electricity market data, recently introduced the ERCOT Power Buyer service at the Gulf Coast Power Association's Spring Conference.

The new tool will provide both retail electricity providers and other major energy buyers, such as some of the state's largest businesses, the ability to more easily monitor electricity prices in the state, giving them the opportunity to jump on good deals. This could lead directly to lower business electricity rates, while residents and smaller businesses could see similar savings through their electricity providers.

"I’ve been buying and selling power for 10 years, and this is the first time I have any real visibility into the Real Time market," Martin Downey, senior vice president of Houston-based electricity supplier TriEagle Energy, said in a statement. "Genscape’s PowerBuyer is easy to use and consistently identifies low-risk opportunities. It is helping us to reduce our costs. I wish I had this years ago."