Electricity Rates in El Paso
El Pasoans are beholden to the El Paso Electric Company for their electricity, and many of them aren’t too happy about it. They’re beholden because unlike other residents of Texas, they don’t currently have the right to start buying their electricity from an alternative provider. They’re unhappy about that because they’re missing an opportunity to save money on their monthly electricity bills!
Texans who can switch retail electricity providers are better able to realize cost savings on their electric bills each month because they can shop around for lower rates from various providers and plans. Consumers don’t have to worry about big changes when they make the switch to a new company. Their local utility will continue to deliver power and fix up their wires when they go down in a storm. The only major difference for the end user is a different rate on their electricity bill.
How You Would Switch
Not only can consumers get a better rate on their electricity by changing companies; they can also receive extra benefits by carefully comparing the different providers and offers available in their area. One possible benefit is the signup bonus, which can take different forms. It might be a discount on electricity, or it might be a free flight to Canada. Companies offer many different types of incentives to attract new business.
Contracts also come in different lengths. Some companies require no contract (and impose no penalties for leaving), while others want you to sign a one- or two-year agreement. (There are also six-month contracts, five-year contracts, and more.)
Contracts with rates based on current market prices are called variable rates, which means they change along with the market—just like your plan with EPE. The alternative is a fixed-rate contract, which costs the same rate per unit of electricity all year round. That means you might beat the market or you might lose to it; chances are you’ll be paying more for the stability.
A final benefit to provider choice is the ability to select your preferred type of electricity. Whereas before consumers got whatever their utility was providing, now they can affect the market directly by choosing where their electricity is produced. Other Texans who want to support the growing green energy sector in their own state already have the power to start buying their electricity from a solar plant or wind farm.