To be clear, no matter fuel portfolio of the plan you choose, your electricity’s make-up will be identical to your neighbors’. Depending on where you live, that could a mix of renewable and fossil fuels. Certificates offset your electricity use by putting an equal amount of clean energy into the electricity grid. If a plan is 100% renewable, that means it’s 100% offset with certificates.
We’ve done some of the work for you. We homed in on five of the biggest electric companies in Pennsylvania: Constellation Energy, Direct Energy, FirstEnergy Solutions, Green Mountain Energy, and Just Energy. We compared their plans, rates, special offers, and philanthropies, then dug into the contract fine print to uncover sneaky fees and the truth about discounts. Because most providers offer a range of options, we also looked at the companies behind the plans — paying attention to their corporate impact, customer service reputation, and customer resources in particular.
Even though customers in deregulated Texas markets routinely pay more for electricity, there is a bright spot. The gap between the average price paid for electricity between deregulated and regulated market has shrunk to 8.8 percent. In 2006, customers in deregulated cities were paying nearly 47 percent more for electricity than their counterparts in regulated cities.
Texas electricity rates are on their way down again. After a summer spike, electricity rates across Texas have fallen. Utility officials were concerned about having enough electricity to meet peak summer demand. This resulted in electricity providers increasing the rates on their fixed rate plans in anticipation of higher wholesale electricity prices.
Since 1996, when the energy market was opened up to competition, UK consumers have been able to switch energy suppliers to find a cheaper gas and electricity deal. Previously, Ofgem did set a maximum price for energy; but now Ofgem only regulates the market as a whole — that means creating a regulating schemes to support vulnerable households and more.
Around 85% of Texas residents must choose an electricity provider. Utility companies transmit and distribute electricity to customers. But that electricity doesn’t come from a utility—it comes from companies known as Retail Electric Providers. These providers offer competitive plans based on electricity pricing, term length, renewable sourcing and more.
Power generation projects, which have to sell their power to these bankrupt utilities, require creative financing structures to get around these problems. In a bid to reduce their risk when financing these projects, bankers employ financial tools like put call options agreement or World Bank partial risk guarantees. The problem is these tools add complexity and cost which end up being passed on to the end-user or worsen the financial state of the power utility.
When you use our rate comparison process, providers know that they are competing to win your business. Consequently, they offer cheap electric rates in hopes of becoming your new Texas electricity company. This benefits both you and the provider you select. You receive a cheap electric rate and the plan of your choice, and the provider adds another satisfied customer.
On the one hand, long-term, fixed-rate (contract) plans offer stability in pricing. If energy supply costs suddenly go up in your area, you won’t be left paying more than what you bargained for. You’ll have peace-of-mind. If you want to switch out of your contract before it ends with a lower cost plan, you’ll likely face a cancellation fee (early termination fee).
Know that Green Mountain’s cheapest advertised plans are all variable rate plans. “Pollution Free,” “Pollution Free Try 3,” or “SolarSPARC 10 Try 3” all advertise a great initial rate — a full cent below Pennsylvania’s 8.49 cent “price to compare” — but its variable rates means the company can raise them at any time. The two “Try 3” plans just lock in the low introductory rate for three months instead of one. The flipside of fixed rate: Should prices fall, you’ll be locked into a contract with a constant, elevated rate for two more months.
However, a few of the countries on the chart do have pricey electricity. Nuclear power accounts for close to three-quarters of France’s energy, and yet its electricity is on average $0.07 cents per kWh more expensive than that of the U.S. Again, diversification is key. Germany, which already has costly electricity, will soon see its prices soar even higher once it decommissions its nine currently operating nuclear plants, a gargantuan, politically motivated project that’s scheduled to be completed by 2022.
Switching your energy provider online through our website is quick, easy and hassle-free. Don’t miss out on saving money through our price comparison service simply because you think it will be a long, drawn-out process. The whole thing need not take over ten minutes and by doing so you could be saving hundreds of pounds a year with a cheaper electricity supplier.