But competition didn't necessarily end up cutting prices, according to the report. One contributing factor is confusion among customers as they try to choose among scores of retail electricity providers and the overwhelming variation of plans, leading many to just stick with familiar companies rather than look for better deals, according to the Texas Coalition for Affordable Power .
With the power to choose a supply plan, shopping competitive Texas electric rates could potentially save you money on your monthly electricity bills. TexasElectricRates.com can help you compare retail energy companies in Texas, finding the supply plan that is right for you. Best of all, there isn’t any risk when you shop Texas electricity. Simple enter your ZIP code to start finding electric supply rates in your area.
On the other hand, month-to-month variable rate (no-contract) plans don’t have cancellation fees. You won’t be penalized if you find a better deal elsewhere and want to make another switch. And, you won’t be stuck paying more than you should be if the market rate for electricity trends down. But, if it goes up, you’ll be paying more than your in-contract neighbors, and you’ll likely want to shop around again for a better deal.
Take your time to check out offers. You may receive offers from electricity suppliers through direct mail, telemarketing, advertising, and over the Internet. Read offers carefully and ask the supplier questions. You may have to commit to a fixed-term contract when you sign up with an electricity supplier. Therefore, be sure you like the terms of the offer. Questions to ask a supplier:
The Virgin Islands, in fact, has some of the world’s most expensive electricity precisely because it doesn't have the means to diversify its energy portfolio. The territory depends entirely on imported crude oil to run its petroleum power plants, and as a result, its energy goes for between 50.8 and 54.8 cents per kWh as of last year. This business-repelling price far exceeds that of countries whose energy is considered steep compared to the U.S. average, namely, Denmark ($0.41 cents per kWh), Germany ($0.35), Spain ($0.30), Australia ($0.29) and Italy ($0.28). This year the Virgin Islands has tried to reel in businesses with substantial tax breaks, but the savings might not be enough to offset the eye-popping electricity bill.
Of FirstEnergy’s two plans, “Residential Fixed Price” (July 2019) and “Residential Fixed Price” (July 2020), the longer term contract comes with a reduced rate, per usual. If you’re hesitant to enter into a lengthy commitment because you’re planning to move within the next year or two, it’s nice to know that FirstEnergy builds a moving loophole into its cancellation policy. If you’re changing addresses and FirstEnergy does not service your new neighborhood, it doesn’t levy a cancellation fee. Opting out for any other reason comes with a $50 fee, cheaper than any other flat-rate cancellation fee we’ve seen. In fact, it might still be cheaper to go with the longer contract if you aren’t sure when you’ll move, or whether you can take your FirstEnergy service with you.
The North Texas city of Wichita Falls is home to Midwestern State University, Sheppard Air Force Base, Lake Wichita and the power to choose. Texas residents who call the city home are able to shop for their electricity in Wichita Falls, meaning that they get to choose the energy plan they want from available retailers. Remember to explore all your options. If you need help deciding on an electric supply plan, call ChooseTexasPower.org.
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If you would rather have a steady rate and not think about twice about starting a load of laundry at 6:30pm versus 7:30pm, Direct Energy’s standard, 12-month, fixed-rate plan Live Brighter runs at an affordable 7.99 cents per kWh. Again, using 1,000 kWh per month would add up to a yearly total of $958.80 — higher than both Free Nights and Free Weekends, but also a lot simpler.