The Texas electricity market is constantly evolving. It’s hard to keep up with all of the changes, but we’ve put together this list of the top 5 things you need to know about how it works today.
1) Retail energy providers now offer energy plans
For years, electricity was provided by regulated utilities and you just took what the company offered based on your address. But over the past decade or so, deregulation has allowed energy providers to enter into a competitive market in Texas that offers energy at lower rates than regulated utilities can charge. The retail energy companies offering energy plans in Texas have been able to cash in and earn billions of dollars thanks to their success.
Many people are attracted by low electricity prices and will shop around for a better deal even if they already have service from the utility company providing energy directly to their homes. This trend is expected to continue as more retail energy providers take advantage of this opportunity for growth while demand continues to increase statewide.
2) Retail electricity providers use energy shopping sites to compete
Energy comparison sites like Energy Outlet help connect customers with retail energy plans by asking residents for permission to compare rates and provide services on their behalf.
Customers only need to register once with a site like Energy Outlet or Power to Choose and then they will receive bids from many different companies rather than having to hunt for them individually (and spend hours filling out forms) through company websites or over the phone. These sites also make it easier for you to switch providers because you can move your service without contacting each provider individually. Just change your energy carrier using the site and you’re all set.
3) Retail energy plans have become increasingly popular in Texas over the years
Texas now has more than 1 million customers on retail energy plans, which was unheard of just a few years ago. That number is expected to continue growing as energy costs rise across the state. Electricity providers are really stepping up their game by offering lower rates than regulated utilities can charge and it’s also becoming easier for people to find them thanks to energy comparison sites like Energy Outlet. This trend will likely continue into the future since electricity demand is expected to increase statewide throughout the next few years due to population growth and increased industrial activity in Texas (particularly along its coast).
4) Private energy providers are using energy shopping sites to show green energy plans as well
Unlike regulated energy providers, which must continue buying energy from generators at the same rate they’ve paid for years, competitive energy retailers can choose to offer their customers renewable energy plans, also known as “green energy” or “wind energy” plans. Customers can now opt to support energy providers that have sustainable energy options and the energy provided can even count toward a customer’s energy consumption requirement.
5) The energy market works differently depending on your location in Texas
In some areas, retail energy providers offer plans and set up contracts with residents directly over the phone or online whereas other locations require you to contact energy providers through energy comparison sites like Energy Outlet. That being said, energy is energy and the energy market works similarly in every region of Texas, no matter where you live.
If you’re looking to lower your energy costs or find more sustainable energy options for your home or business in Texas, utilizing sites such as Energy Outlet is a great way to get started! We are here to help you find the best Texas energy plans with the best electricity rates.