Top factors affecting energy rates:
There are so many different things to consider when looking for the cheapest energy rates and the right energy plan. Electricity rates differ from state to state, and within a state from region to region. Many factors cause these variations including:
As we all know, there are multiple types of fuels used to generate the electricity that we use in our homes. These resources can either be non-renewable fossil fuels like coal and gas, or renewable resources including hydropower, solar, and the energy of the wind. The prices of these fuels vary, and this is one of the major determining factors of the cheapest energy rates.
The power we use in our daily lives is generated in power plants. The cost of building, operating, and maintaining this infrastructure ultimately goes into the electricity rates.
3)Distribution or transmission cost–
While you might see advertised electricity prices that seems like the cheapest energy rates. Be aware that once generated, electricity travels from the point of generation to the centers of distribution and finally to the points of end consumption, which can be businesses and homes. The transmission and distribution cost is generally the highest component of the total energy cost. This infrastructure requires regular maintenance for consumers to receive an uninterrupted and reliable power supply. Whether consumers see this cost broken down in the competitive electricity rates available or bundled, in the end, all of these costs are transferred to the consumers and can contribute to high electricity bills.
4) Seasonal spikes–
Electricity plan rates tend to increases during the summers, as that is the time of peak consumption, driven mainly by an increase in the energy used to keep buildings cool. When energy consumption increases, power companies work overtime and the infrastructure goes under stress. During these periods, generation, and utility companies require more resources to fulfill this increased demand, which can also end up reflecting in your electricity bill. To avoid the summer spikes, you might want to choose an electricity plan with fixed rates before or after the summertime, so you can enjoy lower bills and avoid irritating surprises. This can also be an key element in finding the cheapest energy rates.
If you live in an area that has an abundance of sun or water or wind like Texas, then producing renewable electricity is becoming increasingly cheaper and very competitive. For this reason, it is important that energy consumers don’t assume that renewable energy is more expensive by default and rather check all options available, including those energy companies that provide 100% renewable energy, in many cases, their rates can be cheaper than other energy plans in the area.
Things to consider to find the cheapest energy rates, lowest cost electricity plans:
- There are no two households completely alike; as such, their consumption patterns are different.
- Energy consumers need to be aware that in the end, there are no good or bad electricity plans. Still, poor fit happens, and it can make your bills skyrocket.
- What happens is that your energy usage patterns are unique and change over time. These changes in consumption levels can trigger unexpected charges and extra costs.
- Before selecting any electricity plan, it is critical to compare the options available. For the best results, do it based on your service area, focusing on providers committed to consumer empowerment.
- Use analytical tools that help consumers find the total lowest cost and avoid surprises is to choose based on real usage patterns.
Know how to find the best and the cheapest energy plan
Energy consumption is as unique as each consumer. Once you see your real usage trends, you will understand why using “an average consumption” led you to the wrong choices and expensive bills.
Start transforming your data into knowledge
- First of all, EnerWisely doesn’t require any new hardware, so there is no cost in new gadgets.
- In Texas, EnerWisely Energy MatchMaker is the only free service guaranteed to identify the lowest total cost plans based on your real usage profile.
- The most comprehensive and real understanding of the unique consumption profile of each household or business. EnerWisely analyzes the variations in electricity consumption every 15 minutes intervals. Nobody’s energy consumption is a constant average throughout the entire year.
- EnerWisely’s Energy FingerPrint will instantly show your real consumption trends broken down by:
- days vs. nights
- weeks vs. weekends
Next, customize to pay only for what you need and select what works. This approach will definitively give you the cheapest energy rates.
- The calculation engine, also known as Energy Matchmaker, does comprehensive math to evaluate each electricity plans’ compatibility with each consumer’s unique pattern variations.
- This process results in the most thorough, transparent, and unbiased evaluation.
- And no worries, understanding the results is a piece of cake. EnerWisely cuts through the clutter and presents the top matches ranked using matching scores that reflect each plan’s total cost.
- When you enter the name of your existing electricity plan, EnerWisely will compare side-by-side the total cost and the net savings considering any potential cancellation fees. You will also
see their environmental impact compared.
- Empowered with these valuable insights, now you can choose with confidence.
- EnerWisely is the only energy management platform in the market compliant with DataGuard. You can rest assured that your data is protected and never sold or shared.
Free on-going monitoring to help you stay on track
For a limited time as an INTRODUCTORY OFFER, EnerWisely users enjoy free:
- personalized tips
- periodic progress reports
- renewal reminders
For too long, finding electricity plans was easy, but finding the one that worked used to be hard. No anymore! EnerWisely is here to help you use your power to choose wisely!
And while some of the brightest minds and data scientists in the energy industry developed EnerWisely, it is a super easy-to-use. Use it for FREE to transform your data into your most powerful weapon against gimmicky electricity plans and overpriced energy bills.
So stop wasting your time and energy looking for gimmicky plans in gimmicky sites. Signup to Enerwisely Energy MatchMaker for free and customize your lowest cost electricity plan to pay only for what you need and start saving.