Electricity prices are soaring in many areas, but if you live in a state with a deregulated energy market, you could find some relief by switching to a cheaper utility provider. Choosing your energy supplier is one of the best ways to save money while contributing to a healthier environment.
But with all the options available, it can be confusing to know which plan is best for you. Here's what you need to know to make an informed decision.
What is deregulated energy?
Energy deregulation helps break up monopolies of energy providers and allows for competition in markets, leading to lower prices, improved service, and more flexible plans for consumers.
Purchasing electricity from the provider of your choice means you'll typically have more stable utility bills. You can even opt in to a green power plan if it's available in your area.
Choosing a company that sells clean energy from sources such as wind, solar, or geothermal power can result in even lower electric bills and less polluted air — a win-win for you and the planet. Plus, if you have a rooftop solar setup, you could actually make money by selling excess energy back to the grid.
Which states have deregulated energy markets?
According to MarketWatch, 32 states and Washington, D.C., have fully or partially deregulated markets. Seventeen states — including California, Connecticut, Delaware, and Texas — along with Washington, D.C., have deregulated electricity and gas markets.
Fourteen states, including Colorado, Florida, and Indiana, have deregulated their natural gas markets, while Oregon is the only state that offers only non-regulated electricity.
However, MarketWatch noted that while Colorado and New Mexico can deregulate their gas markets, neither state has implemented that option.
How can I switch providers?
If you live in a deregulated energy market and are ready to ditch your expensive energy provider, the electricity comparison site SaveOnEnergy is one of the best sources to help you find a cheaper plan.Â
Its free tool allows you to compare energy plans and even sort by green power plans if they're available in your area. Simply input your ZIP code to start shopping for more affordable energy.
Even if you live in a state with a regulated market, you can still reduce your monthly bills by signing up for community solar, installing your own panels, or making other home energy improvements.
And no matter your energy market, there are easy wins that lead to immediate savings, including washing your clothes in cold water, unplugging energy vampires, and even switching to LED lightbulbs. All these swaps add up to more money in your pocket and a cleaner future, and that's something we can all feel good about.
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