If you're lucky enough to live in a state with a deregulated energy market — meaning you can choose what power company you buy electricity from — you could save a lot of money on your energy bills.
While it's nice to be able to pick your energy provider, it can be overwhelming sifting through all the information out there to find the best plan for your situation. But it's worth it to look for cheaper options, especially as energy prices have risen in recent years.
We'll help break it down for you so you can take your power back with an affordable power plan.
What is deregulated energy?
Deregulated energy markets allow you to choose from different utility providers and pick the plan and features that work best for your home. Being able to have a say in where your energy comes from can result in significant savings and improved service, and you could even reduce your home's pollution.
Some states offer green energy plans, which supply electricity from clean, natural sources such as solar, wind, geothermal, or hydropower.
What states have deregulated energy markets?
According to MarketWatch, which cited information from The American Coalition of Competitive Energy Suppliers, 32 states and Washington, D.C. have partially or fully deregulated energy markets. Seventeen states, including California, New York, and Texas, along with Washington, D.C., have both deregulated gas and electricity markets.
Fourteen states, including Colorado, Florida, and Nevada, provide a deregulated gas market only, while Oregon is the only state with a deregulated electricity market. However, MarketWatch explained that even though both Colorado and New Mexico have the option to enable energy choice under local laws, neither state has implemented deregulated energy so far.
Why should you switch providers?
If you live in a state with a deregulated energy market, switching providers could be one of the best ways to save money on your monthly electric bills while also doing the planet a favor. Not only does the competition between providers help lower energy prices, but you can usually choose your contract length and even sign up for a month-to-month plan so you're not locked into a commitment with any one company.
In addition, many energy providers allow you to choose a payment plan that works for you, whether that's a fixed, variable rate, or prepaid plan, resulting in even more savings. Plus, if you have solar panels, some electricity plans will let you sell excess energy back to the grid and get solar credits on your electric bills in return.
Basically, taking some time to research different energy plans and providers could reward you big time in the long run.
How can I sign up for a cheaper energy plan?
Luckily, you don't have to spend hours searching through myriad websites to find the information you need. The electricity plan comparison site SaveOnEnergy can simplify the process for you with its free tool, which allows customers who live in states with deregulated energy markets to compare plans, helping save money and possibly power homes with clean energy where available.
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