Has your state opted for electricity deregulation? If so, you can use these new policies to help your business save money and conserve energy.
What is Electricity Deregulation?
Historically, every state in U.S. had a highly-regulated power industry- an industry that was the subject of many complaints including that price setting fostered monopolies. About a decade ago, the federal government and 24 states, including Texas, Connecticut, Ohio, Pennsylvania, and California, began to deregulate their power production and delivery mechanisms.
The hope was that deregulation would allow customers to buy electricity from more efficient, competing suppliers while offering them a broader range of power options and features. The results have been mixed, with some states, such as California, claiming ultimate failure, with others, such as Pennsylvania, having clear success. Overall, though, due to advances in technology and global changes in energy supply and consumption, the industry seems to be heading in a direction that will ultimately help countless consumers and business owners. If your state hasn’t gone to deregulated state, it may do so in the next few years.
That said, how can you take advantage of a deregulated electric industry in your business? Here are a few things to consider:
Do Your Research
The deregulation of the power industry has opened up a lot of options. There are now a myriad of providers and products, with services and costs vary extremely from one option to the other. Small business buyers beware. To help you get the best (and least expensive) option to suit your needs, you should look up all of the rates and plans that are available in your area.
Look for Creative Plans
Many commercial electricity providers target business customers with business-friendly rate options. Some of these options allow customers to pay based on when they use power or to get paid for using less power during peak periods. Industries whose rates fluctuate are ripe for exploitation. But, perhaps the biggest feature to look for is use of the SmartMeter system. This allows you to view your hourly electric and daily gas energy usage data, so you can ascertain how much energy you are using over the course of the day, week, or month. It can also send you alerts for spikes in use. With this data, you can then alter your energy usage or payment plan to suit your needs.
Buy Your Energy From Someone Else
One of the most dramatic results of deregulation is that it allows energy companies to hawk their wares across state lines. This increases options, opening the door for lower prices to customers. And it’s also very important to note that this policy extends so far as allowing you to choose from alternate energy sources. These such as sunlight, wind, and geothermal heat.
Many small business owners may prefer these options due to the sustainability, the stable future they hold, and the ability to be off the mainstream power grid, which equates to a sort of independence. If your business brands itself as green, you may post pics of your solar panels, or otherwise promote environmentally-friendly practices. These are the biggest benefits of using renewable energy–at present, these forms can’t really be called money-savers. However, even in states like Texas known for their dependency on fossil fuels there are Texas electricity providers that offer 100% green energy options. Though, you may have to pay a bit more for this kind of energy, it may be worth it if your business is built on environmentally-friendly values.
Our deregulated energy industry can help everyone who knows how to let it help them. A reasonable amount of research will put you in a position to wreak savings and other benefits.