Energy costs are one of the top business expenses and deregulation helps all businesses save on energy and gas bills. Deregulated gas and electricity markets offer numerous benefits including better service, lower prices, and more products.
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In the past, customers were not in a position to choose where their energy came from, but now residents and business owners in many states in the US have a choice. Energy deregulation has resulted in a restructuring of the energy market, which can open up a host of benefits. Now, some states operate a deregulated market, and this means that customers can choose a provider.
Before we discuss the benefits of deregulated energy, it’s important to understand exactly what energy deregulation means. In the past, American homeowners and business owners were attached to providers as part of a regulated market. Within a regulated market, the consumer doesn’t have a choice when it comes to where their energy comes from. Now, some states operate a deregulated market, and this means that customers can choose a provider.
Typically, when you receive an energy supply in a deregulated state, you’ll be provided with two bills. The first will be from the competitive supplier for the energy you have used, and the second will be from the distribution facility to cover delivery charges.
Not all states in the US are deregulated. The deregulated states include:
Some states are completely deregulated, while others are partly deregulated, offering either deregulated gas or electricity. Deregulation is becoming more widespread, and in the future, other states may switch from regulated markets to deregulated energy.
The growth of the deregulation trend has undoubtedly changed the energy industry. While regulation standardizes energy provision, there are several benefits of energy deregulation. Here, we’ll discuss the advantages that have the biggest impact on energy consumers.
Most people would like to have more disposable income as the end of the month approaches. For the majority of households, energy expenditure represents a substantial expense, and any means of cutting bills is likely to appeal to homeowners. For businesses, energy costs are one of the highest expenses and reducing energy bills has a direct effect on the business’ bottom line. Deregulation helps all consumers to save on energy and gas bills because it enables consumers to benefit from competition between providers.
Competition spurs energy companies to offer better rates and incentives to attract new clients, and this contributes to household and business savings. In a deregulated market, customers have a choice, and this means that shopping around for the best prices is always a good idea. Comparing energy prices can be complicated and time-consuming. Consumers can contact different providers by phone to compare rates, but it is recommended to seek advice from an energy consultant to make sure you’re getting the best deal.
If you’ve never thought about changing your energy provider before, you may not be aware of the differences in prices, and you might be surprised at how much you could save. Attracting new customers is often the primary aim for energy companies, and this means that clients that are willing to switch may be able to take advantage of promotions and incentives.
Monthly savings can be achieved both by home and business owners. If you run a business, much like a household, you want to try and reduce running costs to maximize profit margins. Powering offices, warehouses, and stores can cost a lot of money, and with competition in the energy markets heating up, company owners could save significant sums as a result of deregulation.
In a regulated market, consumers cannot choose where their energy comes from, and this limits them in terms of the types of sources they utilize. As more and more people look to make changes to the way they live to protect the planet, deregulation offers the ability to access more eco-friendly energy sources, including wind and solar power. The demand for greener energy is increasing year after year, and this is contributing to increased investment in environmentally-friendly energy production. Initially, buying into greener energy may cost more, but in the long-term, customers can often benefit from substantial savings.
The Climate Change in the American Mind Survey, which was conducted by researchers at Yale and George Mason University, suggests that over 70% of US adults are now concerned about global warming. Deregulation offers customers the opportunity to invest in renewable, sustainable energy. Not all energy customers will want to switch from conventional sources to eco-friendly energy, but for many, having a choice is advantageous. As awareness of environmental issues grows, the use of sustainable energy resources is expected to continue to increase.
For businesses that are proud of supporting green initiatives, it’s also beneficial to have the opportunity to go green in terms of energy supply. More and more companies are eager to do their part for the environment, and investing in eco-friendly ways of operating enhances brand image and reputation while at the same time benefiting the planet.
Often, people assume that switching energy providers is a hassle, and this means that they stay with the same company. The truth is that moving from one provider to another has never been easier. If you’ve shopped around, and you’ve found a better deal, the first step to take is to contact the new supplier. Make sure you understand the ins and outs of the tariff and the terms and conditions. You’ll be asked to provide your utility account number, which you can find on previous energy bills.
Once the new company has the relevant information about your account, they can start processing the switch. The next step involves the new provider contacting your current supplier. You should receive an update once your account has been moved. Usually, this will come in the form of an email. You may be asked to confirm that you asked to switch, and once you have done this, the next bill you receive will come from the new energy company.
In a market where competition is fierce, customer service can make the difference between keeping and losing customers. With energy deregulation, energy providers know that they have to work hard to impress both potential and existing clients, and this often means that customers can benefit from improved customer service. If a customer isn’t happy with the service they receive, they don’t have to stay with that supplier, and they can switch to a new provider. When the market is regulated, and customers cannot choose their provider, there is a risk of companies getting complacent because they don’t have to try to attract new customers or keep hold of existing clients.
If you don’t feel confident enough to find and choose a new energy supplier, you should turn to an energy consultant. An energy consultant will analyze your energy consumption and provide a full breakdown of the money that you could be saving with a new energy provider. Navigate Power is one of the largest energy consulting firms for businesses in the US and works with more than 33,000 clients. Thanks to our close relationships with national energy suppliers, we’re able to negotiate the most competitive rates for you – something that can only be achieved by partnering with us.