This week, a new study has found what many of our customers have already experienced first-hand: people who live in parts of the country that allow them to choose their electricity supply tend to pay less for energy compared with people who don’t.
In deregulated states, residents and businesses have the power to choose their energy supplier. In turn, this means that suppliers have an incentive to attract customers through lower costs and more reliable power.
The study, which was sponsored by the COMPETE Coalition, compared regulated, monopoly markets with deregulated competitive energy choice markets. The study showed that people in deregulated markets tend to pay less for electricity than those who don’t. From COMPETE’s press release, some of the key findings of the study include:
- From 1997 through 2014, prices in customer choice jurisdictions increased 4.5% less than the rate of inflation while prices in monopoly states increased 8.4% more than inflation.
- Electricity in monopoly states accounted for a larger share of the consumer cost of living in 2014 than in 1997, while electricity’s share of the consumer pocketbook in customer choice jurisdictions was less in 2014 than in 1997.
- From 2003-2013, accounts served by competitive suppliers increased 524% for commercial and industrial (C&I) customers and 636% for residential customers.
Don’t miss out on the benefits of energy choice!
Photo Source: NASA/GSFC