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Electricity Rates in Waco
Waco is one of the biggest and most central cities in the heart of Texas. It’s surrounded by larger and more popular cities, including Dallas, Fort Worth, San Antonio, Houston, Austin, and more. Waco is also one of the closest major cities to Austin and San Antonio to have deregulated energy, despite the fact that the latter two cities don’t.
Deregulated electricity means that if you live in or around Waco, Texas, you have the power to choose your own electricity company and plan. Energy deregulation in Waco and much of Texas has led to stiff competition between various electricity companies known as retail electric providers. If you live in the city and you’re in search of a power company with the best electricity rates in Waco, you’ve come to the right place.
How are Electricity Rates Determined in Waco?
Your ability to diligently research and your understanding of the electricity market and your usage will determine your ultimate electricity rate. The rates vary according to the time of year, your location, and supply and demand. However, these same principles that apply to Waco also apply to the rest of Texas.
No matter where you go in Texas, there will be cheap electricity rates and high ones. However, it’s essential to understand that just because something seems like an affordable rate and a good plan doesn’t always turn out to be. If you want to find the best electricity rate for you and your family, you must know how much electricity you use, when you use it, and understand how electricity plans are structured.
It’s also important to remember that you might have access to over thirty electricity companies, each offering four to ten plans depending on where you live in Waco. That’s a ton of research that not everyone has time for. Rather than waste a ton of time hoping that you can find the best plan, contact us at EnerGenie, and we’ll do it for you!
What are the Average Electricity Rates in Waco?
The average electricity rate in Waco, Texas, is 12.8 cents/kWh, slightly lower than the national average. However, while 12.8 is the average, you can pay anywhere from 8 cents/kWh to 20 cents/kWh for your electricity. The key to ending up on the low side of the spectrum is to choose the right plan from the right provider based on your usage and location. Contact us at EnerGenie to find out which companies service your area and the best plan for you.
Who has the Cheapest Electricity Rates in Waco?
If you’re looking for the company with the lowest electricity rates in Waco, that title belongs to Frontier Utilities and Express Energy, which currently offer electricity at 7.4 cents/kWh. However, electricity rates in Waco are like the stock market, and they tend to fluctuate wildly. The company with the cheapest electricity today might have some of the most expensive electricity tomorrow.
Types of Electricity Plans in Waco
The type of electricity plan you choose will have an enormous effect on your electricity rate. Let’s look at some of the different plan options you have in Waco and what they typically cost.
Fixed-Rate Plans
Fixed-rate electricity plans are the most common type of plan in Waco and around the country. Fixed-rate plans allow you to get locked into an affordable rate that doesn’t change for the duration of your contract. Most fixed-rate contracts are for anywhere from 12 to 36 months, which means the rate you sign up at is the rate you’ll keep for that time.
Variable-Rate Plans
Variable-rate plans are the antithesis of fixed-rate plans. Where fixed-rate plans offer you stability and security, variable-rate plans have prices that fluctuate from month to month. You can sometimes save money on them when electricity rates go down. However, they tend to go up more often than down, which means you’ll usually overpay for electricity.
Month-to-Month and No Deposit Plans
If your credit score is too low to qualify for a fixed or variable-rate plan, you may have to opt for a monthly or prepaid plan. Month-to-Month plans are where you pay for your electricity before you actually use it, rather than paying at the end of the month. While these plans have certain benefits in that you can opt-out of them whenever you want, they tend to have higher rates than other electricity plans.
Time of Use Plans
Time-of-Use plans are where electricity rates vary throughout the day. For example, some companies will offer free or discounted electricity between the hours of 9 PM and 7 AM or in the middle of the afternoon. There are also variations of this type of plan that offer free electricity on the weekends. Knowing when you use most of your electricity can potentially take advantage of this type of plan.
Green Energy Plans
Green energy plans are a great way to reduce your carbon footprint, but the rates for these plans are usually slightly higher than plans that use traditional electricity. However, with green energy plans, 100% of your monthly utility bill goes towards researching and producing renewable energy.
Indexed Plans
Indexed rate plans are slightly more complicated than other types of electricity plans. They’re similar to variable-rate plans in that your rate can change from month to month. However, how much your rate goes up or down depends on the specific terms of your contract and what determines your overall rate. You have the potential of saving or losing money with an indexed electricity plan.
How to Find the Best Electricity Rates in Waco
If you’re feeling overwhelmed with the idea of researching the dozens of electricity companies and the many plans they offer, don’t be. EnerGenie is here to help! We have a series of smart algorithms and technology designed to find the perfect electricity plan for your home or business. All we need is your zip code and some information about your home and energy usage, and we will take care of the rest.
We consider your budget, perks, and discounts offered by different companies and whether or not you want a green energy plan. From start to finish, EnerGenie is the best and easiest way to find your next excellent electricity plan. Whether you’re moving to Waco or want to switch providers to save money on your power bill, contact us to start the process today!
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