3 Things to Know When Choosing an Energy Plan in Fort Worth

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Living in a deregulated market has its benefits, including its choice of energy plans. The Fort Worth electricity market has no shortage of retail energy providers (REPs) to choose from, offering residents and businesses a variety of options. But how do you decide which supplier and plan to choose?

Before signing up for an energy plan, here are some things you should know.

Know your energy usage

When shopping for an energy plan, you should know how much electricity your home or business typically uses each month. Energy rates for the same plan may vary based on usage levels. There are three usage levels: 500 kWh, 1,000 kWh and 2,000 kWh. Some plans charge lower rates for the 1,000 kWh usage level, but significantly higher prices for customers using just 500 kWh per month. On the other hand, other plans favor customers who fall into the lower usage tier.

You can estimate your energy usage by reading your past electricity bills. Your previous consumption will be listed in kilowatt hours (kWh)

Before purchasing a new plan, estimate your monthly consumption so you can research plans that work for your usage level. On market sites like SaveOnEnergy.comYou can filter plans based on your consumption to find the cheapest electricity rate for your usage level.

Know when to buy

The energy market can be unpredictable and electricity rates often fluctuate based on a variety of factors, including increased demand, changes in supply and, most often, the weather. Prices tend to change throughout the year. In Fort Worth, hot summer temperatures typically lead to increased energy demand as residents turn on their air conditioning. When demand increases, electricity rates typically follow suit.

Knowing when to buy an energy plan can help you avoid paying higher rates. Although prices often increase during the hot summer months, REPs have historically charged lower rates when the weather is milder, such as during the fall and spring.

The winter season is perhaps the most unpredictable time for energy rates in Fort Worth and the rest of Texas due to intense winter storms in recent years. Although Fort Worth typically experiences mild winter temperatures, many residents remember the impact of Winter Storm Uri, which caused electricity prices to rise to $9 per kWh. Extreme energy prices are far from the norm in Fort Worth, however, it’s worth remembering that Texas winters can create volatility in the energy market.

Know your EFL

Each energy plan includes a Electricity Facts Tag (EFL) that highlights every detail of a given plan. It’s important to review the EFL before signing up for a plan to ensure you understand the terms. The EFL includes information such as the length of the plan contract, additional fees such as distribution fees, rate type, renewable energy content, and more.

Each plan has a unique EFL, including plans from the same REP. If you have questions about the information found in an EFL, please contact the vendor directly for clarification before signing a contract.

How to choose an energy plan

Choosing an electricity plan in Fort Worth can mean sorting through dozens of available energy provider options. Knowing how to use it, when to buy it, and where to find detailed information about a plan can help you find one that meets your needs well.

SaveOnEnergy.com is a free energy marketplace where you can enter your zip code and instantly compare available energy plans from multiple providers in your area. If you have questions about the details of a plan, SaveOnEnergy has a team of experts on hand to help.