October is National Energy Awareness Month, which serves as a reminder to be conscious about energy use during this month and every month. Energy is what keeps our country going and runs everything from lighting, heating and cooling, to hospitals and running water systems that purify our drinking water. It is important that we highlight the importance of energy in our everyday lives and understand why energy is a critical resource that fuels our health, economy and infrastructure.
RESA recently published competitive and monopoly energy price trends from the U.S. Energy Information Administration (EIA). The EIA data shows that over the past 10 years (2010 to 2020), competitive residential retail energy use has nearly doubled and now serves almost 16 million customers nationwide. Commercial and industrial energy use also increased by 91% and now serves more than three million customers. In this same period, the average energy pricing for all sectors in monopoly states increased 17.1%, while in competitive jurisdictions the average pricing decreased by 4%.
Energy is a critical factor in preserving our country’s prosperity and security measures. With energy being such a necessity to daily life, it is our right as citizens to have a choice in energy providers. Only 28% of Americans have energy choice, while 74% want the option to select their energy provider.
Consumers and businesses are slowly realizing the positive effects of energy choice and the substantial savings that come with having a choice in energy providers. In 2020, 87% of businesses chose non-utility supply, meaning they chose their own energy provider. This upward trend in shopping activity has been observed for more than a decade due to competitive markets’ superior service and pricing. Energy choice is proving to be a benefit for everyone. In addition to competitive pricing and cost savings, it is also driving industry innovation and increasing availability and adoption of green products.
To learn more about energy options in your state, visit our webpage at: https://www.resausa.org/energy-by-state/.
