With electricity rates climbing to record-setting rates, it’s now more important than ever to shop and choose the energy plan that best fits your lifestyle. On June 21, RESA, the nation’s leading trade association representing retail energy suppliers, is hosting its third annual National Energy Shopping Day (NESD) to help raise awareness for consumers to shop and compare energy plans and rates online.
Many of us move into a new house, apartment or office building and select an energy plan and never think about it again until our next move. This is not unusual to “set it and forget it”. One of the reasons RESA established National Energy Shopping Day is not only to advocate for consumers’ rights to have a choice of suppliers but to be able to remind them to shop and compare available products and offers.
Think it’s too complicated to go online and do this? RESA wants to help make this simple. We created a one-minute video that will walk you through the steps to find the information you need to shop in your state. Our online consumer resource center will help make it easy to shop and compare plans that will meet your specific energy goals – from finding the best rates in your area to selecting a green energy plan.
Energy choice provides consumers with a multitude of benefits, including:
- Savings. Consumers in the 14 competitive states/jurisdictions have enjoyed superior price performance compared to customers in the 35 monopoly states. EIA data between 2008-2020 shows customers in all-sectors have seen an increase in cost of 21.1% in the monopoly states, compared to a 7.4% price decrease in the competitive states/jurisdictions.
- Innovation. Customers, especially commercial and industrial customers within the 14 competitive states/jurisdictions, have the flexibility to adjust their contract terms and prices regarding renewable generation content to take advantage of market-based renewable solutions. This level of flexibility is generally unavailable in the monopoly states which are usually governed by restrictive tariffs and riders/rate riders.
- Customer Service. Without competition, there is no motivation for service providers to offer lower prices, innovative solutions or provide high-quality customer service. However, in competitive states/jurisdictions, the service providers are motivated to keep outstanding relationships with consumers to maintain a client base.
Today, only 14 states and jurisdictions offer consumers the right to choose their providers (or 28% in the U.S.), while three-quarters of Americans remain without the option to choose. An important part of American life is our right to make choices – from what we say, to where we live, and even what we purchase.