Factors That Affect Electricity Rates in Irving
The price per unit of energy in Irving can change according to the wholesale market rates. Several factors can alter your electricity bills, including:
Type of Plan: There are mainly two types of plans based on supply rates. One is a fixed-rate plan, with an agreed-upon supply rate price you pay per kWh for the term of the contract or a minimum of three billing cycles. In contrast, a variable-rate does not have the same price throughout the contract period.
Demand: Either due to seasonal variations or temperature extremities caused by unforeseen natural calamities, electricity demand may rise during certain months. For instance, to combat scorching summer temperatures in Irving, you may overwork your air conditioners.
Local Utility: In Irving, the local wires company or TDU (Transmission and Distribution Utility) is Oncor Electric Delivery (known previously as TXU). The base price of any plan will be set by Oncor, which is also responsible for maintaining electricity infrastructure and distribution.
Fuel and Power Generation: Power plants use various fuel sources like coal, natural gas, wind, etc. Some are available in Texas, while others are imports. So, when there is fuel scarcity or high fluctuations in global market prices, retail electric rates may rise. Likewise, power plants’ installation, repair, and operational costs can also affect the prices.
Energy Deregulation Basics
Texas energy market deregulation took effect to fulfill the objective of awarding every electric consumer the power to choose a service. Since 2002, around 85% of the state’s population lives in deregulated service territories, and Irving is one such lucky area.
It means that as an electricity consumer, residential, commercial, or industrial, you can decide which company should supply power for your needs.
These electric companies are called Retail Electricity Providers (REPs), who offer plenty of affordable energy plans and prices. They get the electricity from the local state-appointed utility, which we have covered in the previous section.
The TDU of every service area in Texas used to have sole control of power transmission, delivery, and supply. But, after the deregulation, its duties include power distribution and maintenance of wires and poles. When there is a power outage, consumers have to complain to the local utility but not the individual retail companies.
You can compare electricity prices from competing REPs in your service area by looking up different plans on our website.
The power you receive is the same reliable electricity from your TDU no matter which plan or provider you choose – it is just packaged to suit the needs of diverse consumer demographic.
Green Energy Options in Irving
Texas deregulation gives you more than the power to choose affordable electricity rates. You can decide which fuel should power your home by going through the plans available with the electric providers serving your Zip code.
With this power comes the chance to go 100% green. Green energy is sourced from renewables, which are derived from the earth. They do not release toxic compounds into the air, water, and land, and cause environmental pollution.
Conventional power generation plants still use coal, nuclear, gas, and petroleum resources, among others, to produce energy. Apart from depleting the ozone layer and contaminating the air with harmful SO2, NOx, and CO2 gases, these energy production methods also cause smog or urban haze, leading to respiratory problems in about 1.5 million Americans every year.
Hence, people, businesses, and leaders consider renewable energy as a more viable alternative. These include wind, solar, hydro, biomass, and geothermal energy solutions.
Several electricity providers in Irving are constantly looking for ways to help businesses and residents reduce their carbon footprint with more renewable energy options.
Even if you cannot find completely green energy plans, look for electricity plans that are even partially renewables-generated. Simply click on each plan’s EFL document, learn how much renewable content it provides, and choose accordingly.
Plan Length: Month-to-Month, 6-Month & More
The fixed-rate plans mentioned earlier are also known as locked-in plans, where you enjoy the same supply rate even if the market energy prices go up or down. Having an agreed-upon price means security, stability, and predictable bills.
In fixed-rate plans, you need to sign an agreement with the electricity supplier for a contract period.
Homeowners and tenants who prefer long-term price stability can choose multi-year plans. Even as the energy market fluctuates, you will be paying the same initial prices for two, three, or five years. Besides, you are not bothered by switching a plan during this time and shopping for lower rates.
These are the most common types of postpaid electricity plans. You have price protection for an entire year, making the term length suitable for renters who are unsure whether they are going to renew their lease after the typical 12-month period.
Short Term Plans
Most suppliers provide 6-month plans while only a few offer three-month fixed-rate electricity plans. These term lengths may be ideal for consumers who may switch providers or move shortly.
Variable-rate plans offer absolute flexibility and the freedom to switch whenever you want.
Fixed-rate plans carry a penalty for early termination of your contract, but there is no contract with month-to-month plans and no cancelation fee.
When you run on a tight budget, prepaid plans let you pay your supply rate in advance. This way, you can spend only the amount you put in. When you run out of balance in your supply bank, so will your electricity service. Top up your account, and you are good to go. The reconnection is fully automatic.
You can save a ton with prepaid plans by monitoring your energy consumption in real-time through a prepayment meter. Accordingly, you can adjust your spending or add more credit.
Prepaid plans are ideal for individuals who do not want the hassle of commitment, students, new jobholders, or anyone else who has trouble paying their bills on time. Landlords can benefit as the tenants pay their bill in advance, even if they leave mid-month, it is a non-issue.
Almost anyone can get a prepaid or pay as you go plan since there is no security deposit, no identity verification, and no credit check.
However, certain customers may not qualify. For instance, if you have someone at home who needs electric medical equipment, say, a ventilator, your application for a prepaid electricity connection may be rejected.
Time-of-use plans provide power at different rates during designated periods. For instance, free nights or free weekend electricity plans allow you to plan energy-intensive chores like laundry during the cheaper rate hours.