Richardson Electricity Providers: What To Consider When Choosing An Electric Company In Richardson, Texas
Whether you’ve just started the search, or have reached the end of your patience, searching for electrical providers can be tedious.
The minutes, hours, or days spent searching through electricity plans is time best spent on something else.
To make this easier, we will walk you through key factors to think about when looking for electricity providers in Richardson, Texas.
On this page:
Richardson Electricity Providers: How Many Are There?
In short: There are a ton.
If you were to search for “cheap electricity”, Richardson, TX might have over 100 electricity providers to serve that area. This can shift depending on your zip code. Even within the city of Richardson, electricity rates can vary greatly.
Why is that?
Richardson is part of the deregulated electricity market in Texas. This means there are potentially hundreds of electricity companies fighting for your business.
On January 1st, 2002, the Texas Senate passed Bill 7 which allowed Texas to open up the electricity market.
It increased competition between companies who now rely on...
- Packages; and
- Low rates
...to grab your attention.
The struggle lies in finding the best rate for you and your home or business. Searching for the “cheapest” rate does not always mean that it is the “best” rate.
Finding the best electricity plan for you is as simple as using our partner, Power Wizard’s Free Savings Estimate Tool. You’ll have an estimate catered to you within 2 minutes.
As you consider which plan best suits your needs, keep reading to learn some key factors to focus on.
Factors To Consider When Evaluating Electric Companies: Richardson, TX
There are seemingly innumerable factors to think about when looking for the best electricity providers in Richardson, Texas:
- The age of your building or home
- The square footage of your home
- Your lifestyle
- The electricity plans offered for your zip code
- The rates, packages, and incentives offered in those plans
- And more
Keep reading to learn how these things affect your electrical bill.
Factor #1: Your Usage
The important factor here is the monthly kilowatt-hour (kWh) usage.
What does that mean?
A kilowatt-hour is 1000 watts. It is used to describe the amount of power used in one hour. This does not describe the cost of that power, but it is a good starting point.
For example, if you have a 200 watt(W) refrigerator that runs for about 8 hours a day, electricity companies look for how many watt-hours are being used.
Refrigerator wattage = 200W
Estimated usage = 8 hours(h)
The total energy usage per day would be = 200W x 8h = 1,600Wh = 1.6kWh
This means that your refrigerator uses 1.6kWh per day. To calculate the cost of this, you need to multiply the total energy used per day by the cost of that electricity.
Total cost per month = 1.6kWh/day x ~30 days x cost per kWh
Doing this manually for each appliance, computer, hairdryer, and lightbulb can be *daunting*.
The total usage for your home varies greatly depending on:
- If your appliances have good energy saving ratings
- How often these appliances and electronics are used
In 2019, the average kWh usage in the United States was 10,649 kWh. That averages about 877 kWh per household per month.
When searching for electricity, Richardson, TX, the average household in Texas is about 26% higher than the average for the States. If you’re looking at nationwide averages, it’s best to add some kilowatt-hours to get a more accurate estimate.
You don’t need to calculate this all on your own. Our partner, Power Wizard, has a proprietary algorithm that allows you to find the best electricity plan for your needs. And it only takes 2 minutes to complete. Click here to find the best plan for you.
Factor #2: Plan Options
There are three main types of plans.
A fixed-rate plan locks in a rate for a designated amount of time. The price per kWh remains the same throughout this time.
- These plans typically involve a contract for a designated amount of time. It’s good to have an established place of residence for this plan to suit you.
- The prices will not shift month-to-month. If the prices rise and fall in Richardson, electricity rates will remain constant. This can be a positive or a negative depending on the price at which you are locked in.
A variable-rate plan means that the price you pay per month shifts with the market.
- These plans are good for those looking to move; and
- Those who don’t want to be locked into a high electricity rate.
A prepaid plan allows you to pay for your electricity in advance.
- These plans vary in length. You can sign up for a month to month plan or a fixed-rate 12-month plan.
- These plans are ideal if you don’t have established credit or want to avoid a credit check.
Always be sure to read the fine print of every electricity plan contract to know exactly what to expect and what your responsibilities are.
Factor #3: Rates
Searching for the best rate can get complicated when you read the fine print.
Advertised rates are not always what you actually end up paying over the course of the contract. Electricity companies also offer different incentives and depending on your need, these can be what tip the scales in their favor.
Most plans have a base rate per kWh.
This is sometimes increased without notifying the customer upon contract renewal.
Some companies also have minimum usage fees. This means that you pay a minimum per month no matter how much electricity you use.
If you went on vacation for a month and used little to no electricity in your home, you’d still have to pay the minimum usage fee.
Best Electric Company in Richardson, TX
Take a look at your needs.
A different lifestyle, home, and location can change what are the most important things to look for when looking for the best energy plan.
Take Julie for example.
Her family of 5 includes:
- Her partner
- And their three children
In their mid-century home in the suburbs, her children love to watch TV and stream videos on their laptops. Her partner loves to cook and bake and frequently uses the oven and kitchen appliances. Julie is an audiophile who often streams music through their large surround sound stereo system.
On the other hand, James lives alone in a small condo downtown. His apartment is filled with:
- Electricity saving appliances
- Modern double pane windows
- And he is frequently out of town on business
These two households are going to have very different needs.
How to Choose Between All Of The Richardson Electricity Providers
There are two primary means you can use to choose an electricity plan that suits your needs.
1) Manually search and compare.
This method requires some organizational skills such as Excel to keep the important information organized. After you calculate the ways you generate electricity in your home and add it up in kWh, you can start to compare different electrical companies' plans and rates.
2) Let a carefully designed algorithm do the work for you.
By plugging in some key information, our partner, PowerWizard, uses a proprietary algorithm to find the best plan based on your needs. And it only takes 2 minutes to complete. Click here to find the best plan for you.
How To Change Electricity Providers In Richardson, Texas
When you become unhappy with your current plan, you can absolutely switch plans. A deregulated electricity market gives you that freedom.
Perhaps your current plan:
- No longer meets your needs
- Includes hidden fees
- Raised the base charge for electricity when you renewed your current contract
- Does not serve Richardson, TX
Switching plans does not have to be difficult. You can let ECT and our partner, PowerWizard, walk you through this process, and switching plans can be easy.