How to Save Money on Your Energy Bills
The deregulation of the energy market has provided consumers with more control over their utility costs. Deregulation began with the Public Utilities Regulatory Policies Act in the 1970s and continued with the Energy Policy Act in the 1990s. Consumers in some states today benefit from cost savings and competitive rates. Moreover, they are no longer restricted to one utility company and can choose from among various providers. Here's how to save money on your energy bills in a post-deregulated electricity and natural gas market.
1. Find Out If Your State Has Been Deregulated
How much you can save on energy depends on where you live. Some states are deregulated for both electricity and natural gas, others just for electricity, and still others just for natural gas. Some states haven't been deregulated at all.
If you live in a state that has been deregulated for electricity or natural gas, or both - such as Illinois, New Jersey and New York - you could generate massive savings on your monthly utility bills. You have access to a bigger marketplace, where you can purchase lower-cost energy from various electricity and natural gas providers.
Use a comparison site, where you compare multiple energy companies in one place, to see how much you could save. Then, contact a few companies by phone to get an estimate. You might be surprised at how much you could save.
2. Choose Green Energy Over Fossil Fuels
Traditional energy can result in greenhouse gas emissions and pollution, says the United States Environmental Protection Agency. Making the switch to green energy provides you with multiple benefits: You can reduce your carbon footprint, for example, and support renewable energy development.
If you live in a deregulated market, you can choose a company that provides you with energy from sustainable energy sources. In some instances, and when subsidies and tax incentives for renewable energy production are taken into account, green power works out cheaper than traditional fossil fuels. You could lower your bills and do your bit for the environment at the same time!
3. Take Advantage of Special Offers
Am open, deregulated market is a more competitive one. In fact, companies will vie for your attention with promotions and incentives that could save you cash. These incentives include rebate programs, where an energy company gives you a percentage of your annual bill - perhaps five to 10 percent - at the end of the year as a reward for being a loyal customer.
Most consumers think energy deregulation is a hassle, and they believe that finding an alternative energy provider is complicated and an inconvenience. This couldn't be further from the truth. If you live in a deregulated state, you have more options available to you, many of which could give you additional perks. This includes green and renewable energy, which is not only better for the environment but will save you money on your utility bills.