See the hidden factors in your energy rate with EnergyScore

2 Minutes

Get the EnergyScore for your business – and get the low down on how energy suppliers calculate your business energy rate.

EnergyBot is built to help you make smarter energy decisions for your business. In speaking with small and medium sized business owners, we learned that most are increasingly frustrated with the inability to manage their electricity costs – which starts with the opaque and confusing energy rate quote process.

We recently spoke with the owner of a mid-sized manufacturing business and he had this to say, “The energy quote process is stuck in the 1980’s. I get pricing from my guy, but I have no way to tell if he is screwing me or not. I know I could bid this out, but I just don’t have time for that.”

Unfortunately, this quote pretty much sums up conversations we have with business owners every week. Energy rates are confusing and most business owners don’t have the time to invest in figuring out how the energy industry works.

There is a bright side here. EnergyBot is not just focused on identifying the problems with the energy industry – we are built to solve them. It’s not a big secret that almost everyone is confused about how energy rates are calculated. Heck, we are in the energy industry and we still find it overly complicated. 

So we decided to figure it out and make it simple – for everyone. 

Introducing EnergyScore™  – a free tool from EnergyBot that reveals the hidden factors that energy suppliers use to calculate and quote an energy rate for your business. Our proprietary tool breaks down and analyzes the 19 factors that energy suppliers use to calculate an energy rate for a business. Without a PhD in energy, it’s nearly impossible to break down each factor and understand how it influences and contributes to the final energy rate in your energy plan. The good news is that EnergyScore is built with modern AI and does the work for you.

The goal of EnergyScore is simple – we want to provide you with a meaningful starting point to make sense of your energy rate. 

By combining basic data points – including your zip code, real time energy rates, specific business energy usage – with the 19 elusive factors used by suppliers – EnergyScore calculates a score for your business. Much like your personal credit score, the EnergyScore for your business will range from 300 – 850. And just like your credit score, the higher the score the better off you will be. 

For example, if you have a personal credit score over 700 and apply for a home or car loan, in most cases, a bank will give you a lower interest rate – because they assume you will be a lower risk applicant. If your credit score is 450 or below, then the bank will give you a higher interest rate – for the same loan – because they assume you will be a higher risk customer. 

With this same logic in mind, we built EnergyScore.

How EnergyScore Works

By providing EnergyBot with basic information about your business, location and past energy usage, we can calculate your EnergyScore.

If your EnergyScore is in the excellent range (700+) then it means that energy suppliers have calculated that your business will be a good ‘user’ of energy. In other words, suppliers can easily forecast how you will use energy in the future because you have a consistent pattern of energy usage (in the past). With data points like this, an energy supplier will rate you as a good customer – with lower risk –  and in return, the supplier will provide a very competitive (or lower) energy rate for your business.

Now, the opposite also holds true. If your EnergyScore is in the lower range (below 400), then the suppliers will evaluate your business as a higher risk customer – meaning that your energy usage is not consistent. And you guessed it. You will receive a much higher energy rate quote. 

You’re probably wondering what makes a good and bad customer. There isn’t an easy answer.  What we do know is that all energy rates are not equal. Energy rates are customized for each specific business – based on a mind-boggling number of factors that impact and determine the rate you pay. In fact, we learned that business energy rates vary greatly – two comparable businesses – in the same town, and even on the same street – may pay anywhere between 5 and 12 cents a kWh.

This is why we created EnergyScore.

The bottom line is EnergyScore is the starting point to help every business owner figure out how and when their business uses energy. With this valuable information, you can then track your energy usage and look for ways to improve your pattern – and decrease your risk in the eyes of the energy suppliers. 

So what are these 19 factors that affect your rate? How is your rate calculated? What is your energy usage pattern? Are you a good customer or a bad one? These are all good questions. And EnergyScore can help you answer them.

It’s one more way that EnergyBot is helping you make smarter energy decisions for your business.

Get the EnergyScore for your business.

Written by Team EnergyBot

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