In 2002, the Texas legislature approved energy deregulation – paving the way for a competitive energy market. As a deregulated electricity market, the state’s retail energy companies would need to compete - against each other - for the millions of Texas residential and business customers. The goal of a deregulated, or competitive energy market, is to give the power to choose to the consumer – which forced Waco electricity providers to be more efficient and lower costs – and offer improved customer service and lower rates to their customers. Going forward, the home and business customers of energy suppliers would have the ability to switch to a new energy provider (at the end of each contract) to maintain the advantage of the deregulated market.
For small and medium-sized businesses to larger corporations, the deregulated market in Texas has flourished in the new era of competition. Today, every home and business can compare energy plans from top energy suppliers and shop for the best rate available – and then make the switch.
In an analysis of the energy data, most businesses can effectively reduce their monthly electricity costs by pro-actively researching providers and switching energy plans every 12 to 24 months.
If you are a business in the deregulated energy market of Waco, Texas, you now have the power to choose your electricity supplier and your rate. To compete for your business, energy suppliers are forced to be more efficient, as well as offer customer-centric business energy plans with competitive energy rates.
Even though you have the power to choose, it can still be a daunting task. In each specific zip code, today’s commercial customer will have hundreds of plans from at least 20 different energy suppliers to choose from. And although the intended result of deregulation was to lower prices for small businesses, medium businesses and larger enterprise-level businesses, it’s not that simple. In many cases, comparing energy plans is still confusing due to the sheer number of plans available, promotional rates that are not apples-to-apples and the legal fine print that details fees and penalties.
Commercial energy customers can maintain control over the process by reviewing their monthly usage and average monthly electricity bill. A good rule of thumb to follow based on the amount of the monthly bill.
If your average business electricity bill is under $500 per month, then you can get a very good energy rate for your business through a simple online comparison of energy rates.
If your average commercial electricity bill is over $500 per month, then you will most likely get a more competitive energy rate through the custom energy quote process. The custom process is exactly that – by providing basic business information, energy usage and submitting a recent electricity bill – EnergyBot can leverage partnerships with suppliers to work on your behalf and secure the best energy rate for your business. Although it will take more time to complete, the custom quote process may deliver a lower energy rate that will add up to big savings for your business.
For Waco businesses, researching energy rates and switching to a new electricity plan can be time-consuming and frustrating. EnergyBot is built to make energy simple and help businesses find the best electricity rate quickly and easily.
Along with saving time, EnergyBot also helps businesses cut energy costs by 15%. As a pure online company, we eliminate the costly overhead fees and sales commissions that are associated with third party energy brokers. The days of paying too much for electricity are over. EnergyBot is committed to giving you a real choice.
Through our trusted partnerships with leading national energy suppliers, EnergyBot can also help businesses switch to a green energy plan and support a more sustainable business practice.
Renewable energy plans are readily available in Waco for both residential and commercial customers. Texas leads the country in renewable wind generation and the potential for solar power generation. Many Waco residential customers are adding solar panels to their homes. But if solar panels are not right for them, they are able to select from a wide range of retail supplier plans that provide sustainable solar or wind power delivered to their home through the power grid by use of Renewable Energy Credits (RECs).
Waco as a city is also dedicated to going green. The Waco Chamber is a business organization dedicated to enhancing Greater Waco as a center of excellence and community of choice for businesses and residents. Located in growing Central Texas along the Brazos and Bosque Rivers, Greater Waco is keenly aware of the balance of economy and environment. Greater Waco Chamber built America’s First Green Chamber of Commerce building in 2008 and has received a LEED certification at the gold level for its headquarters and regional marketing center at 101 S. Third St. at Heritage Square. This is the first green Chamber building in America.
In a deregulated energy market like Texas, residential and business customers have the power to compare energy suppliers and plans and then switch at their discretion – based on any existing contract terms, renewal dates and fees.
This is the easy part and it starts online. Today, businesses have a variety of online websites and tools to search and compare energy providers, plans, and rates. The best way to compare providers is to use a simple website like EnergyBot.com. In less than 5 minutes, you can enter basic information about your business, like your zip code and monthly electricity bill, and then search and compare dozens of top energy suppliers in your area to find the lowest energy rate.
When you are comparing electricity plans, it will pay – literally – to take time to review the plan details, contract terms, and legal copy. Energy companies may entice you with a low rate, yet the fine print will reveal that it is a variable rate – that is only applicable when you are in a specific range of kWh usage. Also, review the contract term, cancellation fees, and out clauses before signing up for a new plan.
It’s important to do our research and we have you covered. Check out this article to learn more about the different types of energy plans and rates.
In many cases, the energy supplier, broker or website that you are using to find a new electricity plan will ask you to upload your most recent electricity bill. Although this may feel a bit intrusive, it provides pertinent account information and is important to securing the best energy rate available for your business. Your energy bill has your business information as well as the data that outlines your monthly energy usage.
To add, your new energy supplier will require proof of your energy usage before you can switch and your electricity bill is the easiest way to meet the requirement.
If you own or manage a larger business with high energy usage (and higher monthly bill), then it may be beneficial to request a custom pricing quote. For larger companies, the process is a bit different. Due to your high energy usage, energy suppliers require a comprehensive review of your energy usage to provide a custom quote on a new plan and rate. At EnergyBot, you can get custom pricing support from one of our energy experts.
After authorizing a switch to a new energy provider, you will receive a confirmation email with the plan details and start date. It’s very important to review the plan you authorized and the new start date. The transition to a new supplier will be seamless…you won’t even notice until you get the electricity bill the next month.
Electric Reliability Council of Texas (ERCOT) is a membership-based nonprofit corporation that is governed by a board of directors and subject to oversight by the Public Utility Commission of Texas and the Texas Legislature and is tasked with managing the flow of power to 26 million Texas residents, 8 million locations and 90% of the Texas grid. ERCOT members encompass many stakeholders – including consumers, cooperatives, generators, power marketers, retail electric providers, investor-owned electric utilities, transmission and distribution providers and municipally owned electric utilities.
Utilities are the entities in charge of the operation and maintenance of the energy infrastructure, like wires and towers. The local utility in Waco is responsible for transporting electricity from the generators to residential homes and businesses in this specific region.
Energy providers in Waco like TXU, Direct Energy, and Cirro are the competitive energy retailers. In Texas, these companies are called Retail Electric Providers (REPs).
Each energy provider buys energy from the wholesale market (the generators) and then re-sells it to consumers (homeowners, renters, and businesses).
In most cases, the consumer, the homeowner, renter, or business, signs a contract with an energy provider for a specific energy plan. The basic energy plan details the rate class, the energy rate per kWh, the contract term length (6, 12, 24, 36 months), and other contract terms like cancellation fee policy.
Power to Choose is the official and unbiased electric choice website. Sponsored and managed by the Public Utility Commission of Texas (PUC), PowerToChoose is a consumer website that enables retail electric providers to list energy plans.
Currently Power To Choose does not have the ability to show business rates.
Energy suppliers offer two different types of plans for residential and business customers: a fixed-rate plan or a variable-rate plan.
Each type of plan has its respective pros and cons. As a Texas customer, it’s important to understand the two types of plans before signing up for an electricity plan for your home or business.
The simple definition of a fixed-rate plan is that you are signing a contract with an energy supplier that offers a fixed-rate – meaning that the rate will remain constant for the term of the contract. Regardless of weather, natural events like tornados, or market volatility, your rate will not change. In most cases, a fixed-rate plan will have a term length of 6, 12, 24, or 36 months.
The simple definition of a variable-rate plan is that you are signing a contract with an energy supplier that offers a variable-rate – meaning that the rate may change on a monthly basis based on market factors. Variable-rate plans offer more flexibility but also present more volatility in pricing which may impact your monthly electricity bill.
It is important to audit your energy usage and then select the right plan – a fixed-rate plan or a variable-rate plan – before signing a contract with an energy supplier.
Waco is a city in central Texas and is the county seat and largest city of McLennan County, Texas, United States. It is situated approximately halfway between Dallas and Austin. The city had a 2010 population of 124,805, making it the 22nd-most populous city in the state of Texas. The 2018 US Census population estimate is just over 138,000. The Waco Metropolitan Statistical Area also consists of McLennan and Falls Counties bringing the total population estimate for the Waco MSA to almost 272,000
Waco has become more well known in recent years from being the home of Chip and Joanna Gaines of the HGTV TV series Fixer Upper. The Gaines’ opened the Magnolia Market in downtown Waco that is a shopping complex containing specialty stores, food trucks, and event space, set in repurposed grain silos originally built in 1950 for the Brazos Valley Cotton Oil Company. The Magnolia Market in Waco drew 1.2 million visitors in 2016.
Waco is also the home of Baylor University with about 17,000 students enrolled. The Baylor Bears athletics teams compete in Waco. The football team has won or tied for nine conference titles, and have played in 24 bowl games, garnering a record of 13–11. The women's basketball team won the NCAA Division I Women's Basketball Tournament in 2005, 2012 and 2019. Baylor is a member of the Big 12 Athletic Conference.
Other attractions in Waco include the Waco Suspension Bridge that is a single-span suspension bridge built in 1870, crossing the Brazos River. Also in Waco, the Hawaiian Falls water park and the Grand Lodge of Texas, one of the largest Grand Lodges in the world.
Several museums in Waco include the Dr Pepper Museum, Texas Sports Hall of Fame, Texas Ranger Hall of Fame and Museum, and the Mayborn Museum Complex.
Waco is also served by the Waco-McLennan County Library system The Armstrong Browning Library, located on the campus of Baylor University, houses collections of English poets Robert Browning and Elizabeth Barrett Browning. The Red Men Museum and Library houses the archives of the Improved Order of Red Men. The Lee Lockwood Library and Museum is home to the Waco Scottish Rite of Freemasonry. The Waco Mammoth National Monument is a paleontological site and museum managed by the National Park Service in conjunction with the City of Waco and Baylor University.
The 2.7 million small businesses in the state of Texas employ over 4.74 million people and added nearly 95,000 net new jobs, according to the latest SBA Small Business Profile. The economic growth in Texas has remained strong as the unemployment rate dropped from 4.1% to 3.8% in 2019.
The economy in Waco as in most of Texas is very strong with a year-end 2019 unemployment rate of 3.2% that is significantly below both Texas and national unemployment levels. From census data, Waco's median income is just over $37,000 per household with 81% of Waco residents with a high school degree or greater.
The Greater Waco economy has grown every month for 8 straight years as of January 2020. Waco has a diversified economy that helps protect Waco from long economic downturns.
Advanced manufacturing is a strong, growing industry sector for Greater Waco and the Central Texas region. At 14 percent of the local economy, the Waco MSA exceeds both Texas and the United States in manufacturing as a percentage of the industry base. The manufacturing business composition of the community is as diverse as the local economy with industries in transportation equipment, components, pharmaceuticals and advanced food products.
A distinct part of Greater Waco’s advanced manufacturing target includes Aerospace and Defense, which focuses on a range of transportation, systems integration, engineering, research and aerospace products and parts manufacturing businesses. Greater Waco offers a unique business environment for aviation with three airports, three colleges offering training options and more than 30 companies engaged in various aviation and support activities organized through the Greater Waco Aviation Alliance.
Greater Waco is home to more than 420 distribution centers with more than 6,000 employees and nearly seven million square feet. In addition to Interstate 35 (NAFTA Highway) and Foreign Trade Zone No. 246, air cargo capacity is available at three local Waco airports, and rail freight is offered by Union Pacific and BNSF.
Health Care in Waco is a major sector that is comprised of both medical services and equipment. Medical services comprise hospital care services, ambulatory health services such as practitioner offices and nursing and residential care services. Medical equipment supports medical services and health care consumers. Greater Waco’s medical sector is experiencing robust growth with more than $580 million in expansions since 2005 and health and education employment accounting for 18 percent of the Waco economy.
Professional and Financial Services in Waco are made up of subsectors in accounting, finance and insurance, legal, business support, scientific and technical consulting services, engineering, architecture, and creative design. Many opportunities exist in Wacot to support entrepreneurial businesses in consulting, advertising and marketing, to name a few. Greater Waco is home to a cluster of insurance and professional service headquarters that are within proximity to Austin, Dallas-Fort Worth, Houston and San Antonio, which provides an opportunity for firms to service the regional and state markets from a cost-competitive location.