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How energy brokers can help you save

By Tiffany Reynolds

At these difficult times, we are all looking for ways to lower our cost of living and adapt to the changing economy. Electricity plays a critical role in daily living and contributes significantly to our utility expenses. That’s why identifying the ideal energy plan to reduce energy expenses is one of the top priorities.

Several states across the U.S. allow energy consumers to pick a retail electricity provider that offers appealing financial benefits, Texas included. However, as much as switching between energy suppliers is beneficial, finding the right provider can be tricky. You may need access to market expertise to help you understand different offers and electricity contracts.

Luckily, energy brokers like Power Wizard are there to aid you in entering the energy industry and identifying the perfect deal. Here is further insight into how electricity brokers differ from energy suppliers and the benefits of partnering with Power Wizard.

Let us find you the best plan in seconds and start saving.


What do energy brokers do?

Energy brokers help energy consumers find the best retail energy supplier based on their unique needs in a deregulated energy system. Energy brokers understand the market and various products and plans and are able to assist consumers in getting the right plan.

The deregulated system helps ensure electric suppliers focus on providing the best plans to retain and attract new clients. When energy deregulation first occurred, retail energy providers (REPs) hired energy brokers as salespeople to look for residential and commercial clients.

Most electricity brokers earn a commission from every relationship they set between REPs and end-use customers. Many electricity brokers earn a percentage of your total bill. This can add hundreds of dollars to your annual electricity budget. The broker compensation will also impact which electricity plans recommended.

Power Wizard is different and does not accept any compensation from REPs. Power Wizard believes in finding the best plan for our customers. We then charge a low service fee for this service. Power Wizard believes in transparency with our customers when it comes to your money.

After being on the market for a long time, electricity brokers grew alongside the deregulated system and now obtain licensing for their services. Power Wizard is a licensed energy broker offering top-notch customer service for those shopping for electricity in Texas.

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The differences between energy suppliers and brokers

In 2002, the state of Texas shifted to a deregulated energy market. In this energy system, end-use customers can choose between different electricity providers. This energy reform has helped limit the control of the energy sector by a single company.

Texas energy deregulation has evolved over the years and resulted in the creation of energy suppliers and energy brokers. The major players in the electricity field now include:

  • Electricity Reliability Council of Texas (ERCOT)
  • Public Utility Commission of Texas (PUCT)
  • Power generation companies
  • Transmission and Distribution Utilities (TDUs)
  • Retail Electric Providers (REPs)
  • Energy Brokers

ERCOT is an independent organization that manages the flow of electricity from power generation companies to end-use consumers. This body has control of about 90% of the Texas electricity grid and coordinates power supply to a customer base of 26 million Texans. The entity oversees more than  650 power generation facilities and 46,500 miles of electricity transmission lines.

PUCT

The PUCT is a government body in charge of Texas’s electricity, water, telecommunication, and sewer system. The PUCT mainly implements legislation that relates to:

  • Provision of utility services
  • Ensuring utility infrastructure is in proper working condition
  • Enhancing fair trade and competition
  • Providing customer reviews
  • Overseeing ERCOT
  • Regulating electricity utility rates in Texas

Power generation companies produce and sell their energy to retail energy suppliers at a competitive price. About 576 power generators are operating in Texas.

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TDUs

The TDUs, or Transmission and Distribution Service Providers (TDSPs), are in charge of the substations, electric lines, poles, and transformers carrying electricity. Retail energy suppliers include the TDU charges in your final electricity bill.

Retail energy suppliers or providers sell electricity plans to the final consumer. The energy suppliers come up with the terms and conditions of your contract by factoring in the initial energy buying price, TDU charges, and the expected profit. TDU charges may be similar for end-use consumers living in the same area, but the energy prices will vary depending on your chosen energy plan.

Texas residential electricity brokers like Power Wizard strive to help you find the ideal energy plan from the over 100 REPs in Texas.  Residential energy brokers, like Power Wizard, works to create an open, well-organized, and conducive Texas energy industry.

The benefits of using a professional energy broker

Now that you are more familiar with the energy brokers and their scope of work, you may be wondering about the advantages of using their services. Here are some benefits that electricity brokers in Texas and other deregulated markets provide:

They have in-depth knowledge of the energy market

The retail electricity market can be unpredictable as energy rates fluctuate due to many factors. PUCT and ERCOT constantly make crucial utility decisions that influence the kWh prices and energy plans. Other factors contributing to the price changes include:

  • Power plant costs
  • Fossil fuel prices
  • Distribution systems maintenance and personnel costs
  • Clean energy production levels
  • Weather changes

By choosing Power Wizard, you gain access to in-depth energy market expertise. You will also obtain constant updates on available energy options and recommendations about reputable companies with great electric plans for your home.

Let us find you the best plan in seconds and start saving.


They are able to help your energy consumption needs

Reputable companies like Power Wizard do more than analyze the energy market. They help you understand your energy usage and choose the right plan accordingly.

For example, Power Wizard gathers information about your energy efficiency consumption habits and can project your future demands. We develop an energy procurement and management plan and provide you with a tool to do all the shopping effortlessly.

Our DIY tool is convenient for calculating electric usage, comparing different energy plans, and getting contracts. Instead of going back and forth between many websites, you can use the Power Wizard DIY tool and do all the calculations and shopping in one place.

They review contract terms, so you don’t have to

Energy contracts should be simple and showcase how much an electric supplier charges for energy use. However, some suppliers tend to hide clauses and expenses to get customers to sign based on lower but confusing rates. Others often make mistakes in billing and overcharge without customers even noticing.

Professional energy brokers in Texas can help you review the fine print and find the optimal energy contract. Also, by spotting billing inconsistencies early, electricity brokers can help you promptly follow the appropriate course of action to get your money back.

With Power Wizard’s DIY Service, you can keep track of your contract terms and compare different service rates to find the ideal fit for your needs. You also get updates on regulatory changes and emerging billing structures to ensure you don’t break the contract’s stipulations.

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You can expect greater customer service

Dealing with electric providers can be frustrating sometimes. With numerous energy consumers seeking assistance on power outages or billing errors, you may experience significant delays before getting any information or help.

With Texas electricity brokers, there’s no delay or lack of support. You can expect excellent customer service by opting for Power Wizard and our Full Service. All you need to do is sit back and relax, as experts at Power Wizard will handle all your energy concerns.

Tackle the complex task of finding the best electric contract with a broker

Energy brokers can help you save costs on electricity in many ways, but not all of them are made equal. As there are many of them on the market, choosing the right energy partner can seem challenging.

Power Wizard makes things easier for you as a reputable and licensed energy empowerment company. We have vast experience and immense knowledge of the deregulated energy market, which allows us to take care of your energy consumption demands accurately and cost-efficiently.

Power Wizard strives to empower you with confidence to make energy decisions when switching electric providers through easy, convenient, and secure tools. Contact us today for further inquiries and get the best solutions to the ever-evolving energy complexities.

Let us find you the best plan in seconds and start saving.


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