Best Electricity in Waco - How You Can Find It
There are many reasons you may need an electricity plan in Waco.
For example, you may be:
- Moving to Waco, TX
- Switching electricity plans
- Looking around for an electricity plan that better fits your needs
Starting the search for a new electricity company can be daunting. You can probably think of 200 things you’d rather be doing.
Finding the best rate when it comes to Waco electricity will largely differ from family to family and person to person.
But, if you’re looking for the best electricity company in Waco, your life just got a lot easier.
This guide will outline the steps you need to take to find the right Waco electricity providers and the best plan for you.
Waco Electricity Rates
The town of Waco, Texas is situated halfway between Dallas and Austin.
With a 2017 population of 136,436, the Texas town is most recently known as the setting for the popular HGTV show “Fixer Upper.”
Chip and Joanna Gaines, the show’s designer and contractor, recently opened the Magnolia Market Silos in 2015.
The show, the Silos, and the pace of life and growing local economy, draw many people and families to Waco.
Aside from serving delicious cupcakes and selling home decor, Waco is also a city that has deregulated electricity. Being deregulated allows consumers (you) the power to choose which provider they want to use.
Deregulation in Waco
Electricity deregulation in Texas was approved in January of 2002.
As a result, 85% of Texas power consumers can choose their electricity service from a variety of Retail Electric Providers (REPs).
Why Is This Important to Me?
Energy deregulation restructured the energy market. Its purpose was to prevent large energy companies from taking over by making them compete for your business, but it also:
- Gave the power to the consumer
- Reduced generation costs and customer prices
- Allows you to choose from multiple energy providers based on what rate best fits your needs
Pretty sweet, right?
Even though you now know what energy deregulation is, you still might be thinking “But how do I find the best rate for me among all of the Waco electricity providers?”
It’s time to dive into the different types of electricity plans that are available in Waco. It’s important to shop around to get the best rate and plan for your family.
What is the Source of Electricity in Waco?
When you sit down to decide which Waco electric company to choose for your family, it’s helpful to know where your energy and electricity is coming from.
There are three main types of power:
- Fossil fuels (think coal and natural gas)
- Nuclear (which accounts for less than 5% of power in all of TX)
- Renewable power (wind energy, solar)
Types of Electricity Plans Available In Waco
When making decisions in life (especially ones that have recurring monthly payments) you most likely weigh all of your options.
Try to have that same mentality when choosing your electricity plan.
Let’s take a look at the Lane family and the Deza family:
The Lanes have been living in Waco for over 6 years. They are a new family of 4, having just welcomed their 2nd baby boy in the fall.
The Deza’s are newlyweds who just moved to Waco from North Carolina, where they did not have the power to choose their electricity provider.
The Lanes live in a recently renovated two-story home built in the ‘60s.
The Deza’s, meanwhile, have moved into an apartment while they look for their forever home. They don’t want to settle on a plan yet seeing as they don’t know many of the important factors they’ll want to take into consideration.
The electricity plan that is right for the Lane family won’t necessarily be the right plan for the Deza’s.
Remember, picking the right plan goes beyond the price per kWh.
Just like the Deza’s, you’ll need to consider a number of different factors like:
- How old is your home?
- What kind of lifestyle do you live?
- What area of Waco do you live in?
Each of these will factor into the type of plan that will most benefit your family.
Every plan offered will have its own pros and cons and it might be difficult to identify the “best” one.
To help you narrow down the type of plan that is right for you, read on for a list of some of the plans offered by Waco electricity providers.
Prepaid Electricity Plans
A prepaid plan is exactly what it sounds like: you purchase your electricity prior to using it.
- Don’t have established credit
- Have poor credit
- Don’t want to pay a deposit
- Or just don’t want to run a credit check
A prepaid plan might be the best and smartest option.
What is it?
Prepaid electricity plans vary in length from variable rate month-to-month plans to 12-month fixed-rate plans.
- You probably won’t need a deposit to turn on the lights with this type of plan
- With most plans, the only up-front payment you’ll need to secure a prepaid plan is the amount needed to establish an account balance with the REP
If your goal is to find an affordable electricity plan without putting a deposit down, this could be a good option for you…as long as you keep your account up to date.
There are some cons about this type of Waco electricity plan. If you forget to pay your electricity bill, you run the risk of being disconnected, depending on your REP’s contract stipulations.
If you get disconnected, you may have to pay a reconnection fee.
Your bills can quickly add up if you don’t keep your account up to date.
Fixed-Rate Electricity Plans
In simple terms, a fixed-rate plan locks in your rate for a specific period of time.
It’s a promise made by an electricity company to not change the price you pay per kilowatt-hour for your contract term.
What you need to know
A fixed-rate plan means your rate won’t change based on how hot or cold the month is and how much energy you use to keep cool or warm.
The rate for your plan will stay the same because your REP bought energy on the market at that average price.
Variable Electricity Plans
Variable-rate electricity plans have a rate that varies based on the market price of electricity.
How does it Work?
With this type of plan, seasonal and market fluctuations can affect the rate you’re getting.
While you have the potential to profit when the market price is low, you’re also taking the risk that you’ll be paying for higher rates when demand is at its peak, like those hot summer months and in the dead of winter.
On the flip side, a variable electricity plan does offer a lot of flexibility.
Month-to-Month Electricity Plans
As you might have guessed, these plans have an electricity rate that will vary from month-to-month.
These plans generally require a credit check, so keep in mind this may not be the best option for you if your credit isn’t great.
Why people like this option
You may want to consider a month-to-month plan if you:
- Are in-between moves
- Are renting or leasing short term
- Are wanting to try a new electricity company
Depending on your company, there may be incentives and perks that come with these types of plans
Including things like:
- Bill credits
- Free power
- Discounts for bills paid on time
Lastly, you have the power to pick the length of time you want to have this plan for.
Depending on your circumstances, you may want to pick between:
- 1-month plan
- 3-month plan
- 6-month plan
- 9-18 month plan
- And more
The “Best” Electricity Company and Plan in Waco Will be Different for Each Family
With all of the options you have for electricity plans, now you’re probably thinking, “What is the best electricity provider in Waco?”
The simple answer is, it depends on your family.
There are many variables that will factor into how you decide what rate, plan, and Waco electric company you choose to use.
Factor 1: What is the Size and Age of Your Home
Calculating the size and knowing the age of your home is a key component in finding the right Waco electricity plan for you and your family.
You might find older homes to be less energy efficient.
You want to ask yourself these questions:
- Do you have a ranch-style home?
- Is your home a newer build?
- How many stories does your home have?
- When was your home built?
- And more
All of these factors will affect what plan is going to be the best fit for you.
Factor 2: Lifestyle
Think of what type of lifestyle you and your family live.
Some electricity plans come with “free nights and weekends,” meaning you’d get free electricity between specific hours.
Let’s look at Lucy:
Lucy is a NICU nurse at Baylor Scott & White – Hillcrest hospital. She works the night shift and her “weekend days” are Wednesday and Thursday.
A “free nights and weekend” perk would not be a great fit for Lucy’s lifestyle.
Also, consider if you have a larger family. Chances are that you’ll be doing more laundry and therefore, using more electricity.
Factor 3: Location
Keep in mind, certain companies are only available in certain zip codes.
It can be incredibly time-consuming to manually check 160+ individual REP websites to see which ones are available in your area.
Is that really how you want to spend your lunch break or your downtime while your kids are napping?
We didn’t think so.
Luckily, Power Wizard has a great tool to help do all of the work for you.
You can quickly find the plan for you in your zip-code by using Power Wizard’s Free Savings Estimate.
Which Company Has the Lowest Electricity Rates in Waco?
You might find yourself searching for, “Which are the Best Electric Plans in Texas?” or “Which Company Has the Lowest Electricity Rates in Waco?”
While it is always tempting to find the most cost-effective option, avoid just looking at the plan with the lowest price per kWh.
A lot of the time, the “lowest” rates will be low because there are hidden fees elsewhere or the commitment length of the plan is very long.
How can you determine what electricity plan is best for you?
Power Wizard’s Free Savings Estimate will allow you to find that answer in under five minutes.
All you have to do is enter your zip code and a few other pieces of information and you are one step closer to finding the Waco electricity plan that is right for you.
How Do Electric Companies in Waco, Texas Even Set Electricity Rates?
Waco electricity rates change often because there are many factors that affect the electricity market.
To name a few:
- The price of natural gas
- Power plant outages
Natural gas prices have a big impact because it is still the most important fuel in order to keep power plants running.
Weather is another key factor in how electricity rates are set. Extremely hot or cold temperatures can increase demand and drive prices up.
All of these factors, and more, affect how electricity providers price their electricity plans.
How Do Business Rates Compare to Residential Rates in Waco?
If you are a small or commercial business owner in Waco, generally speaking, the same rules apply to finding the best residential rate.
Make note of:
- Your business hours (when you’ll be using electricity the most)
- The location of your business
- The size of your business
Also, keep these considerations in mind when you are picking the best Waco electricity plan for your business.
I Have an Electricity Plan I am Unhappy With, How Do I Switch?
There are many reasons that may cause you to take a step back and wonder if the electricity plan you have is still working for you.
Ask yourself these questions:
- Have your bills been unseasonably high?
- Have you found better rates elsewhere?
- Are you having difficulty communicating with your electricity company about your plan?
If you answered “yes” to any of these, it’s time to start looking for a new Waco electricity plan.
You’ll need to:
- Check and see if you are in a contract with your current provider
- See what the penalty is for switching
A lot of the time, after your initial contract is up, electricity providers will automatically switch customers over to a month-to-month plan.
If the penalty is only $25, it might be in your best interest to switch plans if you anticipate saving $10 per month.
Now, you can start to shop around for another plan and rate.
Keep in mind there is a hard, and time-intensive, way to do this, and an easy way that can compare rates for you in just 5 minutes.
How Do I Compare Electricity Rates in Waco?
Rates and plans can change constantly.
You’re looking for a quick and easy way to compare Waco electricity providers and rates.
Here is a chart with a few of the options.
|INFUSE – Essential Infusion Plan||6 months||12.0 ¢ / kWh|
|FIRST_CHOICE – You Got This™ – Fixed||12 months||12.7 ¢ / kWh|
|ENERGY_TEXAS – Come & Take It||12 months||12.7 ¢ / kWh|
|DIRECT – Green Texas – Fixed||12 months||13.0 ¢ / kWh|
|YEP – YEP Saver Fixed Autopay E-Plan||6 months||12.8 ¢ / kWh|
|SOUTHWEST – Texas Saver Fixed Rate Autopay E-Plan||6 months||12.8 ¢ / kWh|
|DISCOUNT – Saver||12 months||12.7 ¢ / kWh|
|VETERAN – Basic||12 months||12.8 ¢ / kWh|
|SPARK – Choose||15 months||12.8 ¢ / kWh|
|CIRRO – Smart Simple||12 months||12.8 ¢ / kWh|
There are over 160 REPs in Texas and dozens are available in Waco. In order to narrow the options down to a specific Waco electric company, you have two options.
Option 1: Price it By Hand Going to Each Companies’ Website
The chart above is a great tool for pricing out different plans. However, just picking the cheapest option may not be the best choice.
Doing a manual search can quickly take up a lot of your spare time.
Chances are, you’ll find yourself frustrated, exhausted and confused.
Finding the “best” price will be hard to find on your own without:
- Spending hours looking up rates
- Writing them all down
- Comparing different plans
- Starting from the beginning if you can’t get this done quickly because the rates can change every 15 minutes
Option 2: Save Tons of Hours of Research
You’re busy, we get it.
You don’t want to spend hours online skimming the websites of Waco electric companies. Your eyes might hurt just thinking about it.
Luckily, Power Wizard has a great tool to help do all of the work for you.
You can quickly find the plan that best fits your home’s specific needs by using Power Wizard’s Free Savings Estimate.
All you have to do is enter:
- Your zip-code
- The size of your home
- A few other relevant pieces of information
Power Wizard’s Free Savings Estimate will compare all of the plans available in your area and give you the best overall option.
The best part? It takes less than five minutes.
It doesn’t even stop there.
We will even continue to monitor that plan and make sure that it remains the best fit for your home and family.