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Don’t Feel Bound To Just One Electricity Supplier – Power2Switch Has Cheaper Options On Hand
Hopefully, Power2Switch, a Chicago based start-up, will expand over to New York City because my next door neighbor is a bit of a neurotic when…
Hopefully, Power2Switch, a Chicago based start-up, will expand over to New York City because my next door neighbor is a bit of a neurotic when it comes to keeping the electricity bill down. The situation is almost comical - from showers in the dark to medieval candle-light navigation nearly 24 hours a day, seven days a week. But these habits are none-the-less understandable given a staggering house mortgage and her status as a single mom. But there should be a way to mitigate electricity costs in order to contribute more to other expenses without having to constantly monitor yourself.
Power2Switch, founded by Seyi Fabode, a veteran of the electricity industry, and Phil Nevels, an electrical engineer, should remind us a lot of BodyShopBids in that its founders have managed to create a self-service platform to assist their customers with finding the most competitive and cost-effective rates for their electricity needs. The Power2Switch business model gives consumers more agency in making decisions, which directly affect their household budgets.
In the United States, public utility tends to be monopolized by government owing to the complex infrastructure needed to produce and deliver a product such as electricity or water. Start-ups like Power2Switch present us with a different kind of indication - because the privatization, liberalization, and deregulation of public utilities has been on the rise with the developments of technology, so too are more suppliers that are offering competitive rates. Power2Switch explicated the perks of a deregulation by asserting, “In a deregulated electricity market, the utility continues to manage the delivery, but it is no longer the sole supplier of electricity; the market is opened up to alternative suppliers to promote competition and ideally result in lower rates for consumers. Regardless of who supplies the electricity, the utility is still responsible for maintaining the wires, poles, and meters, along with restoring service should a power outage occur.” Deregulation laws revolving around utilities guarantees you the same quality of electrical supply though under contract with an alternative supplier.
The Power2Switch process is relative simple - after supplying your zip code, you’ll be directed to a nice, compact list of electric companies with price rates that are meant to be compared to the going rate of the largest electric utility in your state. A search in Chicago brought up Commonwealth Edison, the largest electric utility in Illinois serving the Chicago and Northern Illinois area, with a rate of 7.73-cents per kWh. Immediately below this were electric companies like ChampionEnergy, LLC with a rate of 6.12-cents per kWh to renewable energy companies like SparkEnergy with a rate of 7.38-cents per kWh.
There are absolutely no fees for using the service and switching suppliers is done entirely through the website. It is fascinating to come across a start-up that is shedding light on the often overlooked deregulated power space and attempting to build a potentially persevering business opportunity from it. If you’re intrigued enough by the concept, see whether or not your state is energy deregulated and take advantage of the free educational resources Power2Switch offers - I hope my neighbor does.