Electricity Service for your home
How this pandemic can affect your energy service, we have cheap electricity for these uncertain days
The whole world is affected by this virus and our economic situation is not improving. While some companies are helping everyone, on the contrary, others are getting tougher.
How the electric companies in Texas are reacting to this pandemic situation.
The energy industry has been affected dramatically, have you seen the gasoline prices lately? They are going down, and this is because there is no demand for gasoline. A lot of us stop using the roads to g to work and our routines are extremely limited. We have been forced to stay home and with that, no use of our vehicles.
Nowadays, electricity at home is more necessary than ever. Kids are homeschooled, we are dinning in and cooking more than ever. With that said, the home electricity demand went up, and with that, energy rates went up. Not only that…
Electric companies change their rates and credit criteria
In the urge to stay afloat, energy companies change a few things. These changes are affecting everyone, and these changes are to keep their current customer base and to discourage new, bad credit, customers.
3 major changes in the home electricity service
- More restrictions to get new electricity service. Now it is harder to get approved for new energy service. The postpaid energy companies increased their credit criteria, this means that is harder to qualify for an energy contract. If a new customer has less than 700 credit score, it will be hard to get the electricity service without paying a deposit.
- Higher deposits for energy plans. Adding to the new credit criteria, deposits for low credit customers increased by 100% or more. This, in my opinion, is to eliminate unpaying customers and to keep customers that will stay for an exceptionally long time. To get new service and the customer’s credit score was medium, the deposits average about $200, now the deposits are over $400.
- Energy rates are in the rising. As I stated above, more demand, plus the necessity of this, so precious commodity, the energy rates went up from 15-25%.
In addition to all these, the electricity plans for 6 months are gone, only 12-month and 24-month plans are available. Again, the energy companies need to stay healthy and with a good-paying customer base.
Cheap electricity with prepaid energy service, cheap electricity for these uncertain days
Now it is time to talk about the OTHER way to get your electricity. Yes, prepaid electricity made a few changes too. However, those changes were not as drastic as the rest of the companies.
- For new electricity service. Yes, the companies increased the minimum payment to start a new energy service. However, this is good because you will need fewer times to refill. Meaning that electricity will last for more days.
- Energy rates increased. In a like manner, energy rates increased, however, they increased less than 15%.
As you can see, the energy rates are more competitive than ever before. Cheap electricity for these uncertain days.
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