How to get the lowest
Electricity Prices in Lubbock for Your House
Electric companies now have to compete to provide electricity for your house or home (residential). Residents can get you the best electric plan and the lowest electric rate no matter what.
Let’s see if you have the power to choose.
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Current Electricity Prices for Residents in Lubbock
As of September 2024, electricity prices have been ranging from $.06 per kWh to $.12 per kWh.
Why does one electricity company in Lubbock have a better rate than a competitor?
~ It boils down to how much electricity they buy in bulk, in advance. The more they buy, the cheaper it is.
~ Varying price models will charge customers that use a certain amount of electricity more than others.
~ How efficiently they run their company and the level of customer service impacts the price they can offer.
~ How much profit they want to make versus their competitors.
How to Get the Lowest Electricity Price for Your Home in Lubbock
Multiple Prices
Get independent options that are clear with simple terms in the contract. Then, compare multiple electricity providers to get the right plan and best rate for your house and home.
Best Rate Today
Electricity can be a big expense for your house or home, so make sure you’re getting the best energy rate possible by making big electricity companies compete to supply your house.
Quick Turnaround
Brokers can do the legwork for you by analyzing your electricity usage (load), requesting bids from providers, then reviewing terms to select the deal that suits what you need.
Ready to make the switch to save some money on your residential electricity?
Not ready to make the move with your house’s electricity?
About Switching Electricity Providers in Lubbock
How to switch your home electricity provider.
Once you sign up online, you have three (3) business days to cancel without penalty, even if the Terms of Service has a penalty. You will also receive a mailer from Texas confirming your switch request as well as details on how to cancel.
When will the electricity switch for my house occur?
Your new electric service plan will take effect within seven business days.
Will my home’s electric service be interrupted?
No. Switching to another electric company will not interrupt your electricity service, and the reliability of your service will not be affected by your choice of provider.
Will the reliability of the electricity service for my house change?
No. Regardless of which electric company you choose, your electricity will continue to be delivered safely and reliably by the same local wires company, which is regulated by the Public Utility Commission.
Residential Electricity Plans in Lubbock
Choosing a new plan is simple… the lowest price, right? One must be careful about choosing one of the three types of electricity plans available, as well as the terms, fees, and electric rates in them. A summer of each is provided a little further below.
When you sign up, you will receive a Terms of Service agreement, which is your new contract. Review it carefully! After you receive it you’ll have three (3) business days to cancel without penalty, even if your Terms of Service has a penalty. You will receive a postcard from Texas’ ERCOT confirming your switch request with instructions on how to cancel if need be.
Fixed Rate Plan
Recommended
A fixed-rate plan has a set price or rate for electricity that does not change during your electricity contract period. There will be minor changes in state fees for electricity Transmission and Distribution, ERCOT or Texas administrative fees, or changes to federal, state or local laws. Those relatively minor fees are beyond your electricity provider’s control.
This is a safe and conservative type of electric plan that will help with your business or household budget. The only trivial downside risk is electricity prices fall, you may have to wait until your contract ends to take advantage of a lower price for electricity. Don’t give in to FOMO. It’s not worth it!
Variable Rate Plan
Risky
Variable rate plans have no monthly contract or cancellation fee, but the rate you pay per kWh can vary from month to month. Your rate can go up or down based on the market and the discretion of your electric company. Variable plans allow customers to benefit from falling market prices, but they also have an increased risk for higher rates if electricity prices spike due to natural disasters, cold winters, or adverse market conditions.
The rates that competing electricity companies charge each month throughout the year will vary; however, because customers can switch any time, electric companies have an incentive to keep their customers happy and electricity rates low.
Index / Market Rate Plan
Very Risky
An indexed rate plan (also known as a “market rate plan”) is similar to a variable plan in that the price per kWh can go up or down each month. The rate for this type of plan is linked to a market index. If the index rises, your monthly rate will also, but if the index falls, your rates will be lower.
With an indexed plan, the price per kWh for electricity can change substantially each month, giving benefits and risks similar to those of variable rate plans. The difference is that the rates for indexed rate plans are tied to a publicly index. If you can handle the financial risk (similar to gambling), you better understand the pricing formula and the market index changes.