How to Cut Your Electric Bill in Half
Assuming you live in Texas and pay retail electricity rates.
The other day my neighbor and I were having a fascinating (just kidding) discussion about our utility bills. Our houses are identical — built by the same builder and yet his electric bills have been half as much as mine for more than a year. I was using a competitive provider called Gexa and realized that after my super low introductory rate they had increased my rate to more than double what my neighbor had been paying. After I shared my experience with Gexa he introduced me to a service called Griddy. They charge a flat membership fee in exchange for allowing members to purchase electricity at the standard wholesale rate the state mandates — no markup.
Pretty awesome right? Almost. There is one catch, if wholesale rates spike due to some unforeseen event (coal shipments delayed, war, or a lack of wind) you can pay more that you might expect. The retail electric companies factor in these risks and markup what they charge for electricity. This summer we had just such a spike in prices as a result of a lack of wind and the decommissioning of three coal-fired power plants. Interestingly, my neighbor’s costs (from Griddy) were the same as what I paid Gexa — his worst case price was equal to my best case price. As a result I’ve moved to Griddy. If you sign up using my referral code you’ll get a $50 credit (so will I). Just use the link to download the app and you can sign up without talking to a human. It took me less than five minutes from download to finish.
PS. I got a note from Medium saying I needed to disclose that I was getting paid a referral fee if you sign up. I actually did in the paragraph above, but am doing so a second time here. If you sign up you get a $50 credit and so do I. I hope this meets the FTC disclosure requirement.
About The Author
Alexander Muse is a serial entrepreneur, author of the GEN Z Startup and Sous Vide Science, contributor to Forbes and managing partner of Sumo. Check out his podcast on iTunes. You can connect with him on Twitter, Facebook, LinkedIn and Instagram.