What Kind of Savings Can I Expect with Oncor’s Recent Rate Reduction?
With Texas hurricane season currently underway, it pays to have good news about lower electricity rates. The Public Utility Commission of Texas (PUCT) recently approved Oncor’s requested delivery rate decrease. It comes as a result of the federal tax cuts imposed at the end of last year by the Trump administration with savings set to begin this October.
The savings are set to take place now that the PUCT has approved Oncor’s annual revenue requirement (ARR). Every year, utility companies must have their profit margins reviewed by the PUCT. Any increases or decreases to rates must be approved as part of government oversight. The rates approved by the PUCT are lower than Oncor originally suggested, and as a result, slightly better for consumers.
How Much Savings on My Energy Bill Can I Expect?
Customers can expect to see some savings, but it’s not as substantial as other states. The current rate for customer charge will increase from $0.89 to $0.90. The rest of the charges will decrease. Metering will go from $2.60 to $2.52, and distribution will decrease from $0.021 cents per kWh to $0.019 cents per kWh.
Keep in mind that this only affects the TDU charges on your energy bill and not the energy charge. For more information check the electricity facts label from your provider.
How Will This Decrease in Savings Affect My Electricity Bill?
Most of the savings from these price decreases are aimed at benefiting businesses and creating more jobs. Residential owners will only see a monthly reduction in their overall bills averaging around $1.50 per household. Still, the lower electricity rates are expected to bring in over 4000 jobs and stimulate the Texas economy, so you could also see additional savings elsewhere.
How Can I Find a Plan with the Best savings?
While any savings on your energy bill should benefit you, the real savings comes from choosing the best electricity plan. If you’re looking for low rates in the ONCOR area, then you have options. With the power to choose your electrical company, you can shop for the best energy prices before switching electricity suppliers.
Choosing the right electrical company can be tricky, however. So be sure to check out www.TexasElectricityRatings.com for more information on how to compare, shop, and switch to the best energy company in Dallas with a plan tailored to your needs.