The makers of an online platform designed to help customers make sense of their energy purchase options in deregulated areas rolled out a platform this summer to assist Texas business owners with commercial energy purchases.
A recent Marketwise commercial user and Central Texas veterinarian saved more than $100 a month on his electric bill.
“Options are confusing, and energy terms are over my head,” the veterinarian said, “so, I always just picked one and signed a contract never really knowing what deal I was actually getting. Marketwiise let me quickly and easily choose from many affordable plans.”
Marketwise, founded in January 2014, released its residential site earlier this year.
Eighty-five percent of Texas energy consumers live in deregulated areas and pay more than Texans in areas of the state that are not yet deregulated. Since the onset of market competition in 2002, Texans could have saved a collective $22 billion.
Although the original vision of deregulation in Texas was to create healthy competition, transparency and options to power homes and businesses, a 2013 report by the Texas Coalition for Affordable Power shows otherwise. An article from The Texas Tribune mentions the report and states that the trends suggest the deregulated market “may still be plagued by inefficiency, customer confusion and relatively high prices charged by legacy electricity providers.”
Doug Kniffin, founder and CEO of Marketwise said more options means more complexity, especially for businesses.
“Our commercial platform aims to simplify the process, make the options clear and save business owners significant time and money with the tools and information needed to level the deregulated playing field.”
Marketwise plans to expand beyond Texas markets with a goal to bring the energy market to consumers and business owners no matter where they live.