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The “price-to-beat” concept that was introduced in Senate Bill 7 was something that took a little bit of time to get right. But once there were enough providers competing to provide power in the Texas area, one could really see the fruits of deregulation. Ample choices between providers as well as within companies were followed by reducing rates. A regulated rate created through competitive market forces allowed for new entrants to make their way in and create a healthy market for electricity providers. Thanks to this, there are more than 60 service providers offering low rates of electricity in Texas.
Abilene, Texas boasts of low electricity rates just as any other city in Texas does. Rates of commercial, residential as well as industrial electricity are very competitive. All these rates, irrespective of the sector, are lower than the national average associated with it. The rates of residential, commercial, and industrial electricity are also equal to the state average for the respective sectors. This is another index where the impact of deregulation is visible. The cost of powering a house in Abilene, therefore, is relatively lower than many other cities in America.
The residential electricity rate in Abilene is 10.98 cents per kWh. This will be taken as the average local rate in the calculation of monthly costs for residences of different sizes.
A monthly estimate of a 750 square foot apartment can be multiplied by the local rate to come up with a monthly cost estimate of electricity. This average monthly consumption of electricity in Texas is taken to be 750 kWh in a 1-bedroom apartment. This would mean that at 10.98 cents per kWh, the monthly cost of electricity in a 1-bedroom house is $82.
A 2-bedroom apartment is considered to be 1,000 square feet in Texas. The consumption in this house would be relatively higher than the 1-bedroom apartment — 880 kWh per month. At the local rate of 10.98 cents per kWh, the consumption per month would come to approximately $97.
The average size of a house in Texas is taken to be 2,000 square feet. Houses can get much bigger than that in Texas. The monthly consumption in this house is also much more than a 2-bedroom apartment. It is taken to be 1325 kWh per month. At that amount of consumption, the monthly cost of powering a house would be approximately $145.
The average rate of commercial electricity in Abilene is 8.16 cents per kWh. This rate is the same as the average commercial rate of electricity in the entire state of Texas. The range of commercial electricity rates within the entire country goes from 6.86 cents per kWh to 35 cents per kWh. On that spectrum, the electricity rate in Abilene falls on the cheaper side. It happens to be 19.13% less than the national average, making it that much cheaper to live in Abilene annually.
Industrial electricity rates in Texas are very low. Within all the sectors the cost of industrial electricity is the lowest. It is also correlated to the fact that the industrial sector uses the highest amount of electricity. The average rate of industrial electricity in Abilene is 5.57 cents per kWh. This is equal to the average industrial electricity rate within the whole state of Texas. On a national level, the rate in Abilene is 16.49% less than the national average rate of industrial electricity. While there are cities in the country that have rates as low as 4.13 cents per kWh, the rate in Abilene is very competitive when you realize there are other cities that charge up to 31 cents per kWh.
The rates in Abilene, as a whole, are very affordable and have borne the fruits of deregulation. Abundant choices are coupled with very affordable prices to create a market where everyone can avail electricity. Services offered these days do not even require monthly deposits in opening accounts with electricity retail providers.
These electricity rates are a symbol of success when it comes to deregulation. There other studies that also suggest its impact on developing a sustainable future with respect to the generation of electricity. If this does happen, it could be one of the most effective state moves in the recent history of the state, leading to other industries adopting similar strategies to ensure a sustainable future for our planet. Clean, green and cheap electricity might be the impetus for large-scale industrial change in the approach to sustainability. Therefore, there is a lot to learn from the deregulation of electricity in Texas and the same principle can be applied to other industries too.
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