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Texas Electricity Rates Chart

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As a state with a deregulated electricity market, Texas does a great job of offering competitive electricity plans and keeping electricity rates low for their local customer base. As of July 2019, the U.S. Energy Information Administration has reported that the average retail price of electricity for residential customers was 11.76 cents/kWh. This puts Texas in the favorable position of being ranked the 14th most affordable electric rate in the country, with the national average being a more expensive electricity rate of 13.91 cents/kWh. Let’s take a look at how the average retail Texas electricity rates have risen and fallen over the last two years.

Trends for Electricity Rates in Texas

Texas Electricity Rates are Higher in the Summer

Texans need to beat the heat in the summertime. There’s no getting around it. This often results in customers cranking up the air conditioning in their homes at such a high volume of demand that a serious strain is put on the electricity grid, causing rates to spike for that period of time. According to ERCOT, the Electricity Reliability Council of Texas, residential energy only makes up 25% of their load on a moderate weather day, but during a heatwave, that number can jump to almost 50% of total usage. There are plenty of ways for Texas residents to practice energy savings techniques in the summer to help them save money, put less strain on the electricity grid, and reduce electricity rates overall.

Average Texas Electricity Rate for the Last 2 Years in Less Than Current Average

When going over the average Texas electricity rates that the U.S. Energy Information Administration has provided from December 2017 to July 2019, you can see that the average electricity rate over the last two years, which is around 11.5 cents/kWh, is slightly less than today’s average electricity rate of 11.76 cents/kWh. Since the data is only through the end of July, we can assume that the average electricity rate continued to climb as it finished out the summer months in Texas.

Annual Residential Electricity Rates are Forecasted to Increase

The U.S. Energy Information Association has reported that it believes annual growth in residential Texas electricity rates to increase by 1.2% in 2019 due to a heightened demand for power. With the summer months sustaining high temperatures, it is inevitable that electricity rates increase in order to service the Texas population, especially when trying to account for possible shortages of energy supply.

Texas Electricity Rates are Slowly Increasing

 

While electricity rates have steadily increased across the country, Texas residents can be happy about the fact that of the 15 states with deregulated electricity markets, the Texas energy rates are increasing at the third-lowest rate. A Texas customer can maximize their low cost of energy by implementing energy savings practices into their home during the hot Texas summer like using a fan to cool down the home instead of turning up the air conditioning.

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