Why Are Electricity Rates Increasing This Summer
Integrity Energy is committed to partnering with businesses just like yours to help you navigate the deregulated energy market and save money on your business electric bills. Just think of us as your personal energy concierge; we help small -to -medium-sized businesses select the best energy provider based on their unique needs and goals. We do this by providing detailed information about the different energy providers in your area in a simple, easy-to-read format. Once you select the very best provider electric rates for your business, we will walk you through the process of getting your new service connected from start to finish!
How do we do this? While we focus on finding and providing the best energy plans for your business, our job also includes staying up-to-date on the ever-changing energy market and monitoring any fluctuations in energy and electric prices so you can plan accordingly. Through our extensive research and monitoring, we are seeing that many American businesses are already seeing a spike in their electricity rates as we get further into the summer months.
Electricity Rates Are Increasing This Summer
Hotter weather has always coincided with an increased energy demand, but why are electric bills skyrocketing beyond the typical seasonal spike this year? Well, energy rates are hitting decade-record highs in part because the price of natural gas which is sometimes used to produce electricity has risen 90% since the beginning of March 2022. So long as the price of natural gas keeps climbing, you can expect to see an increase in your energy and electric bills as well.
This is the type of information we dissect and disseminate so that you can make the most informed decisions possible regarding your energy provider, without investing precious time and resources in studying market fluctuations. Let our energy experts do the in-depth analysis and partner with you to help you prepare for changes. By pairing our expertise with your business goals, we can manage your energy needs while you manage and grow your business!
What Else is Causing Electricity Prices to Increase?
Wholesale electricity prices are rising in many parts of the U.S. There are a multitude of complex reasons for this spike, and some are more obvious than others. All the below factors contribute to the rising cost of electricity, which will impact many businesses by causing higher utility bills each month. While there is no telling with complete certainty when prices will stabilize and we will return to a typical national average in prices, this trend is expected to continue through the end of the year.
The war in Ukraine
Russia’s invasion of Ukraine has caused many European countries to rely on the U.S. for assistance with natural gas supplies, which reduces supplies available to American businesses. This disruption to the energy supply and infrastructure causes overall energy prices to rise. Additionally, U.S. nuclear plants rely on uranium, much of which was previously imported from Russia. Although data is still emerging on uranium prices, prices are likely rising due to these supply restrictions.
Varying demand for oil and gas products
Due to lower resource demand during the COVID-19 pandemic, oil-producing nations reduced production to avoid paying storage expenses. As demand has returned to normal even exceeding pre-pandemic levels, the reduced production has struggled to meet the supply chain needs.
…But especially natural gas
Although there are a number of methods to produce electricity, natural gas remains a widely-used fuel source for generating electricity, and its recent scarcity has driven up the market price. Because there is less natural gas in storage, there is even less natural gas available on the market. What is being produced is being met with unprecedented demand, and the price of natural gas is soaring.
Warmer weather and higher demand
Extreme weather – hot or cold – can push prices up dramatically due to high demand. Many parts of the U.S. experienced extremely cold winters, and some areas are expected to have hotter than normal summers as well. As temperatures are expected to rise well above average in many parts of the U.S. this summer, an increase in the demand for electricity is imminent as people seek to keep their businesses and homes cool during warm months.
Electricity bills may spike depending on locale
The cost of your business’s electricity bills this summer may depend on where your business is located. Does it require more energy to cool your business during warm months? The main energy sources in your area may impact your electricity rates as well.
How Will High Electricity Prices Impact Your Business?
During a time when energy prices are at all-time highs, increased electricity bills and higher costs can seem intimidating. How much your bills increase depends heavily on your provider, where the gas is coming from, and the demand from consumers. While factors causing high electricity prices may impact your bottom line and limit the resources available for improving other areas of your business, these prices fluctuate and will eventually stabilize.
How Long Should You Expect Higher Electricity Rates for Your Business?
Even though the markets will likely return to a more “normal” state, business owners and residential consumers alike can’t wait around indefinitely while the price of electricity becomes too much to bear. These high prices impact travel plans, budgets, and daily living for so many American commuters and business owners.
Unfortunately, it’s hard to predict how much longer businesses will have to bear the burden of rising energy costs. We as consumers are collectively experiencing the perfect storm of cost-increasing factors including consumption creeping towards pre-pandemic levels, rising costs to produce energy and the declining use of coal-fired electric power plants. All these factors are leading to high electricity bills for consumers across the country.
But don’t worry – Integrity Energy’s team of energy agents is here to help you navigate the current energy market and provide you with all the information you need – and none that you don’t – to make the best decision for your business when it comes to your energy plan and provider.
What Can You Do To Offset High Electricity Prices?
Some states are looking at their billing practices to address the high price that consumers are paying energy providers. Some communities are also looking at long-term solutions such as electricity sourced from renewable energy. Wind, hydroelectric, solar and even tidal power are renewable energy sources that, while expensive to implement on the front end, can have dramatically lower costs in the long run. Integrity Energy has options for renewable energy providers that are available if your business is looking to make the jump into green electricity.
Our experts at Integrity Energy are constantly evaluating competitive electricity and natural gas suppliers. We offer energy saving tips to help you offset some of the high rates and our quotes are adjusted to fit your exact electricity needs to cut costs as much as possible.
We have a strong network of over 30 major energy suppliers, and our agents are constantly tracking the current market trends so there’s no mystery in choosing the right energy provider. Our promise is to help you lock in the lowest average electricity bill possible, even in times when prices are unusually high. You can count on Integrity Energy to ensure that your energy bills are as low as possible in today’s market!
Are Renewable Energy Options The Right Choice For Your Business?
There has never been a better time to consider investing in renewable, sometimes called “green”, energy than when natural gas prices are so high. Worldwide, the renewable energy market is growing at unprecedented rates, despite challenges caused by supply chain bottlenecks and other post-pandemic impacts Energy from renewable sources is more affordable than ever due to constant technology improvements.
The price of natural gas is increasing much faster than the cost of installing renewable energy infrastructure, making it a more affordable option in today’s market. However, relying more on the natural energy grid will reduce electricity costs overall in the long term.
Integrity Energy can connect you with an affordable renewable energy supplier to help your business grow without being at the mercy of unpredictable and expensive natural gas prices. Give your business an edge by opting for a renewable electricity supplier. Integrity Energy has a strong network of commercial providers with affordable electric plans that can work hard for your business!
- Green Energy Plans: No matter what renewable power source you choose wind, solar, biomass, geothermal, or hydroelectric we can connect you to the right energy provider. Before you reach out to us, check your current electricity bill to see how much of your power is currently renewable. A partial or 100% renewable energy plan might change your business for the better.
What to Do When Your Electricity Prices Are High
If your business’s electricity prices are too high, you can follow tips on how to reduce energy costs in your office, but it may be a good time to consider a new energy provider. Integrity Energy can make the process of switching to a new energy provider simple and painless.
Each energy company has complicated plans, different rates and difficult-to-understand contracts. Integrity Energy does all the research to gather each provider’s energy sources, rates, fees, and other important information to simplify the process of choosing a commercial electric plan and provider. So go ahead and focus on the sustainability and success of your business while Integrity Energy connects you to the perfect energy solution for your unique business needs.
Protip:
Ready to find the lowest energy rate possible for your business? Have your current electric bill handy to compare commercial electricity rates in your area.
Our services include:
- Comparing business electricity rates.
- Comparing commercial natural gas prices.
- Finding Commercial renewable energy plans.
Just four steps to save on energy for your business:
- Request a Quote.
- Choose the best plan.
- Save more on your business’ energy costs.
- Get Ongoing Support and Renewal Service.
Protip:
Let Integrity Energy produce a business electricity rates comparison for you and save your business up to 50% on energy bills! Even with high natural gas prices, Integrity Energy can gather and compare energy providers’ rates for you to ensure that you’re saving as much as possible on your business’s energy bill.
Looking to Save on Energy Prices for Your Home?
Visit our residential site, PriceToCompare.com, today.
High quality service in a high cost market
We’re invested in the success of your business! Integrity Energy is committed to providing the fastest response times and most dependable service. You can’t afford to wait at times when prices are extremely high. Our team of energy agents and experts is available Monday through Friday to help you find the best energy provider quickly and efficiently. You’ll have a personal account manager who is always on standby should you have any billing issues. We’re here for you whether you’re setting up the utilities for your business for the first time or making a switch to a new provider to reduce costs. We can’t wait to talk to you!