How Paying Your Electric Bill Compares to Eating Out
How Would You Handle The Extra Dessert? If you are reading this, you are probably wondering why are we comparing
How Would You Handle The Extra Dessert? If you are reading this, you are probably wondering why are we comparing
If you are reading this, you are probably wondering why are we comparing paying your electric bill to eating out?
Well, apart from the fact you’re about to find how these two activities differ, we assume that paying your electric bill isn’t always the most exciting time of the month, so we thought to compare paying your electric bill to something a little more exciting, like eating out:
To start, we’re going to take you on a short trip through your imagination:
It’s Friday evening and you decided to treat your family to dinner by going out to that new restaurant that recently opened just down the street. You’ve been driving by it every day on the way home, and you’ve seen that it’s been under construction for months. And each time you drive by, you’re already picturing yourself at one of the tables. Something new is always exciting! Well, it’s finally got that big shinny “Grand Opening” sign!
Seeing the sign earlier in the week, you called and made reservations. Its finally Friday night, time to go! Everything is great from your reception and arrival to the menu, the dinner, and the service. Finishing up your meal, you’re just about to call your Friday night a complete success but as you are about to pay, you give a quick glance over the check and notice you’ve been charged for an extra dessert that you didn’t have…
Now, maybe you’re not the type of person who gives their check a quick scan before paying it; but let’s just say you notice it anyway. It’s alright. It’s nothing to be upset about. Restaurants are often busy, especially new ones, and this kind of honest mistake happens now and then.
But here’s where paying your electric bill and eating out differ… what’s the likelihood of you going ahead and paying that extra $8.99 for the dessert you did not have, and not even bringing it up?
Let’s compare this restaurant experience with how you pay your electric bill each month, or at least how most people pay it.
It’s the end of the month and the electric bill arrives. It always comes in the same exact envelope. It’s the first month of summer and you’re expecting it to be higher than normal as your air conditioner’s been on overtime, but you hope it’s not too high. Since electricity isn’t something you can do without, you open the letter, unfold the electric bill and your eyes immediately gravitate towards the one thing that matters. The bold numbers towards the bottom right corner of the electric bill – the total – and you just pay it.
That’s exactly how most people pay their electric bills. They pay it without giving it’s details a glance, and should they decide to give it a brief glance, not understanding their electric bill and its components, they pay it anyway.
It’s so automatic that for convenience, many people are now enrolled in auto pay where their electric bill is not just represented by an amount that automatically comes out of their bank account once a month. They rarely give it an afterthought.
Scale the scenario up in size and business owners rarely even know what their electricity bill is for the month while someone in accounts pays it. For even larger commercial or industrial energy consumers, they rarely think twice about how much they pay for electricity each month or they hire an outside bill-paying organization to manage all their electric bills for them.
Analyzing the differences between paying for a dinner check and paying for your electric bills we noticed three main difference (although there are probably more):
1) Most people don’t understand their electric bill
2) Most people don’t feel there is much they can do to lower their electric bill
3) Some people don’t give their electric bill much importance, in relation to the other things going on in their life or their business.
As professional energy consultants, we believe that reading your electric bill should be just as easy as and routine as reading your dinner bill, your shopping receipt, or anything else that you routinely keep a check on before paying.
While utilities do make mistakes on your electric bill, and sometimes overcharge you, this may not be something you will be able to detect right away unless you know a lot about energy.
In fact, utility billing errors are so common that we offer a service for any business that spends more than $5,000 in utilities, where we analyze years-worth of electric and utility bills to detect billing errors resulting in overcharges. Finding errors 90% of the time, we then work with the utility to get your money back. But as we just said, to do this yourself would require extensive knowledge of the ins and outs of energy rate classes, energy taxes, energy market information, historical energy pricing information, and many other things to spot major errors.
However, with a basic understanding of your electric bill, you’ll be able to spot ways to better manage and reduce your electricity costs. At a personal level, at home, this can be very helpful when managing your monthly finances, and for your business, saving money on your electric bill can add profit to your bottom line.
For businesses with multiple locations and many accounts, we understand that gathering all the electric bills and reading them all one by one is not very practical. That’s why we offer a completely free service where we analyze your electric bills for you and give free consultations about how to lower them.
We have written another article that covers how to read your electric bill, but to end this one, we wanted to address points two and three of our analysis, namely: that most people feel that there’s not much they can do to lower their electric bills and that some people don’t give energy savings that much priority compared to the many other things that are going on in life or business.
Working as one of North America’s most successful energy consultants for over two decades, we can assure you that there are many things that can be done to lower your electric bills. Some are very simple solutions, such as managing vampire appliances and installing LED lighting, and some more reliable and long-term solutions, such as asset-backed demand response, energy intelligence, and various other programs we offer.
Today, you can even eliminate most of your electric bills through solar, which is more affordable and, in most cases, can be installed at a much lower rate than you’re currently paying for your electricity.
We understand! Just because there are many solutions to help you reduce energy costs, it doesn’t mean that all your day-to-day worries disappear and that you can now magically dedicate all your attention to lowering your electric bills.
Well, that’s why we exist! Energy Professionals exists to help you better manage and control your energy costs resulting in major energy savings. With one of the largest networks of Retail Energy Providers and Energy Solution Providers, we act as virtual energy managers analyzing your electric bills and finding ways to consistently reduce your commercial energy costs – no matter the size of your business.
As for the benefits of lowering your electric bill, not only does it put more money into your pocket or your business’ bottom line, but by using less energy you are effectively reducing the amount of pollution created in order to produce the electricity your home or business uses, thereby also helping the environment.
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