In today’s competitive energy market, brokers play a critical role in helping businesses secure the best possible rates for their energy needs. One key metric that brokers rely on is “Price to Compare,” which represents the rate a customer pays for energy generation from their utility provider. While this information is accessible, gathering it efficiently across multiple states and utilities is a time-consuming and cumbersome process. Let’s explore the challenges that energy brokers face when trying to find and compare utility rates, and then discover insights into how they can streamline this process.

What is Price to Compare?

Price to Compare is a baseline rate that customers pay to their utility provider for energy generation services. It’s especially important for those considering switching to a third-party energy provider, as it allows them to compare their current costs with alternative options. This figure is typically mandated by regulators to be displayed clearly on utility websites, giving businesses and consumers an easy point of comparison.

Price to Compare rates vary by state and by utility company. In states that allow energy competition, this number is used to evaluate potential savings when switching from the default utility provider to a retail energy supplier. For instance, if a customer finds a third-party energy provider offering a lower rate than the Price to Compare, they could reduce their energy bills.

The Role of Energy Brokers

Energy brokers act as intermediaries between customers and energy providers. Their goal is to find the most cost-effective energy supply options for their clients, often by comparing rates from multiple providers. Brokers also help clients navigate complex energy contracts and optimize their energy procurement strategies to achieve the best possible rates.

One of the core responsibilities of energy brokers is collecting and analyzing Price to Compare rates from various utilities. This process helps brokers advise clients on whether to stay with their current utility provider or switch to a less-expensive, third-party supplier. The ability to access up-to-date Price to Compare data is crucial in this regard, as energy prices fluctuate frequently, often on a monthly basis.

Challenges energy brokers face

While accessing Price to Compare information isn’t necessarily difficult, it is  extremely time-consuming. One of the biggest challenges that energy brokers face is the fragmented nature of the energy market in the United States. Only about 12 states allow retail energy competition, and within those states, there are multiple utility companies, each with their own Price to Compare rates. To make matters even more complicated, utilities often have multiple rates for residential and commercial customers, adding another layer of complexity.

The main issue energy brokers encounter isn’t that the information is hard to find—it’s that it takes significant time and effort to gather it. A broker working across several states has to visit the websites of numerous utilities and manually retrieve the latest Price to Compare rates. Keeping track of these numbers, especially as they change frequently, is cumbersome. This process is further complicated by the fact that some utility websites do not make the information easy to find, requiring brokers to search for specific terms or dig through layers of webpages.

How energy brokers typically search for Price To Compare rates

Energy brokers typically begin their search for Price to Compare rates by visiting utility websites directly. On these sites, they look for sections dedicated to rates or energy pricing, often typing phrases like “price to compare” into the search bar. However, this can be an inconsistent process, as different utilities use different terminology for the same data. For instance, one utility may label it as “price to compare,” while another may use the term “supply rates,” or something similar.

Also, energy brokers aren’t just working with one utility. In states with retail energy competition, energy brokers may need to pull Price to Compare rates from several utilities to perform a thorough comparison for their clients. And because these rates change frequently—sometimes as often as once a month—energy brokers must repeat this process regularly to ensure their data is current.

A Proven Solution for Energy Brokers

Companies like RateAcuity™ provide a powerful solution to the complexities of finding and comparing Price to Compare rates by simplifying and accelerating the process. Leveraging RateAcuity™ allows energy brokers to save valuable time and resources that would otherwise be spent on manual tasks.

Here are three key benefits of using RateAcuity™ when hunting for Price to Compare rates:

1

Time-saving efficiency: RateAcuity™ significantly reduces the time spent manually searching for Price to Compare rates across multiple utility websites. Tasks that take up to 20 hours each week to complete manually are accomplished much faster using RateAcuity’s centralized, easy-to-access database. This efficiency enables energy brokers  to shift their focus to more strategic initiatives.

2

Comprehensive Price to Compare access: With RateAcuity™, energy brokers gain instant access to all available rate schedule options in one place—including Price to Compare rates. This eliminates the need to search across multiple sources, saving hours of effort and ensuring that no important options are overlooked.

3

Application-ready data: RateAcuity™ delivers Price to Compare rates information in a an API format so you can easily integrate the data into your applications and dashboards, ready for immediate use. This not only saves time but also reduces the risk of errors that often occur when manually inputting and copying data, ensuring accuracy in the analysis.

RateAcuity™ offers energy brokers a streamlined, comprehensive solution to find and compare Price to Compare rates efficiently. By providing instant access to all rate schedules and delivering data in an easy-to-use format, RateAcuity™ helps energy brokers save time, minimize errors, and optimize their resources for more valuable tasks.

Conclusion

Energy brokers play a vital role in helping consumers and businesses secure the best energy rates, but the process of gathering Price to Compare data is time-consuming and tedious. Energy brokers often find themselves manually searching for rates across multiple utilities and states, adding to their workload.

However, by leveraging available tools like RateAcuity™, energy brokers make the process more efficient. As the energy market continues to evolve, energy brokers who find ways to efficiently gather and compare Price to Compare rates will be better positioned to serve their clients and grow their businesses.

If you are curious about how RateAcuity™ will help your business, let’s talk.