If you’re an analyst who compares electric and natural gas rates and tariffs manually, you know that it’s a time-consuming process. Using a database service is faster if you need to compare a lot of rates, but it can be difficult to find an accurate and up-to-date one. Using a utility API can make the process faster and more accurate. Here’s how it works.
Three Reasons to Use a Utility API
With states regulating energy markets in different ways, it can be difficult to make accurate comparisons and analysis. That’s where a utility API comes in handy. There are a few reasons you might want to use a utility API for your rate analysis instead of traditional methods.
- Time Savings
For starters, a utility API is much faster than manual methods if you’re analyzing a large amount of data. If you’re trying to compare a large number of rates, every minute counts. A utility API enables you to automate the process of downloading needed data, so you quickly analyze electric and natural gas rates.
- Improved Accuracy
Accuracy is key when you’re comparing electric and natural gas rates. After all, even a small difference in price can add up to a big impact. Manual data entry is one of the most common sources of errors in rate comparisons. By using a utility API, you can be sure that the data you’re accessing is accurate and up-to-date. With a utility API, there’s no more manual copying and pasting or re-keying of data, which means fewer chances for human error.
- Enhanced Customer Experience
Electricity is a vital utility for modern life, and the electric industry is constantly changing to meet the needs of customers. If your customers wanted to see electric rates, wouldn’t it be great if you could show them in real time? An electric API makes this possible by integrating electric (and natural gas) rates into your customer-facing web pages and applications. Not only will this increase transparency with your customers, but it also gives you a competitive edge.
How Does a Typical Utility API Work?
A utility API allows different systems to share data with each other in a consistent format. A utility API receives a request and returns data in a standardize format, which allows for simple integration with multiple database platforms. It also provides both current rates and historical rates, allowing you to track trends over time.
Using a utility rate database API gives you access to rates by state and utility, customer class, zip code, and account size, and enables analysts identify when rates change. The information can be used for determining distribution utility supply components and rates for areas with competition. You can also use this information to develop marketing strategies, make pricing decisions, and understand customer preferences. By having this information readily available, analysts save time and resources while still being able to make informed decisions.
If you’re still using an outdated, manual process to compare rates among utilities, it’s time for a change. The right utility API makes all the difference if you’re looking for accurate and up-to-date rate comparisons that are automated, faster and more efficient.
RateAcuity is the leading provider of electric and natural gas tariff data in the most comprehensive and reliable database available. Our easy-to-use API is the quickest way to get the data you need without any hassle. You make your comparisons without worrying about the quality of the data because you know it’s coming from the best source.